新规出炉，事关公募基金业绩基准“锚”和“尺”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for public offering fund performance benchmarks, aiming to standardize the selection and use of performance benchmarks in the mutual fund industry, thereby enhancing internal controls and protecting investors' rights [1][4]. Summary by Sections General Principles - The guideline consists of six chapters and twenty-one articles, emphasizing the representation, constraint, and evaluation roles of performance benchmarks [2]. Benchmark Selection Norms - The guideline specifies that benchmarks must reflect the core elements and investment style outlined in the fund contract, and once selected, they should not be changed arbitrarily [2][6]. - Benchmarks must be representative, objective, and meet specific requirements for indices, including strong representation and reasonable compilation schemes [6][7]. Internal Control and Responsibilities - Fund managers are required to establish comprehensive internal control mechanisms regarding performance benchmarks, ensuring stable investment styles [2][3]. - The responsibilities of fund managers and custodians are reinforced, with custodians required to review fund contracts and assess benchmark selection and changes [7]. Benchmark Change Requirements - The guideline imposes strict requirements for changing benchmarks, including a 30-day notice for general changes and specific procedures for significant changes [8]. Information Disclosure and Constraints - Enhanced information disclosure is mandated, requiring funds to disclose benchmark settings, reasons, and performance comparisons in regular reports [9]. - The guideline emphasizes the need for robust internal control mechanisms to ensure compliance and stability in investment styles [9]. Performance Evaluation and Compensation - The guideline highlights the importance of benchmarks in performance evaluation, requiring fund managers to establish compensation mechanisms linked to fund investment returns [10]. - A transition period of one year is provided for existing products to align with the new benchmark requirements, and a six-month period for custodians to adjust their supervisory roles [10].