金监总局：原则上不得调整业绩比较基准 全面规范资管产品信披要求

Core Viewpoint - The Financial Regulatory Bureau has issued the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, ensuring investor rights and obligations are met [1][2]. Group 1: General Regulations - The Measures establish general provisions for information disclosure, including channels, responsibilities, methods, prohibited behaviors, and text requirements [2]. - Prohibited behaviors include making unauthorized profit promises, predicting actual investment performance, using incomparable or inaccurate data for performance comparison, and disparaging other asset management products or institutions [2]. Group 2: Disclosure Requirements - The Measures comprehensively regulate the information disclosure requirements throughout the product lifecycle, covering aspects such as product offering information, periodic disclosures, temporary disclosures, and termination disclosures [2]. - Specific requirements are set for product prospectuses, performance benchmarks, issuance announcements, periodic reports, net value disclosures, past performance, and temporary disclosures [2]. Group 3: Performance Benchmark Adjustments - Product managers are generally not allowed to adjust performance benchmarks; any necessary adjustments must follow strict internal approval processes and be disclosed in periodic reports and updated product prospectuses [2][3]. Group 4: Differentiation Between Public and Private Products - The Measures differentiate between public and private products, imposing stricter disclosure requirements on public products due to their broader audience and lower investor thresholds [3]. - Public product information must be disclosed through unified industry channels, while private products can use agreed-upon disclosure channels [3]. Group 5: Self-Regulatory Norms - The Measures call for the establishment of self-regulatory norms for each product type, with relevant associations collaborating to create a detailed "1+3" information disclosure rule system [4].