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Order of the China Banking Regulatory Commission
(No. 5 [2011])
The Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks, as adopted at the 109th chairman's meeting of the China Banking Regulatory Commission, are hereby issued, and shall come into force on January 1, 2012.
Chairman: Liu Mingkang
August 28, 2011
Measures for the Administration of the Sale of Wealth Management Products of Commercial Banks
| | 中国银行业监督管理委员会令
（2011年第5号）
《商业银行理财产品销售管理办法》已经中国银行业监督管理委员会第109次主席会议通过。现予公布，自2012年1月1日起施行。
主席 刘明康
二○一一年八月二十八日
商业银行理财产品销售管理办法
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Chapter I General Provisions
| | 第一章 总则
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Article 1 To regulate the sale of wealth management products of commercial banks and promote the healthy development of the wealth management business of commercial banks, these Measures are formulated 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 relevant laws and administrative regulations.
| | 第一条 为规范商业银行理财产品销售活动，促进商业银行理财业务健康发展，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》及其他相关法律、行政法规，制定本办法。
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Article 2 For the purpose of these Measures, the sale of wealth management products of commercial banks (hereinafter referred to as “wealth management products”) means such activities of commercial banks as introducing, promoting and selling wealth management products developed and designed by them to individual and institutional clients (hereinafter referred to as “clients”) and processing product subscription and redemption for clients.
| | 第二条 本办法所称商业银行理财产品（以下简称理财产品）销售是指商业银行将本行开发设计的理财产品向个人客户和机构客户（以下统称客户）宣传推介、销售、办理申购、赎回等行为。
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Article 3 In the sale of wealth management products, commercial banks shall observe laws, administrative regulations and other relevant provisions, and shall not damage the national interest, public interest and lawful rights and interests of clients.
| | 第三条 商业银行开展理财产品销售活动，应当遵守法律、行政法规等相关规定，不得损害国家利益、社会公共利益和客户合法权益。
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Article 4 The China Banking Regulatory Commission (“CBRC”) and its dispatched offices shall oversee and administer the sale of wealth management products pursuant to the relevant laws and administrative regulations and these Measures.
| | 第四条 中国银监会及其派出机构依照相关法律、行政法规和本办法等相关规定，对理财产品销售活动实施监督管理。
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Chapter II Basic Principles
| | 第二章 基本原则
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Article 5 In the sale of wealth management products, commercial banks shall follow the principles of good faith, due diligence and true information disclosure.
| | 第五条 商业银行销售理财产品，应当遵循诚实守信、勤勉尽责、如实告知原则。
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Article 6 In the sale of wealth management products, commercial banks shall follow the principles of fairness, openness and equity, fully disclose risks and protect the lawful rights and interests of clients, and shall not mislead clients.
| | 第六条 商业银行销售理财产品，应当遵循公平、公开、公正原则，充分揭示风险，保护客户合法权益，不得对客户进行误导销售。
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Article 7 In the sale of wealth management products, commercial banks shall conduct a compliance review and accurately define the legal relationships involved in the sales activities to prevent compliance risks.
| | 第七条 商业银行销售理财产品，应当进行合规性审查，准确界定销售活动包含的法律关系，防范合规风险。
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Article 8 In the sale of wealth management products, commercial banks shall ensure that costs are measurable, risks are controllable and information is fully disclosed.
| | 第八条 商业银行销售理财产品，应当做到成本可算、风险可控、信息充分披露。
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Article 9 In the sale of wealth management products, commercial banks shall follow the risk matching principle, and shall not mislead clients into buying wealth management products not matching their risk tolerance.
The risk matching principle means that a commercial bank may only sell a client a wealth management product with a risk rating equal to or lower than the client's risk tolerance.
| | 第九条 商业银行销售理财产品，应当遵循风险匹配原则，禁止误导客户购买与其风险承受能力不相符合的理财产品。
风险匹配原则是指商业银行只能向客户销售风险评级等于或低于其风险承受能力评级的理财产品。
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Article 10 In the sale of wealth management products, commercial banks shall strengthen risk disclosure to clients and investor education.
| | 第十条 商业银行销售理财产品，应当加强客户风险提示和投资者教育。
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Chapter III Management of Publicity and Sales Documentation
| | 第三章 宣传销售文本管理
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Article 11 For the purpose of these Measures, the “publicity and sales documentation” includes two types.
