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| Order of the China Banking and Insurance Regulatory Commission | | 中国银行保险监督管理委员会令 |
| (No. 6 [2018]) | | （2018年第6号） |
| The Measures for the Supervision and Administration of the Wealth Management Business of Commercial Banks, as adopted at the 3rd chairman's meeting of the China Insurance and Banking Regulatory Commission in 2018, are hereby issued, and shall come into force on the date of issuance. | | 《商业银行理财业务监督管理办法》已经中国银保监会2018年第3次主席会议通过。现予公布，自公布之日起施行。 |
| Chairman: Guo Shuqing | | 主席 郭树清 |
| September 26, 2018 | | 2018年9月26日 |
| Measures for the Supervision and Administration of the Wealth Management Business of Commercial Banks | | 商业银行理财业务监督管理办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Chapter II Categorized Management | | 第二章 分类管理 |
| Chapter III Business Rules and Risk Management | | 第三章 业务规则与风险管理 |
| Chapter IV Supervision and Administration | | 第四章 监督管理 |
| Chapter V Legal Liability | | 第五章 法律责任 |
| Chapter VI Supplementary Provisions | | 第六章 附则 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For purposes of strengthening the supervision and administration of the wealth management business of commercial banks, promoting the standard and sound development of the wealth management business of commercial banks and protecting the lawful rights and interests of investors in accordance with the law, these Measures are developed in accordance with the Banking Supervision Law of the People's Republic of China, the Law of the People's Republic of China on Commercial Banks and other laws, administrative regulations and the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (hereinafter referred to as the “Guiding Opinions”). | | 第一条 为加强对商业银行理财业务的监督管理，促进商业银行理财业务规范健康发展，依法保护投资者合法权益，根据《中华人民共和国银行业监督管理法》《中华人民共和国商业银行法》等法律、行政法规以及《关于规范金融机构资产管理业务的指导意见》（以下简称《指导意见》），制定本办法。 |
| Article 2 These Measures shall apply to the commercial banks formed within the territory of the People's Republic of China, including Chinese-funded commercial banks, wholly foreign-owned banks and Chinese-foreign equity joint venture banks. | | 第二条 本办法适用于在中华人民共和国境内设立的商业银行，包括中资商业银行、外商独资银行、中外合资银行。 |
| Article 3 For the purpose of these Measures, the “wealth management business” means the financial services in which a commercial bank accepts an investor's entrustment to invest in and manage the entrusted investor's properties according to the investment strategies, risk assumption and income distribution methods agreed upon with investors in advance. | | 第三条 本办法所称理财业务是指商业银行接受投资者委托，按照与投资者事先约定的投资策略、风险承担和收益分配方式，对受托的投资者财产进行投资和管理的金融服务。 |
| For the purpose of these Measures, “wealth management products” means the non-principal guarantee wealth management products in which commercial banks pay proceeds to investors according to the agreed conditions and actual investment return without guaranteeing the payment of principal and the level of proceeds. | | 本办法所称理财产品是指商业银行按照约定条件和实际投资收益情况向投资者支付收益、不保证本金支付和收益水平的非保本理财产品。 |
| Article 4 The properties of a commercial bank's wealth management products shall be independent from a manager's or custody institution's own assets, and the properties obtained from managing, utilizing, disposing of or otherwise handling the properties of wealth management products shall be included in the properties of the bank's wealth management products. | | 第四条 商业银行理财产品财产独立于管理人、托管机构的自有资产，因理财产品财产的管理、运用、处分或者其他情形而取得的财产，均归入银行理财产品财产。 |
| The manager or custody institution of a wealth management product of a commercial bank shall not include the property of the bank's wealth management product in its own assets, and if the manager or custody institution is liquidated for being dissolved, administratively dissolved or declared bankrupt in accordance with law or any other reason, the property of the bank's wealth management product is not its liquidating property. | | 商业银行理财产品管理人、托管机构不得将银行理财产品财产归入其自有资产，因依法解散、被依法撤销或者被依法宣告破产等原因进行清算的，银行理财产品财产不属于其清算财产。 |
