20 12, 10 In June, China Securities Industry Association issued "Measures for Self-discipline Management of Direct Investment Subsidiaries of Securities Companies (Draft for Comment)", which clearly stipulated that the direct investment funds issued by securities companies should be changed from administrative examination and approval supervision by CSRC to filing with Securities Industry Association. In addition to canceling the administrative examination and approval of the establishment of direct investment funds, the opinion draft also clarified the follow-up behavior of the management team for the first time: "The investment management team of direct investment funds can follow up the projects invested by direct investment funds as investors of direct investment funds."

Comments: Since 20 1 1 "Guidelines for the Supervision of Direct Investment Business of Securities Companies" was issued, the direct investment business of securities firms is welcoming new development opportunities. The introduction of a series of innovative measures, such as decentralization of examination and approval authority and allowing executives to follow investment, will further promote the market-oriented transformation of brokerage direct investment business.