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

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

（2）建立名單管理與配合機(jī)制：規(guī)定由國(guó)家反恐怖工作領(lǐng)導(dǎo)小組提供恐怖活動(dòng)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(guó)人民銀行或中國(guó)人民銀行會(huì)同國(guó)家有關(guān)機(jī)關(guān)認(rèn)定具有重大洗錢風(fēng)險(xiǎn)、不采取措施可能造成嚴(yán)重后果的組織和人員名單。要求金融機(jī)構(gòu)持續(xù)關(guān)注前述名單、建立健全相應(yīng)內(nèi)控制度、根據(jù)名單核查所有業(yè)務(wù)開(kāi)展、客戶及客戶交易對(duì)象，特定非金融機(jī)構(gòu)也需參照相關(guān)規(guī)定，根據(jù)行業(yè)特點(diǎn)、經(jīng)營(yíng)規(guī)模、洗錢風(fēng)險(xiǎn)狀況履行反洗錢特別預(yù)防措施義務(wù)。

（3）明確義務(wù)與法律責(zé)任：除明確金融機(jī)構(gòu)及特定非金融機(jī)構(gòu)未按照規(guī)定履行反洗錢特別預(yù)防措施義務(wù)將受到相應(yīng)處罰外，對(duì)此負(fù)有責(zé)任的金融機(jī)構(gòu)董事、監(jiān)事、高級(jí)管理人員或者其他直接責(zé)任人員也可能受到相應(yīng)處罰。

中國(guó)證監(jiān)會(huì)于2026年1月22日發(fā)布了《公開(kāi)募集證券投資基金業(yè)績(jī)比較基準(zhǔn)指引》（“《指引》”），自2026年3月1日起施行。其主要內(nèi)容涵蓋以下方面：

（1）強(qiáng)化業(yè)績(jī)比較基準(zhǔn)的核心功能，突出其運(yùn)用過(guò)程中的代表性與穩(wěn)定性，要求業(yè)績(jī)比較基準(zhǔn)與基金合同核心條款（如對(duì)投資目標(biāo)、投資范圍、投資策略、投資比例限制等的約定）、產(chǎn)品投資定位（如主要的資產(chǎn)類別、國(guó)別或地區(qū)、市場(chǎng)板塊、貨幣類型等）保持一致，確定后不得擅自調(diào)整。

（2）壓實(shí)基金管理人內(nèi)部管理責(zé)任，要求基金管理人建立健全覆蓋業(yè)績(jī)比較基準(zhǔn)選取、披露、監(jiān)測(cè)、評(píng)估、糾偏及問(wèn)責(zé)的內(nèi)部控制和管理體系、完善內(nèi)控流程與管理機(jī)制，持續(xù)規(guī)范基金經(jīng)理行為、保障產(chǎn)品投資風(fēng)格穩(wěn)定。

（3）健全業(yè)績(jī)比較基準(zhǔn)的外部約束機(jī)制，明晰基金托管人的監(jiān)督職能，規(guī)范基金銷售、基金評(píng)價(jià)等機(jī)構(gòu)對(duì)業(yè)績(jī)比較基準(zhǔn)的披露與使用行為，并督促基金管理人、銷售機(jī)構(gòu)做好投資者教育工作。

2026年1月16日，中國(guó)證監(jiān)會(huì)發(fā)布《衍生品交易監(jiān)督管理辦法（試行）（征求意見(jiàn)稿）》（“《監(jiān)督管理辦法》”），意見(jiàn)反饋截止時(shí)間為2026年2月16日。

《監(jiān)督管理辦法》全文共計(jì)七章五十七條，其核心內(nèi)容主要有：

（1）統(tǒng)一監(jiān)管框架，將金融機(jī)構(gòu)在柜臺(tái)開(kāi)展的衍生品交易與交易所開(kāi)展的衍生品交易納入統(tǒng)一的監(jiān)管辦法，結(jié)束規(guī)則分散的狀態(tài)。