| Article 5 The claims arising from the management, use and disposal of property of a wealth management product by the manager of a commercial bank's wealth management products shall not be used to offset the debts incurred by the manager's or custody institution's own assets; and the claims enjoyed and debts incurred by managing, using and disposing of the properties of different wealth management products shall not be offset mutually. | | 第五条 商业银行理财产品管理人管理、运用和处分理财产品财产所产生的债权，不得与管理人、托管机构因自有资产所产生的债务相抵销；管理人管理、运用和处分不同理财产品财产所产生的债权债务，不得相互抵销。 |
| Article 6 A commercial bank that conducts the wealth management business shall, in accordance with the relevant provisions of Article 8 of the Guiding Opinions, accept other persons' entrustment to perform wealth management functions on behalf thereof in good faith and due diligence, and investors shall assume investment risks by themselves and obtain proceeds. | | 第六条 商业银行开展理财业务，应当按照《指导意见》第八条的相关规定，诚实守信、勤勉尽职地履行受人之托、代人理财职责，投资者自担投资风险并获得收益。 |
| A commercial bank that conducts the wealth management business shall abide by the principles of calculable cost, controllable risks and sufficient disclosure of information, strictly abide by investor suitability management requirements, and protect the lawful rights and interests of investors. | | 商业银行开展理财业务，应当遵守成本可算、风险可控、信息充分披露的原则，严格遵守投资者适当性管理要求，保护投资者合法权益。 |
| Article 7 The banking regulatory authority shall conduct the supervision and administration of the wealth management business activities of commercial banks in accordance with the law. | | 第七条 银行业监督管理机构依法对商业银行理财业务活动实施监督管理。 |
| The banking regulatory authority shall conduct penetrated supervision of the wealth management business, identify the final investors and underlying assets of wealth management products, and conduct comprehensive and dynamic supervision of the operation and management of wealth management products. | | 银行业监督管理机构应当对理财业务实行穿透式监管，向上识别理财产品的最终投资者，向下识别理财产品的底层资产，并对理财产品运作管理实行全面动态监管。 |
| Chapter II Categorized Management | | 第二章 分类管理 |
| Article 8 Commercial banks shall categorize wealth management products into publicly offered wealth management products and privately offered wealth management products according to different raising methods. | | 第八条 商业银行应当根据募集方式的不同，将理财产品分为公募理财产品和私募理财产品。 |
| For the purpose of these Measures, “publicly offered wealth management products” means wealth management products offered by commercial banks to the general public. The standards for the determination of public offering shall be governed by the Securities Law of the People's Republic of China. | | 本办法所称公募理财产品是指商业银行面向不特定社会公众公开发行的理财产品。公开发行的认定标准按照《中华人民共和国证券法》执行。 |
| For the purpose of these Measures, “privately offered wealth management products” means wealth management products offered by commercial banks to qualified investors in a non-public manner. “Qualified investor” means a natural person, a legal person, or any other legally formed organization which has the corresponding risk identification ability and risk tolerance, invests in a single wealth management product of not less than a certain amount and meets the following conditions: | | 本办法所称私募理财产品是指商业银行面向合格投资者非公开发行的理财产品。合格投资者是指具备相应风险识别能力和风险承受能力，投资于单只理财产品不低于一定金额且符合下列条件的自然人、法人或者依法成立的其他组织： |
| (1) The natural person has two years or more investment experience, and the financial net assets of the family are not less than three million yuan, or the financial assets of the family are not less than five million yuan, or the annual average income of the person is not less than 400,000 yuan in the last three years. | | （一）具有2年以上投资经历，且满足家庭金融净资产不低于300万元人民币，或者家庭金融资产不低于500万元人民币，或者近3年本人年均收入不低于40万元人民币； |
| (2) The net assets of a legal person or any other legally formed organization is not less than 10 million yuan at the end of the last year. | | （二）最近1年末净资产不低于1000万元人民币的法人或者依法成立的其他组织； |
| (3) Other circumstances as prescribed by the banking regulatory authority of the State Council. | | （三）国务院银行业监督管理机构规定的其他情形。 |
| The investment scope of a privately offered wealth management product may be agreed upon in the contract and the product may invest in debt assets and equity assets, among others. “Equity assets” means the stocks listed for trading, equities of unlisted enterprises and their beneficiary right (right to proceeds). | | 私募理财产品的投资范围由合同约定，可以投资于债权类资产和权益类资产等。权益类资产是指上市交易的股票、未上市企业股权及其受（收）益权。 |
