The country's new asset management information disclosure rules, issued by the National Financial Regulatory Administration (NFRA), officially took effect on 1 September 2026.
The rules were first published on 22 December 2025 as NFRA Order No 10 of 2025, with an adjustment period of roughly eight months.
The new rules cover three product types: asset management trust products, bank wealth management products and insurance asset management products. These products did not have a dedicated disclosure regime and requirements were scattered across different rules with inconsistent standards. The NFRA through the new rules plans to bring clarity and discipline across the product lifecycle by ensuring that the product sales can be clearly understood, that product risk can be clearly identified, and that product returns can be clearly calculated.
At the fundraising stage the rules regulate product prospectuses and contracts and set requirements for performance benchmarks. During the life of a product, managers must disclose net asset value, return performance and investment holdings accurately, and must disclose material events promptly. Public products must publish quarterly reports within 15 working days of quarter end, half-year reports by 31 August and annual reports by 30 April.
At termination, maturity announcements or liquidation reports must set out fees, income distribution and distribution of remaining assets. A look-through disclosure is required, and where a product invests in another asset management product the underlying manager must assist.