The General Administration of Financial Supervision issued the “Administrative Measures on Disclosure of Information on Asset Management Products of Banks and Insurance Institutions”
Zhitong Finance App learned that on December 25, the General Administration of Financial Supervision announced the “Administrative Measures on Disclosure of Information on Asset Management Products of Banks and Insurance Institutions”, which will take effect from September 1, 2026. Among them, it is mentioned that where an asset management product discloses a performance comparison benchmark, it should explain the reason, calculation basis, or calculation method for the performance comparison benchmark, focusing on the relationship between the performance comparison benchmark and investment strategy, underlying assets and related financial market performance, and use bold text to remind investors that “the performance comparison benchmark is not the expected return rate, does not represent the future performance and actual return of the product, and does not constitute a commitment to product returns.”
Where asset management products disclose performance comparison benchmarks, past product performance shall be disclosed in accordance with regulations during the life of the product, except for less than one month since the product was established. Where asset management products disclose performance comparison benchmarks, disclosure shall begin during the product collection period, and disclosure shall not be cancelled before the product expires. Performance comparison benchmarks for similar shares of the same asset management product should be consistent across different channels.
Where asset management products disclose performance comparison benchmarks, the product manager shall maintain the consistency of the product performance comparison benchmark. In principle, the performance comparison benchmark shall not be adjusted. If the performance comparison benchmark really needs to be adjusted due to major changes in the product investment strategy or investment scope, the product manager shall strictly follow the internal approval procedures, promptly disclose the adjustment situation and reasons, and disclose the previous adjustments to the performance comparison benchmark when regularly reporting and updating the product manual.
The original text is as follows:
Administrative Measures on Disclosure of Information on Asset Management Products of Banks and Insurance Institutions
(Order No. 10 of 2025 of the State Financial Supervisory Administration of December 22, 2025, will take effect from September 1, 2026)
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with laws and regulations such as the “Banking Supervision and Administration Law of the People's Republic of China”, “Commercial Banking Law of the People's Republic of China”, “Trust Law of the People's Republic of China”, “Insurance Law of the People's Republic of China”, and “Guiding Opinions on Regulating the Asset Management Business of Financial Institutions” (hereinafter referred to as the “Guiding Opinions”) in order to regulate the disclosure of information on asset management products and protect the legitimate rights and interests of investors in asset management products.
Article 2 Asset management products referred to in these Measures refer to asset management trust products, wealth management products, and insurance asset management products issued and managed by banks and insurance institutions within the People's Republic of China in accordance with law. These Measures apply to the disclosure of information on the above asset management products.
Article 3 Asset management product information disclosure obligors shall promptly disclose asset management product information in accordance with laws and regulations, regulatory provisions and contractual agreements, and the disclosed information shall be true, accurate and complete.
Asset management product information disclosure obligations include product managers, sales agencies, custodian agencies, and other natural persons, legal entities, and unincorporated organizations that are required by laws and regulations and the State Financial Supervisory Administration to disclose information on asset management products.
Article 4 The State Financial Supervisory Administration and its dispatched agencies shall supervise and manage the disclosure of information on asset management products in accordance with law.
Chapter II General Provisions on Asset Management Product Information Disclosure
Article 5. Information on public offering products shall be disclosed at least through unified information disclosure channels in the industry, and at the same time through mainstream national financial media or other information disclosure channels in accordance with agreements with investors. Information on private equity products shall be disclosed through information disclosure channels agreed with investors in accordance with regulatory requirements. Information disclosure obligors should be consistent in disclosing the same information on different channels.
Article 6 When there are multiple information disclosure obligors for the same asset management product, each information disclosure obligor shall reasonably divide the rights and responsibilities of each party, agree on matters and responsibilities relating to information disclosure in relevant agreements, and assume responsibility for information disclosure management in accordance with laws, regulations, regulations, and agreement agreements. For information disclosure matters required by laws, regulations or regulatory regulations, where the relevant agreement does not specify who is obligated to disclose the information, the product manager shall assume the obligation to disclose the information.
Each information disclosure obligor shall actively assist other information disclosure obligors of relevant asset management products to fulfill their information disclosure obligations and provide necessary information in a timely manner. For asset management products invested in other products to which the “Guiding Opinions” apply, when the person responsible for information disclosure makes penetrating disclosure in accordance with the provisions of these Measures, the manager of the invested product (other than publicly raised securities investment funds) shall promptly assist in the penetrating disclosure and provide true, accurate and complete information.