| Article 9 A commercial bank shall, based on different investment nature, categorize wealth management products into fixed-income wealth management products, equity wealth management products, commodity and financial derivative wealth management products and mixed wealth management products. For a fixed-income wealth management product, the proportion of investment in deposits, bonds and other debt assets shall not be less than 80%; for an equity wealth management product, the proportion of investment in equity assets shall not be less than 80%; for a commodity or financial derivative wealth management product, the proportion of investment in commodities or financial derivatives shall not be less than 80%; and for a mixed wealth management product, the investment is made in debt assets, equity assets and commodity and financial derivative assets, and the proportion of investment in any of the three types of assets does not reach the standards for the aforesaid three types of wealth management products. | | 第九条 商业银行应当根据投资性质的不同，将理财产品分为固定收益类理财产品、权益类理财产品、商品及金融衍生品类理财产品和混合类理财产品。固定收益类理财产品投资于存款、债券等债权类资产的比例不低于80%；权益类理财产品投资于权益类资产的比例不低于80%；商品及金融衍生品类理财产品投资于商品及金融衍生品的比例不低于80%；混合类理财产品投资于债权类资产、权益类资产、商品及金融衍生品类资产且任一资产的投资比例未达到前三类理财产品标准。 |
| Where the non-compliance with the aforesaid restriction on proportion is not caused by the subjective factors of a commercial bank, the commercial bank shall adjust the investment ratio of the wealth management product to satisfy the relevant requirements within 15 trading days from the date when illiquid assets may be sold or transferred or the trading thereof is resumed, unless under any particular circumstance prescribed by the banking regulatory authority of the State Council. | | 非因商业银行主观因素导致突破前述比例限制的，商业银行应当在流动性受限资产可出售、可转让或者恢复交易的15个交易日内将理财产品投资比例调整至符合要求，国务院银行业监督管理机构规定的特殊情形除外。 |
| Article 10 A commercial bank shall categorize wealth management products into close-end wealth management products and open-end wealth management products in light of different operation modes. | | 第十条 商业银行应当根据运作方式的不同，将理财产品分为封闭式理财产品和开放式理财产品。 |
| For the purpose of these Measures, “close-end wealth management products” means wealth management products that have certain maturity dates and cannot be subscribed for or redeemed by investors during the period from the date of establishment to the date of termination of the products. “Open-end wealth management products” means wealth management products that have non-fixed total number of shares and may be subscribed for or redeemed by investors as agreed upon on open days and at corresponding places during the period from the date of establishment to the date of termination of products. | | 本办法所称封闭式理财产品是指有确定到期日，且自产品成立日至终止日期间，投资者不得进行认购或者赎回的理财产品。开放式理财产品是指自产品成立日至终止日期间，理财产品份额总额不固定，投资者可以按照协议约定，在开放日和相应场所进行认购或者赎回的理财产品。 |
| Article 11 A commercial bank that issues a wealth management product investing in derivative products shall be qualified for trading in derivative products, and abide by the relevant provisions of the banking regulatory authority of the State Council on the business management of derivative products. | | 第十一条 商业银行发行投资衍生产品的理财产品的，应当具有衍生产品交易资格，并遵守国务院银行业监督管理机构关于衍生产品业务管理的有关规定。 |
| Where the wealth management business conducted by a commercial bank involves the foreign exchange business, it shall be qualified for launching the corresponding foreign exchange business and abide by the provisions on foreign exchange administration. | | 商业银行开展理财业务涉及外汇业务的，应当具有开办相应外汇业务的资格，并遵守外汇管理的有关规定。 |
| Article 12 The head office of a commercial bank shall, in accordance with the following requirements, conduct centralized registration of wealth management products through the national banking wealth management information registration system: | | 第十二条 商业银行总行应当按照以下要求，在全国银行业理财信息登记系统对理财产品进行集中登记： |
