全文来了！《公开募集证券投资基金业绩比较基准操作细则（征求意见稿）》公开征求意见！

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Operational Guidelines for the Selection and Use of Performance Benchmarks for Publicly Raised Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks, enhance internal controls of fund managers, and protect investors' rights [1][3]. Group 1: Regulatory Framework - The guidelines are based on various laws and regulations, including the Securities Investment Fund Law and the Management Measures for Publicly Raised Securities Investment Funds [3][4]. - The guidelines apply to fund managers, custodians, and evaluation institutions involved in the selection and use of performance benchmarks [4]. Group 2: Requirements for Fund Managers - Fund managers are required to establish a comprehensive mechanism covering the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [4][10]. - The performance benchmark should reflect the fund's investment objectives, scope, strategy, and style [10][11]. Group 3: Benchmark Selection and Matching - Performance benchmarks must match the main asset types that the fund can invest in, with specific guidelines for equity and bond funds [6][7]. - For equity funds, benchmarks should generally be broad-based indices or specific strategy indices, while bond funds should use mainstream comprehensive bond indices [6][9]. Group 4: Disclosure and Reporting - Fund managers must disclose the fund's actual investment performance compared to the benchmark in regular reports, covering various time frames [8][9]. - Any changes to the performance benchmark must be reported within one year, detailing the differences and reasons for the change [9]. Group 5: Internal Control and Compliance - Fund managers must implement a management mechanism for performance benchmarks that includes risk control and compliance checks [10][11]. - Compliance departments are responsible for reviewing the legality and compliance of benchmark selection and usage [11]. Group 6: External Supervision - Fund custodians are tasked with establishing mechanisms for reviewing contracts, monitoring investments, and verifying disclosures related to performance benchmarks [12][13]. - Custodians must ensure that the selected benchmarks are representative and objective, and they should communicate any discrepancies to fund managers [12][13]. Group 7: Self-Regulation and Violations - The association will take self-regulatory measures or disciplinary actions based on the nature and circumstances of any violations by fund managers or custodians [15][16]. - Violations of laws or regulations will be reported to the China Securities Regulatory Commission for further action [15].