（2）強(qiáng)化交易報(bào)告與數(shù)據(jù)管理，建立全市場(chǎng)統(tǒng)一的衍生品交易報(bào)告庫(kù)，要求對(duì)衍生品交易的信息進(jìn)行集中收集、保存、分析和管理，為后續(xù)開(kāi)展相關(guān)統(tǒng)計(jì)分析和風(fēng)險(xiǎn)監(jiān)測(cè)監(jiān)控，建立壓力測(cè)試機(jī)制做準(zhǔn)備，可有效防范系統(tǒng)性風(fēng)險(xiǎn)。

（3）明確各類市場(chǎng)參與者（如衍生品交易者、衍生品經(jīng)營(yíng)機(jī)構(gòu)、證券期貨交易場(chǎng)所等）的準(zhǔn)入與行為要求，要求衍生品經(jīng)營(yíng)機(jī)構(gòu)嚴(yán)格履行適當(dāng)性管理義務(wù)，建立健全風(fēng)險(xiǎn)管理、內(nèi)部控制等制度。

2026年1月23日，基金業(yè)協(xié)會(huì)發(fā)布《公開(kāi)募集證券投資基金業(yè)績(jī)比較基準(zhǔn)操作細(xì)則》，自2026年3月1日起施行，其主要內(nèi)容包括：

（1）壓實(shí)各方責(zé)任：明確基金管理人應(yīng)建立健全覆蓋基準(zhǔn)選取、披露、監(jiān)測(cè)、評(píng)估、糾偏及問(wèn)責(zé)的全流程機(jī)制。完善內(nèi)部決策程序，通過(guò)科學(xué)合理的測(cè)評(píng)方式，評(píng)估業(yè)績(jī)比較基準(zhǔn)的匹配性，應(yīng)當(dāng)在定期報(bào)告中披露基金實(shí)際投資與同期業(yè)績(jī)比較基準(zhǔn)的收益率、波動(dòng)率等對(duì)比情況，定期對(duì)基金偏離業(yè)績(jī)比較基準(zhǔn)的合理性和潛在風(fēng)險(xiǎn)進(jìn)行全面評(píng)估，對(duì)基金經(jīng)理、基金產(chǎn)品投資風(fēng)格的穩(wěn)定性進(jìn)行持續(xù)監(jiān)測(cè)和報(bào)告；基金托管人需加強(qiáng)合同審核、投資監(jiān)督和信息披露復(fù)核；基金評(píng)價(jià)機(jī)構(gòu)應(yīng)將基準(zhǔn)作為評(píng)價(jià)重要依據(jù)，建立長(zhǎng)周期評(píng)價(jià)體系。

（2）細(xì)化選取規(guī)則：要求基準(zhǔn)應(yīng)當(dāng)明確、清晰、簡(jiǎn)潔，并與基金可投資的主要資產(chǎn)類型相匹配。針對(duì)基金產(chǎn)品的股票資產(chǎn)和基金產(chǎn)品的債券資產(chǎn)，分別規(guī)定了不同投資策略下應(yīng)選擇的指數(shù)類型，并對(duì)所選指數(shù)的代表性、流動(dòng)性等提出具體要求。

（3）強(qiáng)化披露與變更要求：規(guī)定基金管理人應(yīng)在定期報(bào)告中披露基金與基準(zhǔn)的收益率、波動(dòng)率等對(duì)比情況，覆蓋多個(gè)周期。基準(zhǔn)變更后一年內(nèi)，需持續(xù)披露變更事項(xiàng)、基準(zhǔn)的主要差異，并將業(yè)績(jī)同時(shí)與變更前后基準(zhǔn)進(jìn)行比較。