| (1) Where a commercial bank offers a publicly offered wealth management product, it shall register the product in the national banking wealth management information registration system within ten days before the sale of the wealth management product. | | （一）商业银行发行公募理财产品的，应当在理财产品销售前10日，在全国银行业理财信息登记系统进行登记； |
| (2) Where a commercial bank offers a privately offered wealth management product, it shall register the product in the national banking wealth management information registration system within two days before the sale of the wealth management product. | | （二）商业银行发行私募理财产品的，应当在理财产品销售前2日，在全国银行业理财信息登记系统进行登记； |
| (3) It shall, in accordance with relevant provisions, continually register the information on the raising, subscription and redemption of wealth management products, investors' information, investment assets, details of asset transactions, asset valuation and liabilities, and other information during the period of raising and duration of wealth management products. | | （三）在理财产品募集和存续期间，按照有关规定持续登记理财产品的募集情况、认购赎回情况、投资者信息、投资资产、资产交易明细、资产估值、负债情况等信息； |
| (4) It shall complete termination registration within five days after the termination of a wealth management product. | | （四）在理财产品终止后5日内完成终止登记。 |
| The commercial bank shall guarantee the authenticity, accuracy, integrity and timeliness of the registration information of its wealth management products. If the registered information is incomplete or fails to satisfy the relevant requirements, it shall be supplemented or re-registered. | | 商业银行应当确保本行理财产品登记信息的真实性、准确性、完整性和及时性。信息登记不齐全或者不符合要求的，应当进行补充或者重新登记。 |
| The commercial bank shall not issue any wealth management product which has not been registered in the national banking wealth management information registration system and obtained the registration code. The commercial bank shall specify in a conspicuous position of the sales document of the wealth management product the registration code of the product obtained in the national banking wealth management information registration system, and remind investors that they may consult the product information on the Chinawealth.com.cn based on the registration code. | | 商业银行不得发行未在全国银行业理财信息登记系统进行登记并获得登记编码的理财产品。商业银行应当在理财产品销售文件的显著位置列明该产品在全国银行业理财信息登记系统获得的登记编码，并提示投资者可以依据该登记编码在中国理财网查询产品信息。 |
| The banking wealth management registration and custody center shall, under the guidance of the banking regulatory authority of the State Council, perform the following functions: | | 银行业理财登记托管中心应当在国务院银行业监督管理机构的指导下，履行下列职责： |
| (1) Continuously strengthening the construction and management of the national banking wealth management information registration system and guaranteeing the independent, safe and efficient operation of the system. | | （一）持续加强全国银行业理财信息登记系统的建设和管理，确保系统独立、安全、高效运行； |
| (2) Improving the business rules, operating procedures, technical standards and specifications, among others, for the registration of wealth management information and strengthening the monitoring of the registration quality of wealth management information. | | （二）完善理财信息登记业务规则、操作规程和技术标准规范等，加强理财信息登记质量监控； |
| (3) Reporting the information on the wealth management business, registration quality of wealth management information, system operation and other information to the banking regulatory authority of the State Council. | | （三）向国务院银行业监督管理机构报告理财业务、理财信息登记质量和系统运行等有关情况； |
| (4) Providing necessary technical support, business training, investor education and other services. | | （四）提供必要的技术支持、业务培训和投资者教育等服务； |
| (5) Using information in compliance with laws and regulations, establishing confidentiality rules and taking corresponding confidentiality measures to ensure information security. | | （五）依法合规使用信息，建立保密制度并采取相应的保密措施，确保信息安全； |
| (6) Other functions prescribed by the banking regulatory authority of the State Council. | | （六）国务院银行业监督管理机构规定的其他职责。 |
| Chapter III Business Rules and Risk Management | | 第三章 业务规则与风险管理 |
| Section 1 Management System and Management Rules | | 第一节 管理体系与管理制度 |
