新规强化全周期披露责任，吹散银行理财“信息迷雾”

Core Viewpoint - The recent issuance of the "Measures for the Management of Information Disclosure of Asset Management Products by Banking and Insurance Institutions" aims to address long-standing issues in the wealth management sector, such as distorted yield displays and non-transparent valuation methods, by standardizing information disclosure practices [1][2][6]. Group 1: Regulatory Framework - The new regulations establish a unified standard for information disclosure across three types of asset management products: asset management trusts, bank wealth management products, and insurance asset management products [2][6]. - The regulations emphasize the importance of protecting investors' rights to information and choice, which is a fundamental obligation of asset management institutions [2][6]. - The measures require clear disclosure of performance benchmarks, including the rationale for their selection and calculation methods, while explicitly stating that performance benchmarks are not expected yields [2][3]. Group 2: Disclosure Requirements - The regulations enhance periodic disclosure requirements, mandating accurate reporting of product net values, performance, and investment asset conditions, while introducing a mechanism for transparent disclosure of underlying asset structures [3][4]. - Specific rules for cash management products prohibit the display of annualized returns for products that have been established for less than seven days, aiming to curb misleading marketing practices [3][4]. - The regulations also require that all parties involved in the asset management process, including product managers and sales institutions, share responsibility for ensuring the accuracy and completeness of disclosed information [4][6]. Group 3: Industry Impact - The new rules are expected to elevate the quality of information disclosure, potentially becoming a key competitive differentiator for asset management institutions [4][6]. - The introduction of a "dual-channel" disclosure principle aims to simplify investor access to information, thereby enhancing transparency and consistency across different disclosure platforms [4][6]. - The regulations are anticipated to drive asset management companies towards greater professionalism and specialization by mandating the disclosure of investment strategies, portfolio structures, and performance benchmarks [5][6]. Group 4: Future Outlook - The regulations will take effect on September 1, 2026, allowing an eight-month transition period for banking and insurance institutions to adapt [6]. - The increased compliance requirements may raise operational costs for asset management firms, necessitating a comprehensive review and upgrade of their disclosure systems and product documentation [6][7]. - Long-term, the standardization of information disclosure is expected to reshape the competitive landscape of the asset management industry, with a focus on transparency and professional management becoming essential for maintaining a competitive edge [6][7].