China: Opened consultation on SAMR draft Guiding Opinions on Promoting Compliance Management Responsibilities of Online Trading Platform Enterprises

On 9 September 2024, the Chinese General Office of the State Administration for Market Regulation (SAMR) issued the draft "Guiding Opinions on Promoting Compliance Management Responsibilities of Online Trading Platform Enterprises" and opened a public consultation until 16 September 2024. The Guiding Opinions aim to improve compliance management structures, outlining steps such as appointing responsible personnel and implementing dynamic risk control mechanisms. In addition, the Guiding Opinions emphasise the need for regular risk assessments, compliance training, and the creation of clear responsibilities for compliance officers. Finally, the Guiding Opinions provide guidelines for regulatory oversight by market supervision authorities to ensure platforms operate within legal standards.