The China Banking and Insurance Regulatory Commission has issued new measures governing information disclosure for asset management products offered by banking and insurance institutions, establishing a dedicated and more consistent disclosure regime across asset management trust products, wealth management products and insurance asset management products. The accompanying Q&A frames the measures as a response to fragmented and inconsistent existing requirements and sets out end-to-end disclosure expectations over a product’s fundraising, ongoing and termination stages. The measures comprise six chapters and 35 articles covering scope, disclosure principles and supervisory responsibilities, alongside common rules on disclosure channels, accountable parties, methods, prohibited conduct and document standards. Detailed requirements are set for fundraising disclosures, periodic disclosures, ad hoc disclosures and termination disclosures, including specific provisions for product documentation, performance benchmarks, issuance announcements or reports, periodic reports, net asset value disclosures, past performance, pre- and post-event ad hoc disclosures and maturity or liquidation reports. The framework also specifies internal governance expectations and the respective duties of custodians and distributors, recordkeeping requirements, and supervisory powers and sanctions. To balance standardisation with product differences, the measures distinguish between public and private products, including a requirement for public products to disclose at least via the industry-wide channel China Wealth Management Net, while private product disclosures may use investor-agreed channels. Industry bodies and relevant registration and custody infrastructure providers are expected to develop product-type-specific self-regulatory standards, creating a “1+3” disclosure rule set. For performance benchmarks, managers are expected in principle not to adjust them, and any necessary changes must follow internal approvals and be disclosed in periodic reports and updated product documentation, with legacy products permitted to disclose only adjustments made after the measures take effect. A public consultation ran from 23 May 2025 to 23 June 2025, and the regulator reports it refined the final text, including clarifying disclosure channels, optimising requirements for cash management products, removing duplicative restatements of existing rules and adjusting transitional arrangements. The measures are set to take effect on 1 September 2026, with around eight months provided for contract and disclosure document updates and system changes.
China Banking and Insurance Regulatory Commission 2025-12-25
China Banking and Insurance Regulatory Commission issues unified disclosure rules for bank and insurer asset management products with September 2026 start date
The China Banking and Insurance Regulatory Commission has introduced new measures for information disclosure of asset management products by banking and insurance institutions, effective 1 September 2026. The measures cover disclosure principles, supervisory responsibilities, and specific requirements for fundraising, periodic, ad hoc, and termination disclosures. The framework distinguishes between public and private products, mandates industry-wide disclosure channels for public products, and allows private products to use investor-agreed channels.