New Disclosure Rules for Asset Management Products Issued

The National Financial Regulatory Administration issued the Measures for the Administration of Information Disclosure of Asset Management Products of Banking and Insurance Institutions in December 2025, unifying disclosure requirements for three product categories: wealth management, trusts, and insurance asset management. After an eight-month transition, the measures take effect on September 1, 2026. Comprising six chapters and 35 articles, the measures set out basic principles, responsibilities, common content, and internal management requirements for disclosure, with the core goal of "three clarities": clarity at the fundraising stage, clarity during the ongoing operation stage, and clarity at the termination stage.

The measures adopt a "1+3" regulatory architecture. Under the foundational rules, the China Trust Association and the China Banking and Insurance Asset Management Association, together with the China Trust Registration Co. , the Banking Wealth Management Registration and Custody Center Co. , and the China Insurance Asset Management Registration and Trading System Co. , will issue detailed provisions tailored to each product category. Public product information must be disclosed at least through the industry-wide unified channel, China Wealth Network, while private products disclose according to regulatory requirements through channels agreed with investors. During the ongoing operation stage, public products must disclose quarterly reports within 15 working days after the end of each quarter; private products disclose quarterly, semi-annual, or annual reports as stipulated in their contracts. Periodic reports must truthfully and accurately disclose net value, performance, and investment asset conditions. At the termination stage, maturity announcements or liquidation reports must disclose fees, income distribution, and remaining asset distribution.

The measures prohibit false records, misleading statements, and improper promises of returns in disclosure. They also prohibit forecasting actual investment performance, using non-comparable, unfair, or inaccurate data and methods for performance comparison, and disparaging other asset management products, product managers, custodians, or sales institutions. As of November 2025, there were 67 trust companies managing and servicing assets exceeding RMB 30 trillion; 36 insurance asset management companies with entrusted assets exceeding RMB 35 trillion; and 32 wealth management companies with outstanding product scale of approximately RMB 30 trillion. As of September 2025, the number of individual investors in wealth management products reached 134 million.

Institutions must complete product prospectus and contract rewrites, system upgrades, and sales script adjustments during the transition. Prospectuses and contracts must re-verify the calculation models behind performance benchmarks and establish traceable mappings between investment strategies and underlying assets. Public product information must be disclosed at least through China Wealth Network, with quarterly reports due within 15 days after quarter-end, raising timeliness requirements across the entire data collection, cleaning, generation, review, and publication chain. The three registration institutions bear dual responsibilities in the "1+3" framework: formulating detailed rules and system integration.

A unified disclosure framework requires establishing unified standards for asset management product information elements, defining core fields such as product codes, asset classification, valuation methods, related-party transactions, fee structures, and liquidation status.