| | 第十一条 本办法所称宣传销售文本分为两类。
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1. Publicity material, referring to information in paper, electronic or any other carrier distributed or disclosed by commercial banks to and accessible by clients for the purposes of introducing or promoting wealth management products and including:
| | 一是 宣传材料，指商业银行为宣传推介理财产品向客户分发或者公布，使客户可以获得的书面、电子或其他介质的信息，包括：
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(1) Flyers, brochures, letters and other client-orientated materials;
| | （一）宣传单、手册、信函等面向客户的宣传资料；
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(2) Phone calls, faxes, text messages and mail;
| | （二）电话、传真、短信、邮件；
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(3) Newspapers, posters, electronic display screens, movies, Internet and other audio-visual or communication materials; and
| | （三）报纸、海报、电子显示屏、电影、互联网等以及其他音像、通讯资料；
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(4) Other relevant materials.
| | （四）其他相关资料。
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2. Sales documentation, including but not limited to sales agreements on wealth management products, instructions for wealth management products, risk disclosure statements, and important information on rights and interests of clients. Sales documentation signed by clients for confirmation shall be retained by both commercial banks and clients.
| | 二是 销售文件，包括：理财产品销售协议书、理财产品说明书、风险揭示书、客户权益须知等；经客户签字确认的销售文件，商业银行和客户双方均应留存。
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Article 12 Commercial banks shall strengthen their management of the production and distribution of publicity and sales documentation of wealth management products. Such documentation shall be subject to the uniform management and authorization of the head offices of commercial banks. Without authorization from the head office, no branch offices may produce or distribute publicity and sales documentation.
| | 第十二条 商业银行应当加强对理财产品宣传销售文本制作和发放的管理，宣传销售文本应当由商业银行总行统一管理和授权，分支机构未经总行授权不得擅自制作和分发宣传销售文本。
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Article 13 The publicity and sales documentation of wealth management products shall comprehensively and objectively reflect the major features of products and important facts of products with authentic, accurate and clear language, and shall not:
| | 第十三条 理财产品宣传销售文本应当全面、客观反映理财产品的重要特性和与产品有关的重要事实，语言表述应当真实、准确和清晰，不得有下列情形：
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1. contain any false record, misleading statement or major omission;
| | （一）虚假记载、误导性陈述或者重大遗漏；
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2. contain any illegal promise on benefits or assumption of losses;
| | （二）违规承诺收益或者承担损失；
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3. exaggerate or one-sidedly introduce a wealth management product, or illegally use languages such as “safe,” “guarantee,” “promise,” “assurance,” “avoid risks,” “safeguarded,” “high yield” and “risk-free” which are not suitable for the risk-return features of the product;
| | （三）夸大或者片面宣传理财产品，违规使用安全、保证、承诺、保险、避险、有保障、高收益、无风险等与产品风险收益特性不匹配的表述；
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4. contain any recommendation from an entity or individual;
| | （四）登载单位或者个人的推荐性文字；
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5. exaggerate previous performance by using languages such as “excellent performance,” “leading,” “top rank,” “most valuable,” “the first,”, “the largest,” “the best,” “the strongest” and “unique” in the absence of objective evidence; or
| | （五）在未提供客观证据的情况下，使用“业绩优良”、“名列前茅”、“位居前列”、“最有价值”、“首只”、“最大”、“最好”、“最强”、“唯一”等夸大过往业绩的表述；
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6. otherwise cause clients to overlook risks.
| | （六）其他易使客户忽视风险的情形。
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Article 14 The publicity and sales documentation of a wealth management product developed and designed by a commercial bank may only contain the average, best and worst performances of this product or a same type of product with a risk level and structure identical with this product, and comply with the following provisions:
| | 第十四条 理财产品宣传销售文本只能登载商业银行开发设计的该款理财产品或风险等级和结构相同的同类理财产品过往平均业绩及最好、最差业绩，同时应当遵守下列规定：
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1. Quoted statistical figures, diagrams and other data shall be authentic, accurate and complete with their sources identified, and no unverified data may be quoted;
| | （一）引用的统计数据、图表和资料应当真实、准确、全面，并注明来源，不得引用未经核实的数据；
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2. The performance of a wealth management product and the management capability level of a commercial bank shall be described authentically, accurately and reasonably; and
| | （二）真实、准确、合理地表述理财产品业绩和商业银行管理水平；
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3. It shall be clearly stated in the publicity and sales documentation that the previous performance of the product does not represent its future performance and does not constitute a promise on the performance of a newly issued wealth management product.
