2. The financial industry is strictly regulated. Except for private placement, anyone who engages in banking, securities, insurance, funds, trusts, guarantees, financial leasing and other financial businesses must apply to the regulatory authorities for a license.

3. Trusts need to be filed by CBRC, and securities management and fund products need to be approved by CSRC.

4. Reserves are required. For details, please refer to the Measures for the Administration of Financial Enterprise Reserves and related regulatory rules.

At present, only collective fund trusts need to be reported to the CBRC for the record, and individual trusts do not; In addition, the brokerage asset management plan and the special plan of the fund subsidiary are both ex post filing system rather than approval system.