The State Administration of Finance issued the “Administrative Measures on Asset Management Product Information Disclosure of Banks and Insurance Institutions”. The “Measures” unify and clarify the basic principles, responsibilities, common content and internal management requirements for asset management trust products, wealth management products, and insurance asset management products based on “similar business and same standards”, systematically regulates the information disclosure behavior of the three types of products, urges institutions to strictly fulfill their fiduciary obligations, and fully guarantees investors' right to know and choose. Compared to the draft for solicitation of comments, the official draft has five major revisions: first, removing mandatory disclosure of “escrow agreements” by information disclosure obligors at the time of sale; second, increasing the requirement to prepare regular reports; fourth, refining how to display the net value of cash management products and unmanaged products; and fifth, adding and exempting temporary report disclosure situations.

The State Administration of Finance issued the “Administrative Measures on Asset Management Product Information Disclosure of Banks and Insurance Institutions”. The “Measures” unify and clarify the basic principles, responsibilities, common content and internal management requirements for asset management trust products, wealth management products, and insurance asset management products based on “similar business and same standards”, systematically regulates the information disclosure behavior of the three types of products, urges institutions to strictly fulfill their fiduciary obligations, and fully guarantees investors' right to know and choose. Compared to the draft for solicitation of comments, the official draft has five major revisions: first, removing mandatory disclosure of “escrow agreements” by information disclosure obligors at the time of sale; second, increasing the requirement to prepare regular reports; fourth, refining how to display the net value of cash management products and unmanaged products; and fifth, adding and exempting temporary report disclosure situations.