If any simulation data is used in the publicity and sales documentation of a wealth management product, the data must be indicated as “simulation data.”
| | （三）在宣传销售文本中应当明确提示，产品过往业绩不代表其未来表现，不构成新发理财产品业绩表现的保证。
如理财产品宣传销售文本中使用模拟数据的，必须注明模拟数据。
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Article 15 If the publicity and sales documentation of a wealth management product mentions any appraisal result provided by a third-party professional agency, it shall also state the name of the third-party professional agency and the source and date of publication or issuance of the appraisal result.
| | 第十五条 理财产品宣传销售文本提及第三方专业机构评价结果的，应当列明第三方专业评价机构名称及刊登或发布评价的渠道与日期。
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Article 16 If any language within the meaning of “rate of return” or “interval return” is used in the publicity and sales documentation of a wealth management product, scientific and reasonable estimation basis and approaches shall be provided in the sales documentation, and there shall be a highlighted alert that “As estimations do not represent the actual return of the product, please be cautious when making your investment.”
If it is impossible to provide scientific and reasonable estimation basis and approaches, “rate of return,” “interval rate” or any other similar language shall not appear in the publicity and sales documentation.
The estimation basis and approaches for the rate of return shall be concise and clear, and it shall be prohibited to mislead clients by using a low probability event to exaggerate the rate of return or interval return of a product.
| | 第十六条 理财产品宣传销售文本中出现表达收益率或收益区间字样的，应当在销售文件中提供科学、合理的测算依据和测算方式，以醒目文字提醒客户，“测算收益不等于实际收益，投资须谨慎”。
如不能提供科学、合理的测算依据和测算方式，则理财产品宣传销售文本中不得出现产品收益率或收益区间等类似表述。
向客户表述的收益率测算依据和测算方式应当简明、清晰，不得使用小概率事件夸大产品收益率或收益区间，误导客户。
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Article 17 In a conspicuous position of the publicity and sales documentation of a wealth management product, there shall be an alert to clients, which reads “Wealth management is not equal to deposit. Please be aware of the risks associated with the product and make prudent investment decisions.”
| | 第十七条 理财产品宣传材料应当在醒目位置提示客户，“理财非存款、产品有风险、投资须谨慎”。
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Article 18 The publicity and sales documentation of a wealth management product shall include one page dedicated to risk disclosure, using plain language and containing at least:
| | 第十八条 理财产品销售文件应当包含专页风险揭示书，风险揭示书应当使用通俗易懂的语言，并至少包含以下内容：
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1. an alert in a conspicuous position that “Wealth management is not equal to deposit. Please be aware of the risks associated with the product and make prudent investment decisions”;
| | （一）在醒目位置提示客户，“理财非存款、产品有风险、投资须谨慎”；
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2. an alert to clients that “If any factor affecting your risk tolerance changes, please complete a risk tolerance assessment in a timely manner”;
| | （二）提示客户，“如影响您风险承受能力的因素发生变化，请及时完成风险承受能力评估”；
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3. an alert that clients shall pay attention to the risks associated with their investment, carefully read the sales documentation of the product and know the details of the product;
| | （三）提示客户注意投资风险，仔细阅读理财产品销售文件，了解理财产品具体情况；
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4. the type, term, risk rating result and suitable clients of the product, with an example on the investment results in the worst-case scenario;
| | （四）本理财产品类型、期限、风险评级结果、适合购买的客户，并配以示例说明最不利投资情形下的投资结果；
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5. in the case of risk disclosure of a wealth management product with guaranteed income, at least the following language: “There are risks associated with this wealth management product, and only income expressly promised in the contract is guaranteed. Please fully realize the investment risks and make prudent investments”;
| | （五）保证收益理财产品风险揭示应当至少包含以下表述：“本理财产品有投资风险，只能保证获得合同明确承诺的收益，您应充分认识投资风险，谨慎投资”；
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6. in the case of risk disclosure of a wealth management product with safeguarded principal and floating income, at least the following language: “There are risks associated with this wealth management product, and only the principal of managed funds is safeguarded. Income from managed funds is not guaranteed. Please fully realize the investment risks and make prudent investment decisions”;
| | （六）保本浮动收益理财产品的风险揭示应当至少包含以下表述：“本理财产品有投资风险，只保障理财资金本金，不保证理财收益，您应当充分认识投资风险，谨慎投资”；
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7. in the case of risk disclosure of a wealth management product with non-safeguarded principal and floating income, at least the following statements: this wealth management product does not provide guarantee for the principal and income, clients shall be warned of the extent of loss that they may suffer due to market fluctuations according to the risk rating of the product, and clients shall fully realize the investment risks and make prudent investment decisions;
| | （七）非保本浮动收益理财产品的风险揭示应当至少包含以下内容：本理财产品不保证本金和收益，并根据理财产品风险评级提示客户可能会因市场变动而蒙受损失的程度，以及需要充分认识投资风险，谨慎投资等内容；
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8. the risk tolerance rating of a client, as entered by the client; and
| | （八）客户风险承受能力评级，由客户填写；
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9. a client's risk confirmation statement, including the confirmation line and signature line; the conformation line shall contain a clear and complete risk confirmation sentence which reads: “I have read the above risk disclosure, and I'm willing to assume the investment risks,” and leave enough space below this sentence for clients to copy it and sign their names for confirmation.