2026年1月19日，金監(jiān)局及財(cái)政部、工業(yè)和信息化部、中國(guó)人民銀行共同發(fā)布《關(guān)于實(shí)施民間投資專項(xiàng)擔(dān)保計(jì)劃的通知》（“《計(jì)劃》”）。《計(jì)劃》的主要內(nèi)容包括：

（1）明確支持對(duì)象，重點(diǎn)支持符合條件的中小微企業(yè)用于設(shè)備及原材料采購(gòu)、技術(shù)改造、數(shù)智化改造、廠房改擴(kuò)建、店面裝修、經(jīng)營(yíng)周轉(zhuǎn)等生產(chǎn)經(jīng)營(yíng)活動(dòng)，以及消費(fèi)領(lǐng)域場(chǎng)景拓展和升級(jí)改造的中長(zhǎng)期貸款。中小微企業(yè)需滿足的條件包括：未被列入經(jīng)營(yíng)異常名錄或失信主體名單；提供的產(chǎn)品或服務(wù)不屬于國(guó)家禁止、限制或淘汰類；近三年未發(fā)生重大安全、質(zhì)量、環(huán)境污染等事故以及偷漏稅等違法違規(guī)行為。

（2）建立風(fēng)險(xiǎn)分擔(dān)機(jī)制，政府性融資擔(dān)保體系承擔(dān)風(fēng)險(xiǎn)比例不高于80%，銀行不低于20%，融擔(dān)基金按貸款期限分三檔承擔(dān)分險(xiǎn)比例，直保機(jī)構(gòu)擔(dān)保費(fèi)率降至1%以下，單戶授信額度不高于2000萬(wàn)元。

（3）強(qiáng)化資本與風(fēng)險(xiǎn)補(bǔ)償支持，向融擔(dān)基金注資50億元，將業(yè)務(wù)代償率上限提高至5%，中央財(cái)政對(duì)融擔(dān)基金實(shí)施本計(jì)劃新增代償支出給予風(fēng)險(xiǎn)補(bǔ)償。

（4）加強(qiáng)組織保障，財(cái)政部加強(qiáng)對(duì)融擔(dān)基金風(fēng)險(xiǎn)補(bǔ)償資金的監(jiān)管，金融管理部門督促貸款投放，地方財(cái)政部門將業(yè)務(wù)成效納入績(jī)效評(píng)價(jià)，融擔(dān)基金優(yōu)化操作安排并跟蹤落實(shí)。

2026年1月30日，深交所發(fā)布《深圳證券交易所公司債券發(fā)行上市審核業(yè)務(wù)指引第7號(hào)——專項(xiàng)品種公司債券（2026年修訂）》，自發(fā)布之日起施行。其主要內(nèi)容如下：

（1）統(tǒng)一規(guī)則適用與分類審核：明確適用于條款設(shè)置存在特別安排或者服務(wù)科技創(chuàng)新、綠色低碳等國(guó)家重大發(fā)展戰(zhàn)略和產(chǎn)業(yè)政策重點(diǎn)支持領(lǐng)域的公司債券，允許單獨(dú)或同時(shí)申報(bào)，并對(duì)科技創(chuàng)新公司債券建立融資服務(wù)綠色通道，提高審核工作效率。

（2）細(xì)化各類專項(xiàng)品種的發(fā)行條件與信息披露要求：針對(duì)短期公司債券、可續(xù)期公司債券等十類專項(xiàng)品種，分別設(shè)定募集資金用途、發(fā)行主體資質(zhì)要求，并在募集說(shuō)明書(shū)中細(xì)化項(xiàng)目情況等披露內(nèi)容。

（3）強(qiáng)化存續(xù)期管理要求：要求發(fā)行人定期披露募集資金使用情況、專項(xiàng)項(xiàng)目的環(huán)境或社會(huì)效益等，并鼓勵(lì)聘請(qǐng)第三方機(jī)構(gòu)進(jìn)行評(píng)估認(rèn)證，確保資金專款專用、效益可測(cè)。

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.