纠治风格漂移和挂羊头卖狗肉，公募业绩比较基准新规公开征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline and operational rules for public fund performance benchmarks, aiming to standardize the management of performance benchmarks in the public fund industry and enhance investment management discipline [1][7][8]. Group 1: Regulatory Framework - The CSRC's draft guidelines and operational rules are seen as a significant step in filling regulatory gaps in public fund management, promoting the standardization of performance benchmarks [1][7]. - The guidelines emphasize the importance of aligning performance benchmarks with fund contracts and actual fund styles, ensuring market stability during the transition period for existing products [2]. Group 2: Industry Impact - The establishment of a performance benchmark element library by the fund industry association will encourage industry institutions to select appropriate benchmarks that represent equity assets [3]. - The guidelines aim to clarify investment styles and stabilize investment behaviors, addressing issues like "style drift" [6]. Group 3: Implementation Measures - The guidelines propose a comprehensive management mechanism for performance benchmarks, including selection, disclosure, monitoring, and accountability [9][10]. - Fund managers are required to establish independent departments to assess the reasonableness and potential risks of deviations from performance benchmarks [10][11]. Group 4: Performance Evaluation - The guidelines mandate that fund managers create a performance evaluation system linked to fund investment returns, ensuring that fund managers' compensation reflects long-term performance relative to benchmarks [12][14]. - Fund managers must ensure that performance benchmarks align with the asset categories, investment strategies, and market segments covered by the funds, enhancing clarity and reliability for investors [14][15].