公募业绩比较基准改革落地！新规公开征意 公募改革又一关键举措

Core Viewpoint - The reform of performance benchmarks for public funds is set to be implemented, aiming to enhance the stability of investment behaviors, clarify product investment styles, and improve investor satisfaction through new guidelines and operational details released by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Key Aspects of the Reform - The new regulations address issues in the public fund industry, such as style drift and misleading performance claims, by emphasizing the importance of performance benchmarks as a guiding "anchor" for fund managers [2][3]. - The guidelines and operational details aim to establish a comprehensive regulatory framework that includes internal controls for fund managers and external responsibilities for market institutions [2][5]. Group 2: Requirements for Fund Managers - Five key requirements are outlined for fund managers, including the establishment of a full-process control mechanism, decision-making at the management level for benchmark selection, independent monitoring departments, enhanced compliance management, and performance compensation linked to benchmark performance [3][4]. - The regulations encourage fund managers to improve their active research and investment capabilities while holding them accountable for their investment decisions [3][4]. Group 3: External Responsibilities of Market Institutions - The new rules also impose responsibilities on external market institutions, such as fund custodians and sales agencies, to ensure they actively supervise and disclose performance benchmarks alongside fund performance [5][6]. - Fund evaluation and award institutions are required to use performance benchmarks as a critical criterion for assessing fund management quality [5][6]. Group 4: Standards for Benchmark Usage - The guidelines specify that performance benchmarks must accurately reflect the product's investment style and strategy, remain consistent over time, and be based on transparent calculation methods [7][8]. - Information disclosure requirements are established to enhance transparency regarding the performance benchmarks used by funds [8]. Group 5: Supporting Measures for Benchmark Reform - A one-year transition period is set to allow fund managers to adjust existing benchmarks to align with their products without causing market instability [9]. - The establishment of a benchmark library is proposed to guide fund managers in selecting appropriate benchmarks, with an emphasis on flexibility rather than rigid requirements [9]. - Future regulations will link management fees and compensation to fund performance relative to benchmarks, reinforcing the alignment of interests between fund managers and investors [10].