Core Viewpoint - The National Financial Regulatory Administration has drafted the "Management Measures for Information Disclosure of Asset Management Products of Banking and Insurance Institutions (Draft for Comments)" to enhance transparency and standardization in the asset management industry [1][2][3] Group 1: Regulatory Changes - The draft aims to establish a unified information disclosure system for asset management products, addressing the lack of specialized regulations and inconsistent standards across different products [1][2] - The introduction of the draft marks a significant advancement in the regulatory framework for insurance asset management products since the 2018 guidelines [1][3] Group 2: Transparency and Investor Protection - The draft is expected to improve the transparency of the asset management industry, allowing for more standardized and clear product information [4][5] - It emphasizes investor protection by ensuring that investors have a comprehensive understanding of product risks and characteristics, thereby reducing investment risks [4][6] Group 3: Information Disclosure Requirements - The draft specifies clear requirements for the frequency, content, and channels of information disclosure, mandating that disclosures be in "clear and understandable Chinese" [3][4] - It introduces the concept of "penetrating disclosure" to prevent misleading expectations regarding performance benchmarks, clarifying that past performance does not guarantee future results [4][5] Group 4: Investor Education and Communication - The draft highlights the need for asset management institutions to enhance investor education and communication, particularly in improving financial literacy among investors [7][8] - Institutions are encouraged to establish diverse communication channels and proactively engage with investors, especially during significant risk events or performance fluctuations [7][8]