Professional institutions that issue audit opinions, legal opinions, etc. documents for asset management product information disclosure obligors shall be diligent and conscientious, and the documents issued must not contain false records, misleading statements, or major omissions.
Article 7 Information disclosure methods are divided into public disclosure and non-public disclosure according to the scope of disclosure. In principle, disclosure of information on public offering products should be publicly disclosed, but laws, regulations, and regulatory regulations relating to the provision of personal investment information to specific investors are subject to their own regulations. In principle, disclosure of information on private equity products should be disclosed to investors holding the product by means of non-public disclosure, but disclosure to qualified investors during product promotion and sales, as well as other laws, regulations, and regulatory regulations such as product registration and disclosure of expiration information, are subject to its provisions.
Investors have the right to view or copy the disclosed information materials in accordance with the time and manner agreed in the contract. Information disclosure obligors, investors, and other relevant agencies shall comply with the obligation of confidentiality with respect to undisclosed information, etc. of private equity products obtained in accordance with law.
Article 8 Disclosure of asset management product information shall not involve the following acts:
(1) False records, misleading statements, or material omissions;
(2) Promises profits or bears losses in violation of regulations;
(3) Predicting actual investment performance;
(4) Use data sources and methods that are not comparable, fair, or accurate to compare performance;
(5) Public disclosure or disguised public disclosure of private equity product information, except as otherwise provided by laws, regulations and regulatory regulations;
(6) Discrediting other asset management products, product managers, trusteeship agencies or sales agencies;
(7) Post congratulatory, praising, or recommending text from any natural person, legal person, or unincorporated organization;
(8) Other acts prohibited by laws and regulations and the State Financial Supervisory Administration.
Article 9 The content of asset management product information disclosure shall be expressed in Chinese. Where foreign language versions are used at the same time, the content of the different texts shall be guaranteed to be consistent. If there is any discrepancy between different texts, the Chinese text shall prevail. Data information for asset management products shall use Arabic numerals; unless otherwise specified, the currency unit shall be RMB.
Chapter III Asset Management Product Information Disclosure Requirements
Section I Disclosure of Product Recruitment Information
Article 10 When selling asset management products, information disclosure obligors shall disclose product specifications, product contracts, risk disclosure documents, and other information specified by the State Financial Supervision and Administration to investors.
If information such as product manuals changes after the asset management product is established, the product manager shall update it at least once a year.
Article 11 The content that should be disclosed in product specifications or product contracts for asset management products includes but is not limited to:
(1) The product name and product registration code must be prominently listed on the main page of the text and reminded that investors can search product information at the agency that undertakes the product registration function based on the registration code.
(2) The basic situation of asset management product-related entities such as product managers, sales agencies, custodians, etc., including at least basic information such as name, address, contact information, and main responsibilities. Where product managers, sales agencies, trusteeship agencies, etc. have a related relationship, they shall also disclose the circumstances of the related relationship.
(3) Product type, mode of operation, scope of investment, etc.
(4) Product approval (subscription) and redemption arrangements.
(5) Valuation principles, valuation methods, calculation methods for share recognition (subscription) purchase and redemption prices, etc.
(6) Product certification (subscription) purchase and redemption fees, escrow fees, investment management fees (including performance rewards) and other product-related fee items, charging conditions, fee standards and charging methods.
(7) Product revenue distribution matters, including the composition of revenue, revenue distribution principles, determination and disclosure of revenue distribution plans, etc.
(8) Product termination circumstances, processing methods and liquidation matters.
(9) Product risk disclosure and explanation, including product risk level, various major risks faced, risk management measures, etc.
(10) Method, channel and frequency of disclosure of product information, etc.
(11) Other content stipulated by laws and regulations and the State Financial Supervisory Authority.
Article 12 Where asset management products have the following circumstances, they shall be disclosed in the product manual or product contract:
(1) Where private equity products have an investment cooling-off period, the investment cooling-off period and investors' rights during the investment cooling-off period shall be disclosed.