| | （九）风险揭示书还应当设计客户风险确认语句抄录，包括确认语句栏和签字栏；确认语句栏应当完整载明的风险确认语句为：“本人已经阅读风险揭示，愿意承担投资风险”，并在此语句下预留足够空间供客户完整抄录和签名确认。
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Article 19 The sales documentation of a wealth management product shall include one page dedicated to important information on rights and interests of clients, at least containing:
| | 第十九条 理财产品销售文件应当包含专页客户权益须知，客户权益须知应当至少包括以下内容：
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1. the process for clients to purchase the product;
| | （一）客户办理理财产品的流程；
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2. the process for rating the risk tolerance of clients, the specific meaning of each rating, the suitable wealth management products and other relevant information;
| | （二）客户风险承受能力评估流程、评级具体含义以及适合购买的理财产品等相关内容；
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3. methods, channels and frequency of information disclosure made by the commercial bank to clients;
| | （三）商业银行向客户进行信息披露的方式、渠道和频率等；
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4. ways and procedures for clients to make complaints to the commercial bank; and
| | （四）客户向商业银行投诉的方式和程序；
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5. contact information on the commercial bank and other matters needing explanation to clients.
| | （五）商业银行联络方式及其他需要向客户说明的内容。
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Article 20 The sales documentation of a wealth management product shall specify the scope of investment, type of investment assets and investment proportion of different types of investment assets, and ensure reasonable floating according to the ratio stipulated in the sales documentation during the continual existence of the product.
If any significant market change makes the investment proportion temporarily exceeds the floating range and may have a major impact on clients' expected return, timely information disclosure shall be made to clients.
To adjust the scope of investment, type of investment assets or investment proportion according to market conditions, a commercial bank shall make information disclosure according to the relevant provisions before adjustment; if a client refuses to accept the adjustment, it shall allow the client's early redemption of the product according to the sales documentation.
| | 第二十条 理财产品销售文件应当载明投资范围、投资资产种类和各投资资产种类的投资比例，并确保在理财产品存续期间按照销售文件约定比例合理浮动。
市场发生重大变化导致投资比例暂时超出浮动区间且可能对客户预期收益产生重大影响的，应当及时向客户进行信息披露。
商业银行根据市场情况调整投资范围、投资品种或投资比例，应当按照有关规定进行信息披露后方可调整；客户不接受的，应当允许客户按照销售文件的约定提前赎回理财产品。
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Article 21 The sales documentation of a wealth management product shall specify the items, conditions, rates and methods for charging sales fee, custody fee, investment management fee and other fees. Fees not specified in the sales documentation shall not be collected from clients.
To adjust the agreed items, conditions, rates and methods for charging fees, a commercial bank shall make information disclosure according to the relevant provisions before adjustment; if a client refuses to accept the adjustment, it shall allow the client's early redemption of the product according to the sales documentation.
| | 第二十一条 理财产品销售文件应当载明收取销售费、托管费、投资管理费等相关收费项目、收费条件、收费标准和收费方式。销售文件未载明的收费项目，不得向客户收取。
商业银行根据相关法律和国家政策规定，需要对已约定的收费项目、条件、标准和方式进行调整时，应当按照有关规定进行信息披露后方可调整；客户不接受的，应当允许客户按照销售文件的约定提前赎回理财产品。
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Article 22 A commercial bank shall disclose accurate information in a timely manner according to the sales documentation. Information to be disclosed at the end or termination of a product includes, but is not limited to, the type of actual investment assets, varieties of investment, investment proportion, sales fees, custody fees, investment management fees and return for clients. If the wealth management product does not reach the expected return, the commercial bank shall disclose relevant information in detail.
