公募新规护航行业发展 权益投资迎来大时代
Xin Hua Wang·2025-08-12 06:26

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Supervision and Administration Measures for Publicly Raised Securities Investment Fund Managers" (referred to as "Management Measures"), marking a significant revision to the 2004 regulations, aimed at enhancing the regulatory framework for the public fund management industry, which has surpassed 25 trillion yuan in scale, ensuring high-quality development and protecting the rights of fund holders [1][2]. Group 1: Entry Control - The Management Measures strengthen the equity management of fund management companies by adjusting shareholder entry conditions and promoting high-level openness in the industry, ensuring a robust entry control mechanism [2][3]. - The measures allow for a moderate relaxation of the number of public fund licenses held by the same entity, enabling various asset management institutions to apply for public fund licenses while maintaining the "one participation, one control" policy [2][3]. Group 2: Long-term Assessment and Incentives - The Management Measures emphasize long-term assessment and incentives, requiring fund management companies to establish sound remuneration management systems and performance evaluation mechanisms linked to compliance and risk management [4][5]. - The focus on long-term investment strategies aims to help fund managers achieve excess returns through value investing, thereby enhancing the stability and reliability of the capital market [5]. Group 3: Differentiated Development and Exit Mechanism - The Management Measures support differentiated development for fund management companies, allowing them to establish specialized subsidiaries for various asset management services, thus promoting a more competitive market environment [6][7]. - A new exit mechanism is introduced, allowing underperforming fund management companies to voluntarily apply for deregistration or pursue market-based exits through mergers and acquisitions, thereby enhancing the industry's adaptability and efficiency [6][7].