(2) Where asset management products have investor meetings or beneficiaries' meetings, etc., they shall disclose the procedures and rules for convening, deliberating and voting at investor meetings or beneficiaries' meetings, etc. Where the convocation, deliberation and voting procedures and rules require voting at an investor meeting or beneficiaries' meeting, etc., the proposed draft of the above procedures and rules may be disclosed in the product manual or product contract.
(3) According to the relevant regulations on liquidity risk management of asset management products, where the product sets liquidity risk countermeasures such as subscription limits, redemption limits, redemption fees, and swing pricing, it shall disclose the liquidity risk countermeasures, usage, treatment methods, procedures, and potential effects on investors.
(4) According to relevant regulations such as liquidity risk management for asset management products, where a single investor is allowed to hold a share exceeding a specified ratio, or where the planned investment does not have an active trading market and requires the use of valuation techniques to determine fair value and exceeds the specified ratio, it shall be disclosed and clearly marked.
(5) According to the relevant regulations on cash management products, where cash management products use the amortized cost method for accounting, the accounting method and its possible impact on fluctuations in the net value of the product, as well as situations where the deviation between valuation and shadow pricing exceeds the specified ratio and how to handle it, shall be disclosed.
Article 13 Where an asset management product discloses a performance comparison benchmark, it shall explain the reasons, calculation basis or calculation method for the performance comparison benchmark, focusing on reflecting the relationship between the performance comparison benchmark and investment strategy, underlying assets and related financial market performance, and use bold text to remind investors that “the performance comparison benchmark is not the expected return rate, does not represent the future performance or actual return of the product, and does not constitute a commitment to product returns.” Where asset management products disclose performance comparison benchmarks, past product performance shall be disclosed in accordance with regulations during the life of the product, except for less than one month since the product was established. Where asset management products disclose performance comparison benchmarks, disclosure shall begin during the product collection period, and disclosure shall not be cancelled before the product expires. Performance comparison benchmarks for similar shares of the same asset management product should be consistent across different channels.
Where asset management products disclose performance comparison benchmarks, the product manager shall maintain the consistency of the product performance comparison benchmark. In principle, the performance comparison benchmark shall not be adjusted. If the performance comparison benchmark really needs to be adjusted due to major changes in the product investment strategy or investment scope, the product manager shall strictly follow the internal approval procedures, promptly disclose the adjustment situation and reasons, and disclose the previous adjustments to the performance comparison benchmark when regularly reporting and updating the product manual.
Except in the circumstances of Article 20 (3) of these Measures, asset management products may not disclose performance comparison benchmarks.
Article 14 Within five working days after the establishment of an asset management product, the product manager shall disclose the issuance announcement or establishment announcement. The content of the release announcement or establishment announcement should include at least information such as the date of establishment of the product and the scale of fundraising.
Section II: Regular Product Information Disclosure
Article 15 During the life of asset management products, information disclosure obligors shall regularly disclose periodic reports, net product values, and other information specified by the State Financial Supervision and Administration.
Publicly offered products shall disclose the quarterly report of the product within 15 working days from the end of each quarter, disclose the semi-annual report of the product before August 31 of each year, and disclose the product's annual report for the previous year before April 30 of each year. Private equity products shall disclose quarterly or semi-annual or annual reports on time in accordance with laws, regulations, regulatory requirements, and contractual agreements.
Asset management products that have been established less than 90 calendar days may not prepare current quarterly, semi-annual, or annual reports. The reporting period (quarter, half year, or year) for the first periodic report shall begin on the date of establishment and end of the first reporting period. Asset management products whose product life exceeds 90 natural days shall disclose a regular report at least once during their lifetime. If the remaining shelf life of an asset management product is less than the full reporting period, and the expiration announcement or liquidation report includes the content of the corresponding periodic report, the quarterly, semi-annual, and annual reports corresponding to the remaining shelf life may not be prepared.
Article 16 The content that should be disclosed in the periodic reports of asset management products includes but is not limited to:
(1) Product survival scale, leverage level, etc.
(2) For non-cash management products, the net product share value, cumulative net share value, and net asset value at the end of the reporting period, revenue performance and revenue distribution during the reporting period shall be disclosed; for cash management products, the net asset value at the end of the reporting period and the annualized return rate of the product during the reporting period shall be disclosed.
(3) Product investment account information (including at least escrow account information).
