穿透披露落地 信披新规重塑资管市场生态

Core Viewpoint - The Financial Regulatory Bureau has introduced a new disclosure management approach for asset management products, aiming to address information asymmetry in the asset management industry by standardizing disclosure rules across trust, wealth management, and insurance asset management products [1][2]. Group 1: Disclosure Requirements - The new regulations emphasize "penetration disclosure," requiring asset managers to provide accurate and complete information about underlying investments, which is crucial for clarifying the true direction of funds and enhancing accountability in information disclosure [2][3]. - Publicly offered products must disclose quarterly reports within 15 working days after the end of each quarter, semi-annual reports by August 31 each year, and annual reports by April 30 of the following year, with specific exemptions for products established for less than 90 days [3][4]. - The regulations also mandate that asset management product documentation must include detailed information on fees, such as subscription and redemption fees, custody fees, and other related charges [3][4]. Group 2: Regulatory Standards - The new approach establishes self-regulatory norms for the three types of products, with the China Trust Association and other relevant bodies tasked with creating detailed regulations tailored to the characteristics of each product type [4]. - The regulations differentiate between public and private products, imposing stricter disclosure standards on public offerings while allowing private products to adhere to contractual agreements within compliance [4]. Group 3: Industry Impact - As of mid-2025, the total asset management scale in China reached 174.50 trillion yuan, with significant contributions from various sectors, including insurance, public funds, trusts, and bank wealth management products [5]. - The implementation of these regulations is expected to mitigate information asymmetry, enhance fiduciary duties, curb misleading performance and vague information, and promote fair competition and net value transformation within the industry [5]. - The regulations will take effect on September 1, 2026, allowing an 8-month transition period for companies to upgrade systems and improve research and risk control capabilities [5].