监管拟规范公募基金业绩比较基准选取和使用

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules for public fund performance benchmarks, aiming to standardize the selection and use of performance benchmarks in public funds, enhance internal controls, and protect investors' rights [1][2][3] Group 1: Regulatory Framework - The new guidelines and operational rules aim to fill regulatory gaps in the public fund sector, promoting the standardization of performance benchmarks [3] - The CSRC's previous action plan emphasizes investor-centric reforms, including measures related to performance benchmarks [2] Group 2: Benchmark Functions - Performance benchmarks serve as a "anchor" to clarify investment styles and constrain investment behaviors, preventing style drift and enhancing investment stability [2] - They also act as a "yardstick" to measure fund performance against the market, influencing the assessment of fund managers and executives [2] Group 3: Implementation Measures - The guidelines require fund managers to establish comprehensive internal control mechanisms covering the entire process of benchmark selection, disclosure, monitoring, evaluation, and accountability [4] - Fund managers must ensure that selected benchmarks reflect the product's positioning and investment style, and cannot be changed arbitrarily [4] Group 4: Performance Assessment - The guidelines mandate the establishment of a performance assessment system centered on fund investment returns, linking manager compensation to performance relative to benchmarks [5] - Fund evaluation mechanisms will be revised to incorporate benchmarks as a key criterion for assessing fund management performance [5] Group 5: External Supervision - The guidelines outline responsibilities for custodians and sales institutions to ensure compliance with benchmark-related regulations, enhancing transparency in fund operations [6] - Fund managers and sales institutions are required to display benchmark performance alongside fund performance to facilitate investor comparisons [6] Group 6: Future Initiatives - The CSRC plans to guide industry institutions in optimizing existing products' benchmarks during the transition period to ensure alignment with fund contracts and actual styles [7] - A benchmark element library will be established to encourage standardized selection of benchmarks that represent equity assets [8] - Future revisions to compensation assessment rules will further align the interests of fund managers and investors, enhancing investor satisfaction [8]