A joint meeting of the Compliance and Risk Control Committee of the Shanghai Fund Association Council and chief compliance officers was held in Shanghai on February 2, 2026. Representatives from relevant departments of the China Securities Regulatory Commission (CSRC) and the Shanghai Securities Regulatory Bureau, along with general managers or chief compliance officers from 75 fund management companies based in Shanghai, attended the gathering.

The meeting emphasized that compliance and risk control form the essential foundation for the high-quality development of the fund industry. Confronted with new circumstances and tasks within the sector, institutions are urged to concentrate on common challenges, build consensus, continuously strengthen internal controls, and reinforce risk prevention measures. Attendees engaged in thorough discussions on topics including high-quality industry growth, integrity in professional conduct, standardization of fund sales practices, achieving a reasonable balance in investment corrections, performance evaluation and incentive mechanisms, corporate governance, and the development of industry culture. Consensus was reached on several key issues, providing practical guidance for further standardizing industry operations.

It was underscored that the fund industry must consistently adhere to compliance and risk control as non-negotiable principles, prioritizing investor interests and integrating the protection of investors' legitimate rights throughout all business processes. Fund companies should enhance risk prevention in critical areas such as fund sales, marketing, and suitability management, while continuously improving their professional capabilities in compliance and risk control to address internal control weaknesses. They are encouraged to conduct in-depth risk隐患排查 (risk investigation and hidden danger screening) and self-inspections, striving for early risk identification, early warning, and early resolution. Ensuring cybersecurity and stable operation of information systems, improving contingency plans, and boosting the capacity to handle emergencies are also vital. Furthermore, establishing robust public sentiment monitoring and response mechanisms to effectively guide market expectations is necessary.

Regarding business development, the meeting proposed that institutions should leverage their unique resources and investment research strengths to cultivate specialized expertise in niche areas, thereby building differentiated competitiveness. The industry should persist in developing equity-focused funds, continuously optimize product offerings and investment research systems, and strengthen the functioning of capital markets. There is also a push to deeply advance the construction of a financial culture with Chinese characteristics, fostering an industry ethos grounded in compliance, integrity, professionalism, stability, and principled innovation, fully reflecting the political and people-oriented nature of financial work.

The meeting also included a summary and awards ceremony for the 2025 Shanghai Fund Industry Professional Knowledge Competition, recognizing mutual fund institutions and individuals who received honors such as "Advanced Team" and "Advanced Individual."

The Shanghai Fund Association stated that, under the guidance of the Shanghai Securities Regulatory Bureau, it will continue to serve as a bridge, deepen coordination between regulators and the industry, consolidate efforts for industry development, and contribute significantly to building a standardized, transparent, open, dynamic, and resilient capital market, thereby supporting the high-quality growth of the public fund industry.

Compared to the previous year's meeting, significant changes were observed across multiple dimensions. Specifically, these changes can be summarized in six key aspects:

First, the meeting frequency differs. The August 2025 meeting was an "annual meeting" focused on yearly regulatory summaries and deployments; the February 2026 gathering is the "first annual meeting," indicating a trend towards more regular and dynamic supervision.

Second, while the 2025 meeting was led by the Shanghai Securities Regulatory Bureau, the 2026 meeting was jointly spearheaded by relevant departments of the CSRC and the Shanghai Bureau. The participant scope expanded from "chief compliance officers or compliance heads" last year to "general managers or chief compliance officers" this year, indicating an escalation of regulatory pressure where compliance and risk control have shifted from being a "specialized function of the compliance department" to a "core strategic issue at the company level."

Third, the focus of topics and regulatory priorities has evolved. The August 2025 meeting primarily reported on 2024 regulatory measures and complaint cases, leaning towards review and summary. The February 2026 meeting directly addressed emerging risk areas such as compliance in live-streaming marketing, fund classification evaluations, and the discontinuation of net asset value estimation functions.

Fourth, there is a shift from generalized requirements to targeted actions. The August 2025 meeting put forward broad directives like "ensuring stable operation of information systems" and "optimizing investor complaint response mechanisms." The February 2026 meeting facilitated extensive exchanges on specific topics like high-quality development, integrity, sales practices, balancing investment corrections, incentives, governance, and culture, resulting in consensus on multiple industry pain points.

Fifth, industry governance has been elevated. The August 2025 meeting stressed "safety and stability," whereas the February 2026 meeting emphasized that compliance and risk control are the cornerstone of high-quality development, urging companies to build consensus on common industry challenges. Additionally, this year's meeting notably emphasized the development of a "financial culture with Chinese characteristics" for the first time.

Sixth, regulatory intensity has strengthened. The August 2025 meeting called for "carrying out risk investigation and hidden danger screening and rectification work." This was upgraded in February 2026 to "comprehensively conduct self-inspection and self-correction of risks and hidden dangers, achieving early discovery, early warning, and early disposal of risks." The association also committed to deepening collaboration between regulators and the industry under the guidance of the Shanghai Bureau.

Available information indicates that the Shanghai regional fund company chief compliance officers liaison meeting originated in June 2005, initially organized spontaneously by industry firms. After 2011, it formally became an annual event under the Shanghai Fund Association's Compliance and Risk Control Professional Committee.