监管规范资管产品信息披露行为！实现“三清”，对公私募、业绩比较基准设要求

Core Viewpoint - The essence of asset management is to act on behalf of clients and ensure their rights to information and choice, which is a necessary requirement for asset management institutions to fulfill their fiduciary duties [1] Group 1: Regulatory Framework - The Financial Regulatory Authority has drafted the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions (Draft for Comments)" to standardize the information disclosure process throughout the product lifecycle [2][3] - The draft consists of six chapters and thirty-five articles, aiming to integrate information disclosure into all stages of asset management products, ensuring clarity in product sales, risk assessment, and yield calculations [2][3] Group 2: Disclosure Requirements - The draft specifies that during the product fundraising phase, key documents such as product prospectuses, contracts, and risk disclosure documents must be clearly defined to enhance transparency [3] - For the ongoing phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events to clarify product risks [3] - At the termination phase, it requires disclosure of fees and income distribution in expiration announcements and liquidation reports to ensure clear understanding of product yields [3] Group 3: Prohibited Behaviors - The draft outlines eight prohibited behaviors regarding information disclosure, including false statements, misleading claims, and unauthorized performance predictions [4][5] - It emphasizes that asset management products must not use non-comparable or inaccurate data for performance comparisons and must not publicly disclose private product information [4][5] Group 4: Performance Benchmarking - The draft states that asset management products may not disclose performance benchmarks, but if they do, they must explain the rationale and calculation methods, clearly indicating that benchmarks do not guarantee future performance [6][7] - It also requires that performance benchmarks remain consistent and only be adjusted under strict internal approval processes, with all changes disclosed [6][7] Group 5: Differentiation Between Public and Private Offerings - The draft distinguishes between public and private offerings, imposing stricter disclosure requirements on public products due to their broader audience and lower investor knowledge [8][9] - Public products must disclose information through recognized platforms and adhere to specific timelines for quarterly and annual reports, while private products can use agreed-upon channels for disclosure [9][10]