(4) The status of the product's main investment assets, showing information such as asset types and investment ratios before and after investment penetration (publicly raised securities investment funds may not be penetrated).
(5) Disclose relevant investment risks in accordance with the specific disclosure requirements of the “Guiding Opinions” relating to fixed income products, equity products, commodities and financial derivatives products, and hybrid products.
(6) Situations where product managers, custodians, and their controlling shareholders, actual controllers, and companies with other significant interests issued or underwrote securities during the reporting period, or engaged in other major related transactions during the reporting period.
(7) The annual report of the product shall be accompanied by the financial and accounting report of the product. Among them, where a product requires a separate external audit in accordance with regulatory regulations, the financial and accounting report attached to its annual report shall be externally audited, and external audit opinions shall be disclosed at the same time.
(8) Other content stipulated by laws and regulations and the State Financial Supervisory Administration.
Article 17 Regular reports on publicly offered products shall also disclose the following content:
(1) Separate information such as the specific names, size, and ratio of the top ten assets before and after investment penetration (publicly raised securities investment funds may not be penetrated);
(2) Investment strategies, product operation analysis, etc.;
(3) In accordance with relevant regulations, cash management products shall disclose information such as the category, holding share and share, changes in holding shares and product risks of a single investor (if any) holding the product's share in the regular report, and disclose information such as the categories, holding shares and ratio of the top ten investors in the product in semi-annual and annual reports;
(4) The semi-annual and annual reports of the product shall be accompanied by the escrow report issued by the trustee;
(5) Other content stipulated by laws and regulations and the State Financial Supervisory Administration.
Article 18. Regular reports on private equity products shall also disclose the following content:
(1) For graded products, the different levels of risk-benefit information are listed separately;
(2) Where investing in other products to which the “Guiding Opinions” apply, the selection criteria for the products to be invested shall be disclosed;
(3) Where the product manager has its own funds and the relevant parties of the product manager invest in private equity products, they shall disclose the size of the investment capital, investment product classification information, etc.
Article 19 Product managers shall disclose net value information on asset management products in accordance with the following requirements:
(1) For cash management products: The net revenue per 10,000 copies of the product and the seven-day annualized yield shall be disclosed within two working days after the end of each open day. Cash management products and shares that have been established for less than 7 days shall not display the 7-day annualized yield of the product and share. Where laws, regulations, or regulatory regulations stipulate otherwise, follow their provisions.
(2) For other public offering products: Open products shall disclose the net share value, cumulative net share value, approved (approved) purchase price, and redemption price of the product within two working days after the end of each open day; closed products and regular open products in the closed period shall disclose the net share value, cumulative net share value, and net asset value of the product at least once a week.
(3) For other private equity products: The net share value, cumulative net share value, and net asset value of the product shall be disclosed at least every quarter in accordance with the method agreed upon with the investor. Among them, graded products shall disclose the net share value of each category.
Article 20 Product managers shall disclose the past performance of publicly offered products, except for products that have been established for less than one month. Public equity product managers and private equity product managers who disclose past performance of private equity products shall establish reasonable past performance disclosure rules. The disclosure rules shall include methods for calculating past performance. The statistics and data used in the calculation shall be true, accurate, and comprehensive, and indicate statistics and sources of information when disclosing past results. Disclosure of past performance shall follow the principles of stability and internal logical consistency, disclosure rules shall not be arbitrarily changed, past performance shall not be unilaterally exaggerated through selective disclosure of data for a certain period of time, etc., and clearly different disclosure rules shall not be applied to similar products.
Where a public offering product has been in operation for more than one month but less than a year, it shall include at least past performance calculated from the date the product was established; if the public offering product has been in operation for more than one year but less than six years, it shall include at least the performance of all full fiscal years since the product was established; if the public offering product has been in operation for more than six years, it shall include at least the last five full fiscal years.
When disclosing past performance of publicly offered products, the time the product was established should also be disclosed. Where public offering products have been established less than one month to disclose past performance, product performance comparison benchmarks shall also be disclosed.
Section III: Disclosure of Temporary Product Information
Article 21 Where an asset management product investor meeting or beneficiaries' meeting (if any) is held, the information disclosure obligor shall disclose matters such as the meeting time, meeting format, review matters, deliberation procedures and voting methods to the investors in advance in accordance with laws, regulations, regulatory regulations and contractual agreements.
