养老理财产品试点，扩围至全国

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to promote the sustainable and healthy development of pension financial products, emphasizing the expansion of pilot programs and the enhancement of product design and risk management [1][2]. Summary by Relevant Sections Expansion of Pilot Programs - The pilot areas for pension financial products will be expanded nationwide with a trial period of three years [2]. - Financial companies participating in the pilot must meet specific regulatory requirements, including being operational for at least three years and demonstrating strong long-term investment and risk management capabilities [2]. Product Design and Features - Companies are encouraged to issue long-term pension financial products with maturities of over 10 years or minimum holding periods of over 5 years [3]. - The notice supports flexible design in purchasing, redeeming, and dividend distribution of pension products to better match individual investor needs [3]. Liquidity and Risk Management - The establishment of mechanisms for the transfer and pledge of pension financial products is encouraged to meet liquidity needs in cases of major illness [4]. - Companies must ensure that the transfer and pledge services operate smoothly while maintaining investor rights [4]. Diverse Financial Services - Companies are supported in opening pension financial accounts for investors to track their holdings and provide advisory services [6]. - The notice emphasizes the importance of long-term investment philosophies and the establishment of a long-term assessment mechanism for investment personnel [6]. Support for the Pension Industry - Financial companies are encouraged to invest in high-quality long-term assets that align with pension characteristics and to participate in major national projects [7]. - Collaboration with other licensed asset management institutions is promoted to enhance service delivery to the pension industry [7]. Sales and Disclosure Standards - Strict standards for the sales of pension financial products are mandated, ensuring that performance benchmarks and risk-return profiles are thoroughly evaluated [8]. - The notice calls for optimization of product valuation rules to protect investor rights while ensuring compliance with accounting standards [8].