Officials from the relevant departments of the China Banking and Insurance Regulatory Commission answered questions from reporters regarding the "Asset Management Product Information Disclosure Management Measures for Banking and Insurance Institutions".

The Measures are based on the "same type of business, same standards", unified and clarified the basic principles, responsibilities and obligations, common contents, and internal management requirements for the disclosure of three types of products, enhancing regulatory consistency. At the same time, fully respecting the objective differences in market positioning and client base of the three types of products, targeted arrangements are made. On one hand, the requirements for public fund and private fund products are distinguished. Considering that public fund products are targeted at the general public with lower investor threshold, professional knowledge, and risk tolerance, higher overall disclosure requirements, more disclosure content, are required to enhance transparency; private fund products are subject to industry regulatory practices and respect contractual agreements in addition to basic disclosure requirements. For example, public fund product information should be disclosed through industry uniform disclosure channels, and also disclosed through nationwide financial mainstream media or other disclosure channels as agreed with investors. Private fund product information can be disclosed through agreed disclosure channels as required by regulations. On the other hand, self-discipline regulations for disclosure of information for each of the three types of products are formulated. In compliance with the overall principles and basic requirements for disclosure, the China Trust Industry Association, the China Banking and Insurance Asset Management Industry Association, together with the China Trust Registration Co., Ltd., the Bank Wealth Management Registration and Custody Center Co., Ltd., and the Zhongbao Insurance Asset Registration and Trading System Co., Ltd., should make detailed provisions based on the characteristics of each type of product to form a "1+3" information disclosure rules system.