Article 22 Information disclosure obligors shall disclose the following matters of asset management products to investors within five working days after they know or should have known the relevant matters. The disclosure includes but is not limited to the basic circumstances of the relevant matters, the possible impact on product operation and investors, countermeasures and follow-up plans taken by the product manager, etc.:
(1) Resolutions of investors' meetings or beneficiaries' meetings (if any), except where all investors or beneficiaries sign the resolution;
(2) Change the product manager or product manager to change the actual controller, change the trustee, change the legal name or address of the product manager or trustee;
(3) Change or adjust the product type, investment scope, risk level, product period, operation method, approval (application) purchase and redemption arrangement (including subscription or subscription and redemption time, upper and lower limit of amount, etc.), valuation method, revenue distribution arrangement, fee items or fee standards as agreed in the contract;
(4) A lawsuit or arbitration involving a single asset holding 10% or more of the product after penetration, and which may have a significant impact on the product or the rights and interests of its investors;
(5) Where financiers or guarantors holding 10% or more of non-standardized creditor assets after product penetration have suffered major administrative penalties, major lawsuits or arbitration, or important matters such as bankruptcy, merger, or restructuring, and have had a significant adverse effect on their ability to repay or guarantee;
(6) Where financiers holding 10% or more of non-standardized assets after product penetration are unable to pay their open market debts in full and on time;
(7) A bond default, stock suspension or delisting involving a single asset holding 10% or more after product penetration;
(8) The net share value calculation error of the public offering product reached 0.5 percent of the net share value;
(9) Other content stipulated by laws and regulations and the State Financial Supervisory Authority, or other matters which the obligor responsible for information disclosure believes may have a significant adverse effect on investors' rights and interests.
In the circumstances stipulated in subparagraphs (5) and (6) of the preceding paragraph, where the non-standardized assets invested in asset management products themselves are non-performing assets and income rights, temporary information may not be disclosed, but the relevant information shall be disclosed in quarterly, semi-annual, and annual reports.
Where the above matters need to meet the following requirements according to laws, regulations, regulatory provisions or contractual agreements, they shall be carried out in strict accordance with the requirements, and only subsequent disclosure of information shall not replace the relevant procedures:
(1) Implement relevant change procedures;
(2) Obtain investor consent;
(3) Disclose information in advance.
Section 4 Disclosure of Product Discontinuation Information
Article 23 Product managers shall promptly disclose expiration announcements or liquidation reports to investors after asset management products are terminated in accordance with laws and regulations, supervisory regulations and contractual agreements. The expiration notice shall include at least information such as the product's shelf life, termination date, charging status, and revenue distribution; the liquidation report shall include at least the product's shelf life, expiration date, property disposal and monetization status, and distribution of remaining assets.
If it is anticipated that the liquidation cannot be completed within the specified liquidation period, the product manager shall disclose it to investors before the end of the original liquidation period.
Chapter IV Management Requirements for Asset Management Product Information Disclosure Obligators
Article 24 Information disclosure obligors shall establish and improve information disclosure management systems and procedures for asset management products.
The board of directors of the product manager bears ultimate responsibility for asset management product information disclosure within the scope of responsibility of the agency. The board of directors or a special committee authorized by the board of directors is responsible for studying and discussing important matters of product information disclosure work and regularly listening to reports on product information disclosure work, and designates senior management personnel and departments to manage product information disclosure matters.
Article 25: Information disclosure obligors shall strengthen control over asset management product information that has not been disclosed to the outside world and establish relevant management mechanisms. Information disclosure obligors and relevant practitioners shall not disclose asset management product information that has not been disclosed to the outside world in violation of regulations.
Article 26 Information disclosure obligors shall indicate the risks associated with product investment, operation and transaction in a prominent and clear manner for asset management products that are complex in design and have high risk. Information disclosure obligors shall actively clarify and respond to major misleading information or major public opinion about asset management products circulating in the media or in the market. Information disclosure obligors shall maintain the continuity and consistency of asset management product information disclosure, treat investors fairly, must not mislead investors, and must not temporarily or selectively disclose information for short-term marketing activities.
