Countries have strict regulations on the qualifications of fund management companies and the custodians of fund assets. Public funds have strict processes and policy restrictions on issuance, capital raising and investment. When a fund is issued, firstly a series of legal filings with the relevant regulators (e.g., the U.S. Securities and Exchange Commission, the Financial Supervisory Authority of Singapore, etc.) must be completed; when raising capital, there are very strict requirements for information disclosure, and information about its investment objectives and portfolio must be disclosed; when investing, the management and operation of public funds are subject to strict regulation, including investment methods, shareholding ratios, position limits, etc.; during the operation period, there are regular disclosures of net value reports during the operation period, etc.

The average overseas public fund has an ISIN, a 12-digit alphanumeric code that can be issued for stocks, bonds, options, derivatives and futures. ISINs are regulated by the International Standards Organization (ISO), but are issued by the respective National Numbering Authority (NNA) of the country where the securities are issued. For example, the UK ISIN code is issued by the London Stock Exchange.

After a Tiger client opens a Fund Mall account and buys fund, the funds will be transferred from the Tiger account to the fund company's bank account, and then the funds will be invested. As mentioned above, clients' funds are strictly regulated by the financial regulator where the fund is registered or where the fund manager is located after the public fund shares are bought.

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