聚焦卖者尽责、买者自负，金融机构产品适当性管理有了“硬约束”

Core Viewpoint - The newly issued "Financial Institutions Product Appropriateness Management Measures" aims to enhance consumer protection by ensuring that financial products are suitable for customers based on their risk tolerance and needs, effective from February 1, 2026 [1][2][5] Group 1: Regulatory Framework - The measures consist of five chapters and forty-nine articles, focusing on understanding products, understanding customers, appropriateness matching, and compliance in sales [2] - The measures clarify the responsibilities of financial institutions and customers, requiring institutions to take primary responsibility for appropriateness management, including product risk rating and customer assessment [2][3] - Financial institutions must categorize investment products into risk levels from one to five and manage these dynamically based on market changes [3] Group 2: Consumer Protection - The measures differentiate between professional and ordinary investors, simplifying processes for the former while enhancing protections for the latter [3] - Investors are limited to two risk assessments per day and a maximum of eight assessments within twelve months to prevent arbitrary adjustments [3] - By ensuring product suitability, the measures aim to reduce investment losses from mis-selling and mismatched risks, thereby increasing consumer trust in financial markets [3] Group 3: Implementation Strategies - Financial institutions are encouraged to integrate appropriateness management into their entire operational chain, balancing consumer protection with their own development [4][6] - Institutions should develop detailed implementation guidelines covering product design, risk assessment, sales management, and after-sales service [6] - Upgrading information systems to include risk assessment and product matching functionalities is recommended to automate and enhance appropriateness management [6] Group 4: Future Directions - The regulatory body plans to guide industry self-regulation, enhance supervision of appropriateness obligations, and cultivate consumer risk awareness [5] - Institutions are advised to incorporate compliance and customer complaint rates into performance evaluations, with strict penalties for violations [6]