让产品收益“算得清”！金融监管总局：拟强化三类资管产品信披管理

Core Viewpoint - The article discusses the proposed regulatory framework for information disclosure of asset management products, aiming to enhance transparency and protect investors' rights in the banking and insurance sectors [2][4]. Group 1: Regulatory Framework - The Financial Regulatory Bureau has released a draft regulation titled "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions" to standardize disclosure practices for trust products, wealth management products, and insurance asset management products [2][4]. - The draft includes six chapters covering general provisions, disclosure requirements, internal management, supervision, legal responsibilities, and appendices, aiming to create a unified regulatory standard for similar businesses [4][10]. Group 2: Disclosure Requirements - The draft specifies the channels, responsibilities, methods, prohibited behaviors, and textual requirements for information disclosure, addressing inconsistencies in current practices [6][10]. - It mandates that public products must disclose information through a platform recognized by the National Financial Supervision Administration, while private products should disclose via agreed channels with investors [6]. Group 3: Prohibited Behaviors - The draft outlines prohibited behaviors in information disclosure, including false records, misleading statements, and unauthorized predictions of investment performance [6][10]. - It also prohibits the public disclosure of private product information unless otherwise specified by laws and regulations [6]. Group 4: Lifecycle Disclosure - The draft categorizes disclosure requirements into four stages: product fundraising, ongoing management, temporary disclosures, and termination, ensuring comprehensive coverage throughout the product lifecycle [7][8]. - Specific requirements include detailed disclosures in product prospectuses, performance benchmarks, issuance announcements, periodic reports, and liquidation reports [7][8]. Group 5: Performance Benchmarking - The draft allows asset management products to omit performance benchmarks but requires clear explanations if included, emphasizing that benchmarks do not guarantee future performance [8]. - It mandates that product managers maintain consistency in performance benchmarks and disclose any changes along with justifications [8]. Group 6: Implementation Timeline - The draft regulation is expected to have a six-month transition period post-official release to allow banking and insurance institutions to adjust their product documentation and systems accordingly [9][10].