Core Viewpoint - The essence of asset management is to act on behalf of clients and ensure their rights to information and choice, which is a necessary requirement for asset management institutions to fulfill their fiduciary duties [1] Group 1: Regulatory Framework - The Financial Regulatory Authority has drafted the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions (Draft for Comments)" to standardize the information disclosure process throughout the product lifecycle [2][3] - The draft consists of six chapters and thirty-five articles, aiming to integrate information disclosure into all stages of asset management products, ensuring clarity in product sales, risk assessment, and yield calculations [2][3] Group 2: Disclosure Requirements - The draft specifies that during the product fundraising phase, key documents such as product prospectuses, contracts, and risk disclosure documents must be clearly defined to enhance transparency [3] - For the ongoing phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events to clarify product risks [3] - At the termination phase, it requires disclosure of fees and income distribution in expiration announcements and liquidation reports to ensure clear understanding of product yields [3] Group 3: Prohibited Behaviors - The draft outlines eight prohibited behaviors regarding information disclosure, including false statements, misleading claims, and unauthorized performance predictions [4][5] - It emphasizes that asset management products must not use non-comparable or inaccurate data for performance comparisons and must not publicly disclose private product information [4][5] Group 4: Performance Benchmarking - The draft states that asset management products may not disclose performance benchmarks, but if they do, they must explain the rationale and calculation methods, clearly indicating that benchmarks do not guarantee future performance [6][7] - It also requires that performance benchmarks remain consistent and only be adjusted under strict internal approval processes, with all changes disclosed [6][7] Group 5: Differentiation Between Public and Private Offerings - The draft distinguishes between public and private offerings, imposing stricter disclosure requirements on public products due to their broader audience and lower investor knowledge [8][9] - Public products must disclose information through recognized platforms and adhere to specific timelines for quarterly and annual reports, while private products can use agreed-upon channels for disclosure [9][10]

金融监管总局近日发布《银行保险机构资产管理产品信息披露管理办法（征求意见稿）》（以下简称 《办法》），以规范资产管理信托、理财、保险资管产品的信息披露行为，推动同类业务实施统一监管 标准，强化投资者合法权益保护。 值得一提的是，《办法》拟将实施时间设定为正式发布后半年左右，这样更便于银行保险机构稳妥推进 产品文本修改、系统改造对接等工作。《办法》的实施，对投资者无疑是一种更好的保护。 当前，我国资产管理市场产品类型繁多，涉及银行理财、信托、保险资管等多类金融机构，而且这些资 管产品均无专门的信息披露监管制度，现行要求分散在不同制度中。比如，《商业银行理财产品销售管 理办法》只在个别条款中对信息披露提出相关要求，而《保险资产管理产品管理暂行办法》也只是对信 息披露与报告设立专章进行约束。然而，这些规定存在标准不一、执行尺度不同等问题，不利于形成行 业共识，也给投资者带来困惑，亟需构建适合三类资产管理产品特点的信息披露制度，以统一监管规 则，强化信息披露行为监管。 《办法》则回应了行业痛点和市场关切，针对性强、覆盖面广，是我国资产管理产品信息披露领域的一 次重要的制度创新和完善，是投资者保护工作的一项重要举措。《 ...

Core Viewpoint - The National Financial Regulatory Administration has released a draft of the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions," aiming to standardize information disclosure for asset management products and enhance investor protection [1][4]. Group 1: Regulatory Framework - The draft consists of six chapters and thirty-five articles, covering the entire lifecycle of asset management products, including fundraising, ongoing management, and termination [4][5]. - It establishes a "1+3" information disclosure rule system, addressing the need for a unified regulatory framework for asset management products [5][6]. Group 2: Disclosure Requirements - In the fundraising phase, the draft specifies requirements for product prospectuses, contracts, risk disclosure documents, custody agreements, and issuance announcements, ensuring clarity in product sales [5][6]. - During the ongoing management phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events, clarifying product risks [5][6]. - For the termination phase, it requires disclosure of fee structures and profit distribution in expiration announcements and liquidation reports, ensuring transparency in product returns [5][6]. Group 3: Specific Prohibitions - The draft outlines eight prohibited behaviors in information disclosure, including false records, misleading statements, and exaggerated past performance [6][7]. - It emphasizes that performance benchmarks should not be presented as expected returns and must be clearly explained to investors [6][7]. Group 4: Implementation Timeline - The draft is expected to be implemented approximately six months after its formal release, allowing banking and insurance institutions to adjust product documentation and systems accordingly [8].

Core Points - The Financial Regulatory Administration has released a draft for public consultation regarding the disclosure management of asset management products by banking and insurance institutions [1] - The draft outlines required disclosures for periodic reports, including product size, leverage levels, net asset values, performance, and risk analysis [1][2] Disclosure Requirements - Asset management products must disclose information such as product size, leverage, net asset values, performance, and distribution of earnings [1] - Fixed income products are required to disclose market risks related to interest rates and exchange rates, as well as details on non-standard debt assets [2] - Equity products must disclose risks associated with stock investments and details on unlisted equity assets [2] - Products related to commodities and financial derivatives must disclose underlying assets, investment amounts, and risk control measures [2] - Mixed products must disclose the investment proportions across different asset classes and associated risks [2]

北京商报讯（记者 胡永新）5月23日，金融监管总局发布了《银行保险机构资产管理产品信息披露管理 办法（征求意见稿）》（以下简称《征求意见稿》）。对于《征求意见稿》的起草背景，金融监管总局 有关司局负责人表示，资产管理业务的本质是"受人之托、代人理财"。充分保障投资者的知情权和选择 权，是资产管理机构履行信义义务的必然要求。当前，资产管理信托产品、理财产品、保险资管产品均 无专门的信息披露监管制度，现行要求分散在不同制度中，存在标准不完全一致等问题，亟需构建适合 三类资产管理产品特点的信息披露制度，统一监管规则，强化信息披露行为监管。 对于《征求意见稿》的主要内容，金融监管总局有关司局负责人表示，《征求意见稿》共六章三十五 条，包括：第一章总则，明确立法依据、适用范围、信息披露原则和监督管理职责。第二章资产管理产 品信息披露一般规定，明确信息披露渠道、责任、方式、禁止行为和文本要求。第三章资产管理产品信 息披露要求，分为产品募集信息披露、产品定期信息披露、产品临时信息披露和产品终止信息披露四 节，全面规范资产管理产品全生命周期信息披露要求。对于产品说明书或合同、业绩比较基准、发行公 告（或报告）、定期报告、定期 ...

国家金融监督管理总局就《银行保险机构资产管理产品信息披露管理办法（征求意见稿）》公开征求意 见，其中提到，管理人应当制定合理的过往业绩披露规则，披露规则应当包含过往业绩计算方法，计算 使用的统计数据和资料应当真实、准确、全面，并在过往业绩披露时注明统计数据和资料来源。过往业 绩的披露应当遵循稳定性和内在逻辑一致性原则，不得随意变更披露规则。不得片面夸大过往业绩，不 得通过选择性披露部分时间段数据等方式夸大过往业绩，不得随意变更披露规则，不得对同类产品适用 明显不同的披露规则。 ...

国家金融监督管理总局关于《银行保险机构资产管理产品信息披露管理办法（征求意见稿）》公开征求 意见，规范资产管理信托产品、理财产品、保险资管产品的信息披露行为，强化投资者合法权益保护。 相关链接 ...