The cooling-off period starts from the signing of the fund contract and the customer pays the subscription funds. After the promulgation of the new regulations, we also need to pay a return visit to investors. The customer has the right to terminate the contract and get the money back before the successful return visit. A cooling-off period is necessary. At present, customers are encouraged to pay a return visit, but it is not enforced.

In order to prevent investors from making impulsive decisions, the new private placement regulations stipulate that the fundraising institution should give investors a cooling-off period for investment, which should be set in the fund contract and should not be less than 24 hours. The sales organization shall not contact investors actively during the cooling-off period, and investors may sign private equity fund contracts after the cooling-off period expires.

CBRC promulgated the Measures for Financial Supervision and Management of Commercial Banks;

In the sales of private wealth management products, the Measures introduced a cooling-off period of not less than 24 hours. Banks should stipulate a cooling-off period of not less than 24 hours in the sales documents. During the cooling-off period, if the investor changes his decision, the bank shall comply with the investor's wishes, cancel the signed sales documents and return all the investment funds in time.

It is worth pointing out that the cooling-off period requirement is only for private wealth management products, not for public wealth management products. The person in charge of the China Banking Regulatory Commission said that this is a reference to the relevant regulations of similar wealth management products. There is no cooling-off period in Public Offering of Fund, and private equity funds have a 24-hour cooling-off period. Therefore, in line with this, the cooling-off period requirement of private wealth management products is introduced.