China Banking and Insurance Regulatory Commission (CBIRC) issues the "Management Measures for the Disclosure of Asset Management Products of Banking and Insurance Institutions".

On December 25th, the China Banking and Insurance Regulatory Commission announced the "Regulations on the Disclosure of Information on Asset Management Products of Banking and Insurance Institutions," which will be implemented as of September 1st, 2026. The regulations mention that for asset management products disclosing performance benchmarks, it should explain the reason for choosing the benchmark, the calculation basis or method, emphasize the relationship between the benchmark and investment strategies, underlying assets, and the performance of related financial markets. It should also prominently remind investors, "The performance benchmark is not an expected return rate, does not represent the future performance and actual returns of the product, and does not constitute a commitment to the product's returns." For asset management products disclosing performance benchmarks, they should disclose past performance during the product's existence period, except for products established for less than one month. The disclosure of performance benchmarks should start from the fundraising period and should not be canceled before the product's maturity. The performance benchmarks for the same class of shares of the asset management product should be consistent across different channels. For asset management products disclosing performance benchmarks, the product manager should maintain the consistency of the performance benchmark and should not adjust it in principle. If adjustments to the performance benchmark are necessary due to significant changes in the product's investment strategy or scope, the product manager should strictly adhere to internal approval procedures, timely disclose the adjustment situation and reasons, and disclose the history of adjustments to the performance benchmark in regular reports and updated product brochures. Additional content can be found in the original source, including the general provisions, requirements for asset management product disclosure, management requirements for information disclosure obligation persons, supervision and management, and legal responsibilities, among others.