让产品收益“算得清”！金融监管总局：拟强化三类资管产品信披管理

Core Viewpoint - The Financial Regulatory Bureau has released a draft for public consultation on the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, thereby enhancing investor protection [1][2]. Group 1: Regulatory Framework - The draft includes six chapters covering general provisions, disclosure requirements, internal management, supervision, legal responsibilities, and appendices, systematically regulating the information disclosure behavior of asset management products throughout their lifecycle [2][4]. - The draft aims to unify regulatory standards for similar businesses, addressing the current lack of a dedicated information disclosure regulatory system for asset management products [2][6]. Group 2: Disclosure Requirements - The draft specifies disclosure channels, responsibilities, methods, prohibited behaviors, and text requirements for asset management products, emphasizing the need for consistent disclosure channels [3][4]. - It mandates that public products must disclose information through a platform recognized by the National Financial Supervision Administration, while private products should disclose through agreed channels with investors [3][4]. Group 3: Performance Benchmarking - The draft outlines detailed requirements for performance benchmarking, including the necessity to clarify the relationship between the benchmark and investment strategies, underlying assets, and market performance [5][6]. - It states that if a performance benchmark is disclosed, it must be accompanied by a clear warning that it does not represent expected returns or guarantees on future performance [5][6]. Group 4: Transition Period - The implementation of the draft is expected to have a six-month transition period to allow banking and insurance institutions to adjust product documentation and systems accordingly [6]. - The draft distinguishes between public and private products, with stricter disclosure requirements for public products to enhance transparency, while allowing more flexibility for private products based on contractual agreements [6].