In addition to disclosing information in accordance with laws and regulations, regulatory regulations and the requirements of these Measures, information disclosure obligors may independently improve the quality of information disclosure services for the purpose of providing useful information for investors' decisions, such as increasing disclosure channels, disclosure frequency, and disclosure content. For special customer groups such as the elderly over the age of 65, information disclosure obligors are encouraged to supplement differentiated and targeted information disclosure measures to enhance their service experience in obtaining disclosed information.
Article 27 A custodian agency shall handle information disclosure matters relating to asset management product escrow business activities in accordance with laws and regulations, supervisory regulations and escrow agreements, including disclosing product escrow agreements, issuing opinions on product financial and accounting reports, etc. in product information disclosure documents, and issuing product escrow reports on a regular basis.
Article 28 Sales agencies shall handle information disclosure matters relating to sales activities of asset management products in accordance with laws and regulations, regulatory provisions, and sales agreements (or agency sales agreements) agreements.
Where a sales agency is commissioned by another information disclosure obligor, the sales agency shall complete the work of transmitting information to investors in accordance with the agreement, and the other information disclosure obligors shall promptly provide the information to be conveyed to the sales agency in accordance with the agreement.
Article 29: Information disclosure obligors shall properly preserve documents and materials relating to asset management product information disclosure. An accounting firm issues an audit report for the disclosure of product information, and shall prepare and properly keep an audit work paper.
The above documents and documents such as working papers are kept for at least 15 years after the termination of the product contract.
Chapter V: Supervision, Administration, and Legal Responsibility
Article 30 The State Financial Supervisory Administration and its dispatched agencies shall continuously supervise the disclosure of information on asset management products by information disclosure obligors.
The State Financial Supervisory Administration and its dispatched agencies use the disclosure of information on asset management products as an important consideration for off-site supervision, on-site inspection and investigation of information disclosure obligors, and supervisory ratings of trust companies, financial management companies, and insurance asset management companies.
Information disclosure obligors may make special arrangements for disclosure of information on relevant asset management products if they have special circumstances such as carrying out risk disposal, or due to the need to maintain financial security and financial stability and are approved by the State Financial Supervisory Administration and its dispatched agencies.
Article 31 Self-regulatory organizations such as the China Trust Industry Association and the China Banking and Insurance Asset Management Association shall establish and improve self-regulatory standards for information disclosure of asset management trust products, wealth management products, and insurance asset management products in accordance with laws and regulations and these Measures, and carry out self-regulatory management of their members' asset management product information disclosure behavior.
Banking Financial Registration and Custody Center Co., Ltd. should strengthen the construction and maintenance of information systems related to unified information disclosure channels in the financial management industry, and operate relevant information systems safely and efficiently.
Information disclosure obligors shall submit relevant documents, data and information in a timely and accurate manner in accordance with laws and regulations, supervisory regulations, and self-regulatory management requirements.
Article 32 Where an obligor for information disclosure and related personnel violate the provisions of these Measures, or the manager of a product invested in an asset management product violates the provisions of Article 6 of these Measures, or where documents such as audit opinions or legal opinions issued by professional institutions contain false records, misleading statements, or major omissions, the State Administration of Financial Supervision and Administration and its dispatched agencies shall have the right to take supervisory measures and implement administrative penalties in accordance with law, or have the right to record their misconduct and notify their competent departments of the relevant circumstances.
Chapter 6 Supplementary Provisions
Article 33. The meaning of the following terms in these Measures:
(1) Product contracts mainly refer to trust contracts for asset management trust products, investment agreements for wealth management products, and insurance asset management product contracts;
(2) Product manuals, mainly refer to trust product manuals for asset management trust products, wealth management product manuals for wealth management products, and product offering instructions for insurance asset management products;
(3) Risk disclosure documents mainly refer to risk declarations for asset management trust products, risk disclosure statements for wealth management products, risk declarations and risk disclosure statements for insurance asset management products.
Article 34 The State Financial Supervision and Administration shall be responsible for interpreting these Measures.
Article 35: These Measures take effect on September 1, 2026. From the date of implementation, the disclosure of information on asset management products shall comply with the provisions of these Measures. If the relevant regulations and regulatory documents issued before the implementation of these Measures are inconsistent with these Measures, they shall be implemented in accordance with these Measures.
This article was edited from: the official website of the General Administration of Financial Supervision; Zhitong Finance Editor: Chen Xiaoyi.