新规吹散银行理财“信息迷雾”

Core Viewpoint - The recent issuance of the "Management Measures for 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 opaque valuation methods, by standardizing information disclosure practices and enhancing transparency [3][5][12]. Summary by Sections Information Disclosure Regulations - The new regulations provide a systematic framework for the information disclosure of asset management trust products, bank wealth management products, and insurance asset management products, establishing uniform standards across similar business types [5][6]. - The measures cover the entire lifecycle of products, from fundraising to existence and termination, ensuring comprehensive regulation of information disclosure [5]. Key Provisions - The regulations specify requirements for disclosing performance benchmarks during the fundraising phase, including the rationale for benchmark selection and calculation methods, while clearly stating that performance benchmarks are not expected yields [6][7]. - During the product's existence, there are enhanced requirements for regular information disclosure, including accurate reporting of net asset values, yield performance, and investment asset conditions, along with a mechanism for transparent disclosure of underlying asset structures [6][7]. Impact on Industry Practices - Industry experts believe these regulations directly address long-standing pain points, such as frequent adjustments to performance benchmarks and selective historical performance displays, which have previously obscured risk assessments [7][10]. - The emphasis on high-quality information disclosure is expected to become a competitive differentiator for asset management institutions, as it will enhance transparency and accountability [9][10]. Transition Period and Future Implications - The regulations will take effect on September 1, 2026, allowing an approximately eight-month transition period for banking and insurance institutions to adjust their disclosure practices [12]. - The new rules are anticipated to elevate compliance costs in the short term but may fundamentally alter the competitive landscape of the asset management industry, with a greater focus on regulatory compliance, research depth, and management professionalism [12][13]. Long-term Industry Transformation - The standardization of information disclosure is expected to shift from merely a compliance requirement to a core competitive advantage for institutions, fostering a culture of transparency and professionalism within the asset management sector [12][13].