证监会、基金业协会重磅发布，公募重大改革落地

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released a significant guideline for public fund reform, focusing on the performance benchmark for publicly offered securities investment funds, aiming to enhance the quality and transparency of the fund industry [1][4]. Group 1: Key Aspects of the Guideline - The guideline consists of 21 articles divided into six chapters, emphasizing the representation, constraint, evaluation, and management of performance benchmarks [2]. - Performance benchmarks must be representative and objective, ensuring that selected indices are reasonable and liquid, with clear responsibilities assigned to fund managers and custodians [2][4]. - The new regulations prohibit arbitrary adjustments to performance benchmarks due to short-term factors, requiring proper notification and adherence to procedures for any changes [2][4]. Group 2: Implementation and Transitional Arrangements - The CSRC has authorized the establishment of a benchmark element library by the fund industry association, categorizing benchmarks into two types to encourage standardized selection and usage [4]. - A one-year transition period is set for existing products that do not comply with the new guidelines, allowing fund managers to adjust benchmarks in line with legal documents and investment styles [4]. Group 3: Impact on Investors and Fund Management - The guideline aims to enhance investor experience by providing clear standards for evaluating funds and binding fund managers' investment behaviors, thus promoting a more transparent and professional fund industry [6][7]. - Fund managers are expected to align performance benchmarks with asset categories, investment strategies, and market segments, improving clarity and helping investors make informed decisions [6][8]. - The emphasis on performance benchmarks is anticipated to mitigate "style drift" in funds, ensuring that investment strategies remain consistent and predictable [7][8].