金融监管总局，又有重要新规

Core Viewpoint - The National Financial Regulatory Administration has released a draft of the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management products and enhance investor protection [1][4]. Group 1: Regulatory Framework - The draft consists of six chapters and thirty-five articles, covering the entire lifecycle of asset management products, including fundraising, ongoing management, and termination [4][5]. - It establishes a "1+3" information disclosure rule system, addressing the need for a unified regulatory framework for asset management products [5][6]. Group 2: Disclosure Requirements - In the fundraising phase, the draft specifies requirements for product prospectuses, contracts, risk disclosure documents, custody agreements, and issuance announcements, ensuring clarity in product sales [5][6]. - During the ongoing management phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events, clarifying product risks [5][6]. - For the termination phase, it requires disclosure of fee structures and profit distribution in expiration announcements and liquidation reports, ensuring transparency in product returns [5][6]. Group 3: Specific Prohibitions - The draft outlines eight prohibited behaviors in information disclosure, including false records, misleading statements, and exaggerated past performance [6][7]. - It emphasizes that performance benchmarks should not be presented as expected returns and must be clearly explained to investors [6][7]. Group 4: Implementation Timeline - The draft is expected to be implemented approximately six months after its formal release, allowing banking and insurance institutions to adjust product documentation and systems accordingly [8].