In order to strengthen the supervision and management of commercial bank agency sales business, promote the healthy and orderly development of agency sales business, the State Administration of Financial Regulation recently issued the "Management Measures for Commercial Bank Agency Sales Business" (hereinafter referred to as the "Measures"), which will come into effect on October 1, 2025. The Measures strengthen the management responsibility of commercial banks for the admission of cooperative institutions and products, clarify the requirements for the admission review of cooperative institutions and due diligence of products; Standardize the agency sales behavior of commercial banks, and make specific regulations on sales channels, sales personnel management, product display, suitability management, risk warning, etc; Strengthen the obligations that commercial banks should fulfill during the term of consignment products. Specifically, the Measures strengthen the management responsibility of commercial banks towards cooperative institutions in terms of admission requirements, exit mechanisms, signing procedures and contents of consignment agreements, management of related party transactions, and attribution of responsibilities. For cooperating institutions that have already been admitted, regular review and evaluation are required. For institutions implementing exit, it is required to provide good customer service for existing products. In terms of product admission for consignment sales, the "Measures" classify and stipulate due diligence requirements. At the same time, it is proposed that when commercial banks conduct admission reviews on asset management products, if the products are invested in non standardized debt assets, unlisted corporate equity, private equity investment funds, or hire private equity fund managers as investment advisors, commercial banks should conduct comprehensive evaluations by departments such as agency business management, risk management, legal compliance, and financial consumer protection, and obtain approval from the bank's senior management. For the above-mentioned consignment products invested in private equity investment funds or hired private equity fund managers as investment advisors, the regulations stipulate that the product admission standards for commercial banks include but are not limited to: the total size of private equity investment funds managed by their private equity fund managers shall not be less than 500 million yuan, the total size of private securities investment funds managed shall not be less than 300 million yuan, and they shall be registered with the China Securities Investment Fund Industry Association for not less than 3 years. According to the officials in charge of relevant departments of the State Administration of Financial Supervision and Administration, in recent years, commercial banks have rapidly developed their consignment business, with an increasingly diverse range of consignment products and a wider customer coverage. On the basis of continuously strengthening the responsibilities of financial product issuers and managers in relevant regulatory systems, it is necessary to further clarify the obligations of commercial banks as sales agents. For this reason, the State Administration for Financial Regulation has formulated this measure. The Measures require commercial banks to establish and improve a monitoring and management mechanism for the entire process of agency sales, and make specific provisions for promotional materials, information inquiry, product display, suitability management, sales personnel management, traceability management, etc., including the need to develop consistent sales product display rules for similar products, carefully evaluate the appropriateness of customer purchases, put forward targeted requirements for sales management of customer groups such as the elderly and those with limited civil capacity, and strengthen the qualification and behavior management of sales personnel. In addition, the Measures stipulate that during the existence period of consignment products, commercial banks should continue to pay attention to important information such as product risk return characteristics, risk rating changes, and information disclosure, and urge cooperative institutions to fulfill their proactive management responsibilities; Urge cooperating institutions to disclose relevant information on consignment products in accordance with regulations; Continuously strengthening customer service, commercial banks should inform customers of the product related information provided by cooperative institutions or assist customers in querying relevant information from cooperative institutions if they request to know about the consignment products. Industry experts have stated that standardizing the agency sales business of commercial banks is an important measure taken by the State Administration for Financial Regulation to comprehensively promote risk prevention, strengthen supervision, promote development, and effectively enhance regulatory effectiveness. Strengthening the supervision of consignment business is conducive to urging commercial banks to strengthen risk management, continuously improve compliance management, and effectively protect the legitimate rights and interests of financial consumers.