| Article 13 The board of directors and senior management of a commercial bank shall fully understand the wealth management business and various kinds of risks, determine the bank's overall strategies and policies for conducting the wealth management business according to the bank's business objectives, investment management capability, risk management level and other factors, and guarantee that it has professionals, business processing systems, accounting systems, management information systems and other human and material resources required for conducting the wealth management business and risk management. | | 第十三条 商业银行董事会和高级管理层应当充分了解理财业务及其所面临的各类风险，根据本行的经营目标、投资管理能力、风险管理水平等因素，确定开展理财业务的总体战略和政策，确保具备从事理财业务和风险管理所需要的专业人员、业务处理系统、会计核算系统和管理信息系统等人力、物力资源。 |
| Article 14 A commercial bank shall conduct the wealth management business through a subsidiary company with the independent legal person status. If the conditions are not met for the time being, the head office of the commercial bank shall set up a specialized department for the wealth management business to exercise centralized and unified management of the wealth management business. | | 第十四条 商业银行应当通过具有独立法人地位的子公司开展理财业务。暂不具备条件的，商业银行总行应当设立理财业务专营部门，对理财业务实行集中统一经营管理。 |
| The regulatory provisions on commercial banks' formation of wealth management subsidiary companies shall be developed separately by the banking regulatory authority of the State Council. | | 商业银行设立理财子公司的监管规定由国务院银行业监督管理机构另行制定。 |
| Article 15 A commercial bank that conducts the wealth management business shall guarantee that the wealth management business is separated from other businesses, the wealth management products are separated from the financial products sold by it on a commission basis, wealth management products are separated from each other, and the wealth management business operation is separated from other business operations. | | 第十五条 商业银行开展理财业务，应当确保理财业务与其他业务相分离，理财产品与其代销的金融产品相分离，理财产品之间相分离，理财业务操作与其他业务操作相分离。 |
| Article 16 A commercial bank shall, according to the nature and risk features of the wealth management business, establish and improve the rules for the management of the wealth management business, including product access management, risk management and internal control, personnel management, sales management, investment management, management of partner institutions, product custody, product valuation, accounting and information disclosure, among others. | | 第十六条 商业银行应当根据理财业务性质和风险特征，建立健全理财业务管理制度，包括产品准入管理、风险管理与内部控制、人员管理、销售管理、投资管理、合作机构管理、产品托管、产品估值、会计核算和信息披露等。 |
| The commercial bank shall, according to the risk features of the wealth management business, formulate and implement corresponding risk management policies and procedures so as to ensure the continuous and effective identification, measurement, monitoring and control of various kinds of risks in the wealth management business, and include the risk management of the wealth management business in its comprehensive risk management system. The commercial bank shall, in accordance with the relevant provisions of the banking regulatory authority of the State Council on internal control, establish and improve the internal control system for the wealth management business as an integral part of the overall internal control system of the bank. | | 商业银行应当针对理财业务的风险特征，制定和实施相应的风险管理政策和程序，确保持续有效地识别、计量、监测和控制理财业务的各类风险，并将理财业务风险管理纳入其全面风险管理体系。商业银行应当按照国务院银行业监督管理机构关于内部控制的相关规定，建立健全理财业务的内部控制体系，作为银行整体内部控制体系的有机组成部分。 |
| The internal audit department of the commercial bank shall, in accordance with the relevant provisions of the banking regulatory authority of the State Council on internal audit, conduct an internal audit of the wealth management business at least once a year, and submit the audit report to the audit committee and the board of directors. The board of directors shall urge the senior management to take rectification measures in a timely manner for the problems found in internal audit. The internal audit department shall track and inspect the implementation of the rectification measures, and submit the relevant reports to the board of directors in a timely manner. | | 商业银行内部审计部门应当按照国务院银行业监督管理机构关于内部审计的相关规定，至少每年对理财业务进行一次内部审计，并将审计报告报送审计委员会及董事会。董事会应当针对内部审计发现的问题，督促高级管理层及时采取整改措施。内部审计部门应当跟踪检查整改措施的实施情况，并及时向董事会提交有关报告。 |
