The CSRC said that in recent years, with the development of the securities market, the proportion of institutional investors such as managers and insurance companies in publicly raised funds has increased year by year, and the traditional manual operation mode can no longer meet the needs of warehouse management and unified risk control. The Regulations take into account the hidden risks and problems existing in the external access of non-standard trading information systems in the past, draw lessons from mature market experience, and guide securities companies to provide external access services for institutional investors on the premise of safety and compliance.

The so-called external access to the trading information system refers to the behavior of securities companies to access the investor trading system and receive investors' trading and inquiry instructions by providing information system interfaces or other information technology means.

There are two types of qualified investors. Generally speaking, they are institutional investors.

First, financial institutions approved by relevant financial regulatory authorities, including securities companies, futures companies, fund management companies and their subsidiaries, commercial banks, insurance companies, trust companies, finance companies, etc. Subsidiaries of securities companies, subsidiaries of futures companies and managers of private equity funds that have been filed or registered by trade associations.

Second, pension funds such as social security funds and enterprise annuities, social welfare funds such as charitable funds, qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII).