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2026年1月16日，中國人民銀行等八部門發布《反洗錢特別預防措施管理辦法》（“《預防管理辦法》”），自2026年2月16日起施行。其主要內容包括：

（1）明確適用范圍與措施：辦法適用于預防洗錢、恐怖融資及大規模殺傷性武器擴散融資活動。主要措施包括禁止或限制金融交易、賬戶開立、金融產品與服務提供等。

（2）建立名單管理與配合機制：規定由國家反恐怖工作領導小組提供恐怖活動組織和人員名單、外交部提供涉及定向金融制裁的組織和人員名單、中國人民銀行或中國人民銀行會同國家有關機關認定具有重大洗錢風險、不采取措施可能造成嚴重后果的組織和人員名單。要求金融機構持續關注前述名單、建立健全相應內控制度、根據名單核查所有業務開展、客戶及客戶交易對象，特定非金融機構也需參照相關規定，根據行業特點、經營規模、洗錢風險狀況履行反洗錢特別預防措施義務。

（3）明確義務與法律責任：除明確金融機構及特定非金融機構未按照規定履行反洗錢特別預防措施義務將受到相應處罰外，對此負有責任的金融機構董事、監事、高級管理人員或者其他直接責任人員也可能受到相應處罰。

中國證監會于2026年1月22日發布了《公開募集證券投資基金業績比較基準指引》（“《指引》”），自2026年3月1日起施行。其主要內容涵蓋以下方面：

（1）強化業績比較基準的核心功能，突出其運用過程中的代表性與穩定性，要求業績比較基準與基金合同核心條款（如對投資目標、投資范圍、投資策略、投資比例限制等的約定）、產品投資定位（如主要的資產類別、國別或地區、市場板塊、貨幣類型等）保持一致，確定后不得擅自調整。

（2）壓實基金管理人內部管理責任，要求基金管理人建立健全覆蓋業績比較基準選取、披露、監測、評估、糾偏及問責的內部控制和管理體系、完善內控流程與管理機制，持續規范基金經理行為、保障產品投資風格穩定。

（3）健全業績比較基準的外部約束機制，明晰基金托管人的監督職能，規范基金銷售、基金評價等機構對業績比較基準的披露與使用行為，并督促基金管理人、銷售機構做好投資者教育工作。

2026年1月16日，中國證監會發布《衍生品交易監督管理辦法（試行）（征求意見稿）》（“《監督管理辦法》”），意見反饋截止時間為2026年2月16日。

《監督管理辦法》全文共計七章五十七條，其核心內容主要有：

（1）統一監管框架，將金融機構在柜臺開展的衍生品交易與交易所開展的衍生品交易納入統一的監管辦法，結束規則分散的狀態。

（2）強化交易報告與數據管理，建立全市場統一的衍生品交易報告庫，要求對衍生品交易的信息進行集中收集、保存、分析和管理，為后續開展相關統計分析和風險監測監控，建立壓力測試機制做準備，可有效防范系統性風險。

（3）明確各類市場參與者（如衍生品交易者、衍生品經營機構、證券期貨交易場所等）的準入與行為要求，要求衍生品經營機構嚴格履行適當性管理義務，建立健全風險管理、內部控制等制度。

2026年1月23日，基金業協會發布《公開募集證券投資基金業績比較基準操作細則》，自2026年3月1日起施行，其主要內容包括：

（1）壓實各方責任：明確基金管理人應建立健全覆蓋基準選取、披露、監測、評估、糾偏及問責的全流程機制。完善內部決策程序，通過科學合理的測評方式，評估業績比較基準的匹配性，應當在定期報告中披露基金實際投資與同期業績比較基準的收益率、波動率等對比情況，定期對基金偏離業績比較基準的合理性和潛在風險進行全面評估，對基金經理、基金產品投資風格的穩定性進行持續監測和報告；基金托管人需加強合同審核、投資監督和信息披露復核；基金評價機構應將基準作為評價重要依據，建立長周期評價體系。

（2）細化選取規則：要求基準應當明確、清晰、簡潔，并與基金可投資的主要資產類型相匹配。針對基金產品的股票資產和基金產品的債券資產，分別規定了不同投資策略下應選擇的指數類型，并對所選指數的代表性、流動性等提出具體要求。

（3）強化披露與變更要求：規定基金管理人應在定期報告中披露基金與基準的收益率、波動率等對比情況，覆蓋多個周期。基準變更后一年內，需持續披露變更事項、基準的主要差異，并將業績同時與變更前后基準進行比較。

2026年1月19日，金監局及財政部、工業和信息化部、中國人民銀行共同發布《關于實施民間投資專項擔保計劃的通知》（“《計劃》”）。《計劃》的主要內容包括：

（1）明確支持對象，重點支持符合條件的中小微企業用于設備及原材料采購、技術改造、數智化改造、廠房改擴建、店面裝修、經營周轉等生產經營活動，以及消費領域場景拓展和升級改造的中長期貸款。中小微企業需滿足的條件包括：未被列入經營異常名錄或失信主體名單；提供的產品或服務不屬于國家禁止、限制或淘汰類；近三年未發生重大安全、質量、環境污染等事故以及偷漏稅等違法違規行為。

（2）建立風險分擔機制，政府性融資擔保體系承擔風險比例不高于80%，銀行不低于20%，融擔基金按貸款期限分三檔承擔分險比例，直保機構擔保費率降至1%以下，單戶授信額度不高于2000萬元。

（3）強化資本與風險補償支持，向融擔基金注資50億元，將業務代償率上限提高至5%，中央財政對融擔基金實施本計劃新增代償支出給予風險補償。

（4）加強組織保障，財政部加強對融擔基金風險補償資金的監管，金融管理部門督促貸款投放，地方財政部門將業務成效納入績效評價，融擔基金優化操作安排并跟蹤落實。

2026年1月30日，深交所發布《深圳證券交易所公司債券發行上市審核業務指引第7號——專項品種公司債券（2026年修訂）》，自發布之日起施行。其主要內容如下：

（1）統一規則適用與分類審核：明確適用于條款設置存在特別安排或者服務科技創新、綠色低碳等國家重大發展戰略和產業政策重點支持領域的公司債券，允許單獨或同時申報，并對科技創新公司債券建立融資服務綠色通道，提高審核工作效率。

（2）細化各類專項品種的發行條件與信息披露要求：針對短期公司債券、可續期公司債券等十類專項品種，分別設定募集資金用途、發行主體資質要求，并在募集說明書中細化項目情況等披露內容。

（3）強化存續期管理要求：要求發行人定期披露募集資金使用情況、專項項目的環境或社會效益等，并鼓勵聘請第三方機構進行評估認證，確保資金專款專用、效益可測。

On January 16, 2026, eight departments including the PBOC issued the Measures for the Administration of Special Preventive Measures Against Money Laundering (the “Preventive Measures”), which will take effect on February 16, 2026. The main contents include:

(1) Clarifying the scope of application and measures: The Measures apply to the prevention of money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. The main measures include prohibiting or restricting financial transactions, account openings, and the provision of financial products and services.

(2) Establishing a list management and coordination mechanism: It stipulates that the National Counter-Terrorism Leading Group shall provide lists of terrorist organizations and personnel; the Ministry of Foreign Affairs shall provide lists of organizations and personnel subject to targeted financial sanctions; and the PBOC, either independently or jointly with relevant state authorities, shall designate lists of organizations and personnel that pose significant money laundering risks and where failure to take measures could lead to serious consequences. Financial institutions are required to continuously monitor these lists, establish and improve corresponding internal control systems, and screen all business activities, customers, and customer transaction counterparties against the lists. Specific non-financial institutions are also required to fulfill their anti-money laundering special preventive measure obligations by reference to relevant regulations, taking into account their industry characteristics, operational scale, and money laundering risk profile.

(3) Clarifying obligations and legal liabilities: In addition to stipulating that financial institutions and specific non-financial institutions will be subject to corresponding penalties for failing to fulfill their anti-money laundering special preventive measure obligations as required, directors, supervisors, senior executives, or other directly responsible personnel of such institutions who bear responsibility may also face corresponding penalties.

The Preventive Measures aim to establish a comprehensive systemic special preventive system against money laundering. They provide powerful institutional tools to curb specific severe money laundering and terrorist financing activities, significantly enhancing the depth of the national financial security system.

On January 22, 2026, the CSRC issued the Guidelines on Performance Benchmark for Publicly Offered Securities Investment Funds (the “Guidelines”), which will take effect on March 1, 2026. The main contents include:

(1) Strengthening the core function of the performance benchmark by emphasizing representativeness and stability in its application, requiring that the performance benchmark align with the core terms of the fund contract (such as those concerning investment objectives, investment scope, investment strategies, and investment ratio limits) and the product's investment positioning (including major asset classes, countries or regions, market segments, and currency types), and prohibiting unauthorized adjustments once determined.

(2) Clarifying and strengthening the internal management responsibilities of fund managers by requiring the establishment of a comprehensive internal control and management system covering the selection, disclosure, monitoring, evaluation, correction, and accountability mechanisms relating to the performance benchmark, requiring fund managers to improve internal control processes and management mechanisms, and continuously regulating fund managers’ conduct to ensure the stability of the product’s investment style.

(3) Improving the external constraint mechanism for the performance benchmark by clarifying the supervisory duties of fund custodians, regulating the disclosure and use of performance benchmarks by institutions such as fund distributors and fund rating agencies, and urging fund managers and distributors to effectively conduct investor education.

By enhancing the binding nature of benchmarks and the transparency of information disclosure, the Guidelines help guide the industry back to the essence of asset management, assist investors in forming reasonable expectations, and protect their legitimate rights and interests.

On January 16, 2026, the CSRC issued the Measures for the Supervision and Administration of Derivatives Trading (Provisional) (Draft for Comments) (the “Supervision Measures”), with the public comment period ending on February 16, 2026.

The Supervision Measures consist of seven chapters and 57 articles, with the core contents as follows:

(1) It integrates over-the-counter derivatives trading conducted by financial institutions and exchange-traded derivatives trading into a unified regulatory framework, ending the previous state of fragmented rules.

(2) Strengthen transaction reporting and data management by establishing a unified derivatives transaction reporting database across the entire market. Derivatives transaction information shall be collected, stored, analyzed, and managed in a centralized manner to support subsequent statistical analysis and risk monitoring, and to prepare for the implementation of stress testing mechanisms, thereby effectively preventing systemic risks.

(3) Clarify the admission and conduct requirements for various market participants (such as derivatives traders, derivatives operating institutions, and securities and futures trading venues). Derivatives operating institutions are required to strictly fulfill their suitability management obligations and to establish and maintain sound risk management and internal control systems.

The Supervision Measures will lay a solid institutional foundation for the standardized, transparent, and innovative development of the derivatives market, which is of great significance for maintaining financial market stability.

On January 23, 2026, the AMAC issued the Detailed Operating Rules for Performance Benchmark of Publicly Offered Securities Investment Funds, which shall take effect on March 1, 2026. Its main contents include:

(1) Strengthening accountability of all parties: Fund managers shall establish and maintain a comprehensive full-process mechanism covering benchmark selection, disclosure, monitoring, evaluation, correction, and accountability. Internal decision-making procedures should be improved, and the suitability of the performance benchmark should be assessed through scientific and reasonable evaluation methods. Fund managers are required to disclose in periodic reports comparisons between the fund’s actual investment performance and the performance benchmark over the same period, including metrics such as returns and volatility. They should also conduct regular, comprehensive assessments of the reasonableness and potential risks of any deviations from the benchmark, and continuously monitor and report on the stability of fund managers and the investment style of the fund products. Custodian banks must strengthen contract review, investment supervision, and verification of information disclosure. Fund evaluation agencies should regard the benchmark as a key basis for evaluation and establish a long-term evaluation system.

(2) Refining selection rules: It requires benchmarks to be explicit, clear, concise and matched with the main investable asset types of the fund. For equity assets and bond assets, it specifies the types of indices to be selected under different investment strategies respectively, and puts forward specific requirements on the representativeness and liquidity of the selected indices.

(3) Enhancing disclosure and change requirements: It stipulates that fund managers shall disclose the comparison of return rate, volatility and other indicators between the fund and its benchmark in regular reports, covering multiple periods. Within one year after a benchmark change, the change and the main differences in the benchmark shall be continuously disclosed, and the performance shall be compared with both the pre-change and post-change benchmarks.

On January 19, 2026, the NFRA, together with the Ministry of Finance, the Ministry of Industry and Information Technology, and the PBOC, jointly issued the Notice on the Implementation of the Special Guarantee Program for Private Investment (the “Program”). The main contents of the Program include:

(1) Clarifying the scope of supported entities. It focuses on supporting eligible micro, small and medium-sized enterprises (“MSMEs”) in their production and operation activities such as purchase of equipment and raw materials, technological transformation, technological upgrades, digital and intelligent transformation, plant expansion or renovation, store refurbishment, and working capital turnover, as well as for the expansion and upgrading of consumer-sector scenarios. 

The eligibility criteria for MSMEs include: (i) they are not listed in the business exception directory or on the list of untrustworthy entities; (ii) the products or services they provide do not fall under categories prohibited, restricted, or phased out by China; and (iii) in the past three years, they have not been involved in major safety, quality, environmental pollution incidents, or illegal acts such as tax evasion.

(2) Establishing a risk-sharing mechanism. The government-backed financing guarantee system shall bear no more than 80% of the risk, while banks shall bear no less than 20%. The National Financing Guarantee Fund shall undertake risk-sharing in three tiers according to the loan tenure. The guarantee rate of direct guarantee institutions shall be reduced to below 1%, and the single-client credit line shall not exceed RMB 20 million.

(3) Strengthening capital and risk compensation support. RMB 5 billion will be injected into the National Financing Guarantee Fund, the upper limit of the business compensation rate will be raised to 5%, and the central fiscal will provide risk compensation for any additional compensation expenditures of the credit guarantee funds under this plan.

(4) Enhancing organizational safeguards. The Ministry of Finance will strengthen supervision over the risk compensation funds of the credit guarantee funds, financial regulatory authorities will supervise loan issuance, local fiscal authorities will incorporate business performance into performance evaluation, and the National Financing Guarantee Fund will optimize operational arrangements and follow up on implementation.

On January 30, 2026, the SZSE issued the Business Guidelines of the Shenzhen Stock Exchange for the Review of the Offering and Listing of Corporate Bonds No. 7——Special Varieties of Corporate Bonds (2026 Revision), which took effect upon issuance. The main contents are as follows:

(1) Unifying rule application and classified review: Clarify that these provisions apply to corporate bonds with special clause arrangements or those serving key support areas of national major development strategies and industrial policies, such as technological innovation and green, low-carbon initiatives. Such bonds may be submitted for approval individually or simultaneously, and a “green channel” for financing services will be established for technological innovation corporate bonds to improve the efficiency of the review process.

(2) Refining issuance conditions and information disclosure requirements for various special types: For ten categories of special bonds including short-term corporate bonds and renewable corporate bonds, it sets specific requirements for the use of raised funds and qualification requirements for issuers, and specifies detailed disclosure items such as project information in the prospectus.

(3) Strengthening ongoing management requirements: It requires issuers to regularly disclose the use of proceeds and the environmental or social benefits of special projects. It also encourages engaging third-party institutions for assessment and certification to ensure funds are used exclusively for designated purposes and that benefits are measurable.