| The commercial bank shall, in accordance with the relevant provisions of the banking regulatory authority of the State Council on external audit, authorize an external audit institution to conduct an external audit of the wealth management business and publicly offered wealth management products at least once every year, and take rectification measures in a timely manner for the problems found in external audit. | | 商业银行应当按照国务院银行业监督管理机构关于外部审计的相关规定，委托外部审计机构至少每年对理财业务和公募理财产品进行一次外部审计，并针对外部审计发现的问题及时采取整改措施。 |
| Article 17 A commercial bank shall establish policies and procedures for the internal examination and approval of wealth management products, and fully identify and assess various kinds of risks before issuing new products. The wealth management products shall be subject to the examination of the relevant functional departments in charge of risk management, legal compliance, financial accounting management and consumer protection, and be subject to the approval of the board of directors, or the special committees, senior management or relevant departments authorized by the board of directors. | | 第十七条 商业银行应当建立理财产品的内部审批政策和程序，在发行新产品之前充分识别和评估各类风险。理财产品由负责风险管理、法律合规、财务会计管理和消费者保护等相关职能部门进行审核，并获得董事会、董事会授权的专门委员会、高级管理层或者相关部门的批准。 |
| Article 18 A commercial bank shall, when conducting the wealth management business, ensure that each wealth management product is related to the assets invested by it, and it separately manages, sets up separate accounts of, and conducts separate accounting of each wealth management product, and it shall not conduct or participate in the capital pool wealth management business featuring rolling issuance, aggregate operation and separated pricing. | | 第十八条 商业银行开展理财业务，应当确保每只理财产品与所投资资产相对应，做到每只理财产品单独管理、单独建账和单独核算，不得开展或者参与具有滚动发行、集合运作、分离定价特征的资金池理财业务。 |
| For the purpose of these Measures, “separate management” means the independent investment management of each wealth management product. “Separate accounts” means the establishment of detailed investment accounts for each wealth management product so as to ensure that each item of the investment assets is clear and definite. “Separate accounting” means that each wealth management product is subject to separate accounting treatment so as to ensure that each wealth management product has its balance sheet, income statement, a statement on the change of product net value and other financial accounting statements. | | 本办法所称单独管理是指对每只理财产品进行独立的投资管理。单独建账是指为每只理财产品建立投资明细账，确保投资资产逐项清晰明确。单独核算是指对每只理财产品单独进行会计账务处理，确保每只理财产品具有资产负债表、利润表、产品净值变动表等财务会计报表。 |
| Article 19 A commercial bank which conducts the wealth management business shall confirm and measure the net value of wealth management products in accordance with the relevant provisions of the Accounting Standards for Business Enterprises and the Guiding Opinions, among others, on the valuation and accounting of financial instruments. | | 第十九条 商业银行开展理财业务，应当按照《企业会计准则》和《指导意见》等关于金融工具估值核算的相关规定，确认和计量理财产品的净值。 |
| Article 20 A commercial bank shall conduct the wealth management business under the principles of market transactions and fair trading, and shall not conduct tunneling among wealth management products, among wealth management product investors or between wealth management product investors and other market players. | | 第二十条 商业银行开展理财业务，应当遵守市场交易和公平交易原则，不得在理财产品之间、理财产品投资者之间或者理财产品投资者与其他市场主体之间进行利益输送。 |
| Article 21 Where a wealth management product of a commercial bank invests in the securities offered or underwritten by the bank or a custody institution, its principal shareholder, controlling shareholder, actual controller, person acting in concert, the ultimate beneficiary, the institution where it holds controlling shares, or any company with which it has a significant interest relationship or conducts any other major affiliated transactions, the investment shall comply with the investment objectives and investment strategies of the wealth management product and the principle of giving priority to the interests of investors, and be made under the conditions not better than those for the same kind of transactions with non-affiliates based on business principles, and information shall be fully disclosed to investors. | | 第二十一条 商业银行理财产品投资于本行或托管机构，其主要股东、控股股东、实际控制人、一致行动人、最终受益人，其控股的机构或者与其有重大利害关系的公司发行或者承销的证券，或者从事其他重大关联交易的，应当符合理财产品的投资目标、投资策略和投资者利益优先原则，按照商业原则，以不优于对非关联方同类交易的条件进行，并向投资者充分披露信息。 |
