理财公司理财产品销售方案落地 适用范围扩充

Core Viewpoint - The new interim measures for the sales management of wealth management products by wealth management companies will take effect on June 27, 2021, expanding the applicable scope from "wealth management subsidiaries" to "wealth management companies" and detailing 18 prohibitive regulations to promote the transformation of net value products and break the expectation of guaranteed returns [1][2][4]. Group 1: Applicable Scope Expansion - The applicable scope of the new measures has been expanded to include not only wealth management subsidiaries of commercial banks but also other wealth management companies approved by the China Banking and Insurance Regulatory Commission (CBIRC), including foreign-controlled joint venture wealth management companies [2][3]. - The expansion aims to clarify the legal positioning, responsibilities, and risk expectations of all parties involved in the sales process of wealth management products, including wealth management companies, agency sales institutions, and investors [2][3]. Group 2: Prohibitive Regulations - The new measures provide detailed explanations of 18 prohibitive regulations, including the prohibition of misleading sales, false advertising, and the use of absolute or interval values to display performance benchmarks, which aims to prevent disguised promotion of expected returns [4][5]. - The CBIRC emphasizes that the use of absolute values or interval values in performance benchmarks must be avoided to facilitate the transformation towards net value products and to break the expectation of guaranteed returns [5][7]. Group 3: Market Impact and Product Innovation - The wealth management market has seen significant growth, with the scale reaching 25.86 trillion yuan by the end of 2020, a year-on-year increase of 6.9%, and the net value-based wealth management products accounting for 25.79% of the total market [4]. - The new measures are expected to enhance the innovation capabilities of wealth management products, as the prohibition of guaranteed returns will push institutions to develop products that meet diverse market risk-return preferences [6][7].