充分发挥“锚”和“尺”作用 公募基金业绩比较基准新规征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft guideline for the performance comparison benchmarks of publicly offered securities investment funds, aiming to standardize the selection and use of these benchmarks to enhance internal controls and protect investors' rights [1][2]. Group 1: Guidelines and Regulations - The draft guideline, titled "Guidelines for Performance Comparison Benchmarks of Publicly Offered Securities Investment Funds," aims to strengthen the guidance and regulation of benchmark selection and usage, clarifying the responsibilities of market participants [1][2]. - The accompanying "Operational Details" document further specifies the operational norms regarding benchmark selection, disclosure, risk control, and compliance management [1][2]. Group 2: Benchmark Importance - Performance comparison benchmarks serve as a reference standard for fund managers based on product positioning and investment objectives, helping investors understand the investment scope, direction, and asset allocation ratios [2]. - The guidelines emphasize the representativeness, objectivity, constraint, and continuity of benchmarks, detailing requirements for index selection, changes, and information disclosure [2][3]. Group 3: Internal and External Controls - Fund managers are required to establish a robust internal control system covering benchmark selection, disclosure, monitoring, evaluation, correction, and accountability [2][3]. - External constraints are also reinforced, with custodians taking on responsibilities for contract reviews, benchmark evaluations, and monitoring investment style stability [3]. Group 4: Implementation and Impact - The implementation of these guidelines is expected to enhance the constraint and representation of performance comparison benchmarks, promoting a more standardized and transparent setting of benchmarks in the public fund market [3]. - The guidelines will help investors better understand fund product positioning, investment strategies, and styles, allowing for a more objective assessment of fund performance [3].