The Measures for the Administration of Appropriateness of Securities and Futures Investors, which will be implemented on July 1st, divides investors into professional and ordinary categories.

In addition to institutional investors, natural persons must meet two conditions to become professional investors:

First, their financial assets are not less than 5 million yuan, or their average annual income in the last three years is not less than 5, yuan;

second, senior managers, accountants, lawyers, etc. who have more than 2 years investment experience in securities, funds, futures, gold and foreign exchange, or have more than 2 years experience in financial product design, investment, risk management and related work, or are professional investors.

All "professional investors" belong to "ordinary investors".

The new regulations emphasize "the seller is responsible"

This method strengthens the obligation of propriety of the operating institutions, that is, "the seller is responsible". In the process of selling products or services, institutions should perform their duties diligently and prudently, fully understand the situation of investors, make scientific and effective assessments, fully reveal risks, put forward clear matching opinions based on different risk tolerance of investors and different risks of products and services, and sell appropriate products or services to suitable investors.

at the same time, the measures divide investors into ordinary investors and professional investors, and make it clear that ordinary investors enjoy special protection in information disclosure, risk warning and appropriate matching.

in order to achieve fair protection, ordinary investors and professional investors can be transformed into each other under certain conditions. Professional investors can choose to become ordinary investors and enjoy special protection after informing the operating institutions in writing, while qualified ordinary investors can apply in writing and become professional investors after the operating institutions agree.

in addition, the measures stipulate the obligations and responsibilities of investors, that is, "the buyer is responsible". Investors should make prudent decisions according to their own abilities and independently undertake investment risks on the basis of understanding products and services and listening to the opinions of operating institutions on appropriateness.

these special requirements are not to restrict the investment rights of ordinary investors, but to let ordinary investors have a better understanding of the risks and mismatches of products or services, to fully consider their own situation, to think calmly and make prudent decisions, and to make operating institutions more restrained in their own business activities and avoid inappropriate marketing. For ordinary investors, the procedure is complicated, not to restrict investors' freedom, but to better protect investors' rights and interests and make investments clearly.