The Measures for the Administration of Securities Investment Fund Sales stipulates: "Fund managers are responsible for fund sales; The fund manager may entrust other institutions that have obtained the qualification of fund consignment business to handle it on his behalf, and institutions that have not obtained the qualification of fund consignment business may not accept the entrustment of the fund manager to handle fund sales on his behalf. " The above provisions show that the business subject of fund sales activities is the fund manager, and the fund manager naturally bears the responsibility of selling funds. The fund manager may entrust other institutions that have obtained the qualification of fund consignment business to handle the fund sales business on his behalf, and the fund manager has an agency relationship with other entrusted sales institutions.

The Measures for the Administration of Securities Investment Fund Sales requires: "Commercial banks, securities companies, securities investment consulting institutions, professional fund sales institutions and other institutions as stipulated by the China Securities Regulatory Commission may apply to the China Securities Regulatory Commission for the qualification of fund agency business." The above-mentioned institutions may apply to the China Securities Regulatory Commission for business qualification according to the requirements of the Content and Format of Application Materials for Securities Investment Funds' Agency Business Qualification. After obtaining the business qualification, they can accept the entrustment of the fund manager to engage in fund sales activities.