资管产品信披标准明确！有这十大变动 附解读

Core Viewpoint - The Financial Regulatory Authority has released the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to enhance transparency and accountability in the disclosure of asset management products [1][3]. Summary by Relevant Sections Information Disclosure Obligations - The new regulations require that professional institutions providing audit and legal opinions for asset management products must act diligently, ensuring that their documents do not contain false records, misleading statements, or significant omissions [4]. - Asset management products that involve investor meetings or beneficiary assemblies must disclose the procedures and rules for convening, deliberating, and voting in the product's prospectus or contract [4][5]. Performance Benchmark Disclosure - The regulation clarifies that asset management products are not required to disclose performance benchmarks, except for public products that have been established for less than one month, which must disclose their performance benchmarks alongside past performance [5]. Reporting Requirements - Non-cash management products must disclose the net asset value, cumulative net value, and performance during the reporting period, while cash management products must disclose the asset net value and annualized yield for the reporting period [6]. - Cash management products are required to disclose the net income per ten thousand units and the seven-day annualized yield within two working days after each open day, with specific rules for products established for less than seven days [6]. Transparency and Risk Disclosure - The regulations enhance transparency regarding underlying assets, requiring disclosure of significant risks such as bond defaults or stock suspensions for assets constituting 10% or more of the product [7]. - For non-standardized assets classified as non-performing, temporary disclosure is not required, but relevant information must be included in quarterly, semi-annual, and annual reports [8]. Liquidation Reporting - The new rules mandate that liquidation reports must include details such as the product's duration, termination date, asset disposal status, and distribution of remaining assets [9]. Continuous Disclosure and Special Considerations - Information disclosure must be consistent and fair to all investors, avoiding misleading practices. Special measures for information disclosure are encouraged for elderly investors aged 65 and above to enhance their experience [10]. - Self-regulatory organizations like the China Trust Industry Association and the China Banking and Insurance Asset Management Association are tasked with establishing and managing disclosure norms for various asset management products [11].