Xiaohua: For fund management companies, apart from the contracts signed with investors and custodian banks respectively, is there anyone to supervise them? If there is a dispute in the future, there is no way to complain. Dafu: It seems that you have a strong sense of law. In China, the fund regulator is the the State Council Securities Regulatory Commission (CSRC). These regulators have promulgated many laws and regulations. With the promulgation and implementation of the new Securities Law and Fund Law, the legitimate rights and interests of ordinary investors have been further protected. In addition, there are strict requirements for employees in the fund industry. For example, you must be certified to work, the appointment of executives needs to be approved by the regulatory authorities before they can work, and the appointment and dismissal of executives and fund managers needs to be announced. It can be said that the management of fund, a new financial industry, is very strict.