Securities investment advisory services are regulated in China as an important part of capital market intermediary services, with the key rules being the Interim Measures for Administration of Securities and Futures Investment Advisory Services, promulgated by the Securities Commission of the State Council (the regulatory predecessor to the China Securities Regulatory Commission/CSRC) in 1997 (《证券、期货投资咨询管理暂行办法》, the "1997 Measures"). Under the 1997 Measures, securities/futures investment consulting is broadly defined as the provision of analysis, predictions or recommendations for investments in securities or futures and such service is subject to a prior license from CSRC. As of today, CSRC has granted 84 investment advisory licenses in total but has suspended issuing such license since 2014 , due to relevant issues in the investment advisory industry, such as unsustainable business models and lack of sufficient internal control, among other reasons.
