As early as the national fund industry conference held in 2009, Shang Fulin, then chairman of the CSRC, pointed out that no institutions or individuals should violate the three bottom lines: "rat warehouse", non-fair trading and various forms of interest transfer. The CSRC has never stopped supervising fair trading in the fund industry, and continues to explore and try in practice. In 2007, Tang Jian, Wang Limin, Zhang Ye and other fund managers became the first case of "rat warehouse" exposed by the CSRC. In 2009, the CSRC reported on the illegal handling of three fund managers Tu Qiang, Liu Hai, and Han Gang. In 2010, the CSRC launched a thorough investigation into the cases of Zheng Tuo, Li Xuli, and Xu Chunmao. Regulatory agencies have maintained a high-pressure stance against rat warehouses. However, the violations of employees in the fund industry have not disappeared due to the improvement of laws and regulations and the deepening of supervision. Instead, driven by interests, they have increasingly come to light before investors, making the regulatory work of the regulatory authorities more complex. In order to further standardize the fair trading system of fund management companies, protect the legitimate rights and interests of investors, and promote the healthy development of the fund industry, the CSRC issued the "Guidance on Fair Trading System for Securities Investment Fund Management Companies (Revised Draft)" in 2011. At the same time when building a global regulatory system, the Mutual Fund Fair Trading Warning Analysis Supervision Platform (Fair Trading Regulatory and Analysis Platform of Mutual Fund) received special attention from the regulators. From February 20th to 23rd, 2012, the Asset Management Association of China (preparatory) successfully held three fair trading training sessions for fund management companies in Beijing, Shanghai and Shenzhen respectively. During the period, the person in charge of the CSRC's Fund Department gave a detailed explanation of the fair trading system. If the newly issued "Guidance on Fair Trading System for Securities Investment Fund Management Companies (Revised Draft)" forms a complete set of fair trading systems for fund companies in four aspects: investment decision-making, transaction allocation, monitoring and information disclosure, then the comprehensive application of the FIRST system lays the technical foundation for comprehensive supervision.