| The commercial bank shall, in accordance with the relevant provisions of the financial regulatory department on affiliated transactions, establish and improve the mechanism for the internal assessment and approval of affiliated transactions of the wealth management business. If the wealth management business involves any major affiliated transaction, it shall be reported to the competent approval authority for approval and be reported to the banking regulatory authority. | | 商业银行应当按照金融监督管理部门关于关联交易的相关规定，建立健全理财业务关联交易内部评估和审批机制。理财业务涉及重大关联交易的，应当提交有权审批机构审批，并向银行业监督管理机构报告。 |
| The commercial bank shall not conduct illicit transactions, tunneling, insider trading or market manipulation with the affiliates with wealth management funds, including but not limited to investing in the false projects of the affiliates, purchasing the listed company together with the affiliates and injecting capital into the bank. | | 商业银行不得以理财资金与关联方进行不正当交易、利益输送、内幕交易和操纵市场，包括但不限于投资于关联方虚假项目、与关联方共同收购上市公司、向本行注资等。 |
| Article 22 A commercial bank which conducts the wealth management business shall set aside operational risk capital in accordance with the relevant provisions of the Measures for the Administration of Capital of Commercial Banks (for Trial Implementation). | | 第二十二条 商业银行开展理财业务，应当按照《商业银行资本管理办法（试行）》的相关规定计提操作风险资本。 |
| Article 23 A commercial bank shall establish an effective investor complaint handling mechanism for the wealth management business, specify the channels, procedures and ways for accepting and handling the complaints of investors, and properly handle the complaints of investors in accordance with laws, administrative regulations, financial regulatory provisions and as agreed upon in contracts. | | 第二十三条 商业银行应当建立有效的理财业务投资者投诉处理机制，明确受理和处理投资者投诉的途径、程序和方式，根据法律、行政法规、金融监管规定和合同约定妥善处理投资者投诉。 |
| Article 24 A commercial bank shall establish and improve qualification determination, training, assessment and evaluation, and accountability rules for wealth management business personnel, ensure that the wealth management business personnel have necessary professional knowledge, industry experience and management capability, fully understand the relevant laws, administrative regulations, regulatory provisions, as well as the legal relationships, transaction structure, major risks and manners of risk management and control of wealth management products, and observe the codes of conduct and professional ethics. | | 第二十四条 商业银行应当建立健全理财业务人员的资格认定、培训、考核评价和问责制度，确保理财业务人员具备必要的专业知识、行业经验和管理能力，充分了解相关法律、行政法规、监管规定以及理财产品的法律关系、交易结构、主要风险及风险管控方式，遵守行为准则和职业道德标准。 |
| The directors, supervisors, senior executives and other wealth management business personnel of a commercial bank shall not: | | 商业银行的董事、监事、高级管理人员和其他理财业务人员不得有下列行为： |
| (1) mix his or her own property or the property of any other person with the property of the wealth management product to conduct investment activities; | | （一）将自有财产或者他人财产混同于理财产品财产从事投资活动； |
| (2) unfairly treat the properties of different wealth management products under the management thereof; | | （二）不公平地对待所管理的不同理财产品财产； |
| (3) seek any benefit for any party other than the investors of a wealth management product by using the property of the wealth management product or taking advantage of his or her position; | | （三）利用理财产品财产或者职务之便为理财产品投资者以外的人牟取利益； |
| (4) illegally promise the investors of a wealth management product any income or assumption of losses; | | （四）向理财产品投资者违规承诺收益或者承担损失； |
| (5) embezzle or misappropriate the property of any wealth management product; | | （五）侵占、挪用理财产品财产； |
| (6) divulge any undisclosed information obtained by taking advantage of his or her position or use such information to conduct or explicitly or implicitly advise any other person to conduct the relevant trading activities; | | （六）泄露因职务便利获取的未公开信息，利用该信息从事或者明示、暗示他人从事相关的交易活动； |
| (7) neglect duties or fail to perform duties as required; or | | （七）玩忽职守，不按照规定履行职责； |
