《金融机构产品适当性管理办法》：“卖者尽责、买者自负”并重

Regulatory Framework - The "Financial Institutions Product Suitability Management Measures" emphasizes the dual principles of "seller's due diligence and buyer's self-responsibility" to ensure appropriate product sales to suitable clients[3] - The measures will take effect on February 1, 2026, and aim to enhance investor education and break rigid repayment structures[3][7] Impact on Financial Institutions - Compliance costs for banks in the wealth management sector are expected to rise due to stricter suitability matching requirements, necessitating upgrades in information systems and human resources[15][16] - The measures will lead to improved client data quality, enhancing product design capabilities within the banking wealth management industry[3][15] Investor Responsibility - Investors are required to understand products and make informed decisions based on their risk preferences, with a focus on providing accurate information to financial institutions[14] - The measures stipulate that investors must undergo risk assessments, limiting the frequency of such assessments to twice a day and a maximum of eight times within twelve months[14] Market Dynamics - The proportion of high-risk wealth management products is anticipated to increase, as the measures clarify the responsibilities of both buyers and sellers, potentially leading to a rise in equity investments[19][20] - As of the end of 2024, only 0.27% of wealth management products were rated as high-risk, despite over 20% of investors having a risk tolerance above level four[20][22] Future Projections - It is estimated that by 2026, the proportion of equity assets in wealth management products could increase by 1%, translating to an additional RMB 320 billion entering the A-share market[22]