| | 第二十二条 商业银行应当按照销售文件约定及时、准确地进行信息披露；产品结束或终止时的信息披露内容应当包括但不限于实际投资资产种类、投资品种、投资比例、销售费、托管费、投资管理费和客户收益等。理财产品未达到预期收益的，应当详细披露相关信息。
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Article 23 The name of a wealth management product shall properly reflect the nature of the product, and shall not use any inducing, misleading or promissory name or any ambiguous word easy to cause disputes.
If the name of a wealth management product contains the name of a proposed investment asset, the proposed investment asset shall reach at least 50% of the investment scale of the wealth management product; for a structural wealth management product linked to an asset, if its name contains the name of the linked asset, the ratio of the linked underlying assets to the wealth management funds or the linkage of expected return on investment of principal to the underlying asset shall be specified in its name.
| | 第二十三条 理财产品名称应当恰当反映产品属性，不得使用带有诱惑性、误导性和承诺性的称谓以及易引发争议的模糊性语言。
理财产品名称中含有拟投资资产名称的，拟投资该资产的比例须达到该理财产品规模的50％（含）以上；对挂钩性结构化理财产品，名称中含有挂钩资产名称的，需要在名称中明确所挂钩标的资产占理财资金的比例或明确是用本金投资的预期收益挂钩标的资产。
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Chapter IV Risk Rating of Wealth Management Products
| | 第四章 理财产品风险评级
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Article 24 Commercial banks shall adopt scientific and reasonable approaches to independently rate the risks associated with their wealth management products to be sold, make risk control measures, and examine and approve them according to different ratings.
The risk rating results of wealth management products shall be in the form of risk grades: including at least five grades in an ascending order, which may be further divided if necessary.
| | 第二十四条 商业银行应当采用科学、合理的方法对拟销售的理财产品自主进行风险评级，制定风险管控措施，进行分级审核批准。
理财产品风险评级结果应当以风险等级体现，由低到高至少包括五个等级，并可根据实际情况进一步细分。
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Article 25 A commercial bank shall maintain a match between the risk rating of a wealth management product and the assessed risk tolerance of clients under the risk matching principle, specify in the sales documentation the scope of clients suitable for the sale of the product, and set sales restriction measures in the sales system.
| | 第二十五条 商业银行应当根据风险匹配原则在理财产品风险评级与客户风险承受能力评估之间建立对应关系；应当在理财产品销售文件中明确提示产品适合销售的客户范围，并在销售系统中设置销售限制措施。
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Article 26 The basis for a commercial bank to rate the risks associated with a wealth management product includes, but is not limited to, the following factors:
| | 第二十六条 商业银行对理财产品进行风险评级的依据应当包括但不限于以下因素：
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1. the scope of investment, investment assets and investment proportion of the product;
| | （一）理财产品投资范围、投资资产和投资比例；
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2. the term, cost and estimated return of the product;
| | （二）理财产品期限、成本、收益测算；
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3. the previous performance of a wealth management product of the same kind developed and designed by the bank; and
| | （三）本行开发设计的同类理财产品过往业绩；
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4. various risks existing in the operation of the product.
| | （四）理财产品运营过程中存在的各类风险。
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Chapter V Assessment of Risk Tolerance of Clients
| | 第五章 客户风险承受能力评估
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Article 27 A commercial bank shall assess the risk tolerance of clients and assign risk tolerance ratings to clients, including at least five grades in an ascending order, which may be further divided if necessary.
| | 第二十七条 商业银行应当对客户风险承受能力进行评估，确定客户风险承受能力评级，由低到高至少包括五级，并可根据实际情况进一步细分。
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Article 28 A commercial bank shall assess the risk tolerance of a client which purchases a wealth management product for the first time at its sales office before the purchase. The basis for a risk tolerance assessment at least includes the age, financial status, investment experience, investment purpose, expected return, risk appetite, liquidity requirement, risk knowledge and risk loss tolerance of a client.
．．．．．． | | 第二十八条 商业银行应当在客户首次购买理财产品前在本行网点进行风险承受能力评估。风险承受能力评估依据至少应当包括客户年龄、财务状况、投资经验、投资目的、收益预期、风险偏好、流动性要求、风险认识以及风险损失承受程度等。
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