| (8) commit any other act prohibited by any law or administrative regulation or the provisions of the banking regulatory authority of the State Council. | | （八）法律、行政法规和国务院银行业监督管理机构规定禁止的其他行为。 |
| Section 2 Sales Management | | 第二节 销售管理 |
| Article 25 The “sale of wealth management products of a commercial bank” means that a commercial bank publicizes and recommends wealth management products issued by it to investors and handles subscription, redemption and other business activities. | | 第二十五条 商业银行理财产品销售是指商业银行将本行发行的理财产品向投资者进行宣传推介和办理认购、赎回等业务活动。 |
| Article 26 A commercial bank that sells wealth management products shall strengthen investor suitability management, fully disclose information and risks to investors, shall not publicize or promise the guarantee of principal and proceeds, and shall not mislead investors to purchase wealth management products that do not match their risk tolerance. | | 第二十六条 商业银行销售理财产品，应当加强投资者适当性管理，向投资者充分披露信息和揭示风险，不得宣传或承诺保本保收益，不得误导投资者购买与其风险承受能力不相匹配的理财产品。 |
| The publicity and sales documents of a commercial bank's wealth management product shall reflect the important features of the wealth management product in a comprehensive, truthful and objective manner, and fully disclose the type of the wealth management product, investment portfolio, valuation methods, custody arrangements, risks and charges and other important information, and the language and expressions used must be true, accurate and clear. | | 商业银行理财产品宣传销售文本应当全面、如实、客观地反映理财产品的重要特性，充分披露理财产品类型、投资组合、估值方法、托管安排、风险和收费等重要信息，所使用的语言表述必须真实、准确和清晰。 |
| The commercial bank that issues a wealth management product shall not publicize the expected yield of the wealth management product, but may only publish in the publicity and sales documents of the wealth management product the previous average, best and worst performances of the wealth management product or its same type of wealth management products, and remind investors in conspicuous words: “The previous performance of the wealth management product does not represent its future performance and actual proceeds, please be cautious when making investment.” | | 商业银行发行理财产品，不得宣传理财产品预期收益率，在理财产品宣传销售文本中只能登载该理财产品或者本行同类理财产品的过往平均业绩和最好、最差业绩，并以醒目文字提醒投资者“理财产品过往业绩不代表其未来表现，不等于理财产品实际收益，投资须谨慎”。 |
| Article 27 A commercial bank shall adopt scientific and reasonable methods to conduct risk rating of the wealth management products to be sold according to such factors as the investment portfolio of the wealth management product, past performance of the same type of products and risk level. | | 第二十七条 商业银行应当采用科学合理的方法，根据理财产品的投资组合、同类产品过往业绩和风险水平等因素，对拟销售的理财产品进行风险评级。 |
| The risk rating results of the wealth management products shall be reflected by risk levels, including at least one up to five levels, and risk levels may be further divided according to the actual circumstances. | | 理财产品风险评级结果应当以风险等级体现，由低到高至少包括一级至五级，并可以根据实际情况进一步细分。 |
| Article 28 A commercial bank shall assess the risk tolerance of non-institutional investors, determine the risk tolerance level of investors, including at least one up to five levels, and may further divide them according to the actual circumstances. | | 第二十八条 商业银行应当对非机构投资者的风险承受能力进行评估，确定投资者风险承受能力等级，由低到高至少包括一级至五级，并可以根据实际情况进一步细分。 |
| The commercial bank shall not mislead investors or operate on behalf thereof in the risk tolerance assessment process so as to ensure the authenticity and effectiveness of risk tolerance assessment results. | | 商业银行不得在风险承受能力评估过程中误导投资者或者代为操作，确保风险承受能力评估结果的真实性和有效性。 |
| Article 29 A commercial bank may only sell a wealth management product with a risk level equal to or lower than its risk tolerance level to investors, and shall specify in the sales documents the scope of investors suitable for the sale of products, and set sales restrictions in the sales system. | | 第二十九条 商业银行只能向投资者销售风险等级等于或低于其风险承受能力等级的理财产品，并在销售文件中明确提示产品适合销售的投资者范围，在销售系统中设置销售限制措施。 |
| ．．．．．． | | 商业银行不得通过对理财产品进行拆分等方式，向风险承受能力等级低于理财产品风险等级的投资者销售理财产品。 |
| | 其他资产管理产品投资于商业银行理财产品的，商业银行应当按照穿透原则，有效识别资产管理产品的最终投资者。 |
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