重磅！基金业绩比较基准新规征求意见稿发布，将有效防范风格漂移等问题

Core Viewpoint - The newly released guidelines and operational details for public fund performance benchmarks aim to enhance the clarity of investment styles and stabilize investment behaviors, addressing issues like "style drift" and ensuring that fund managers adhere to their fiduciary responsibilities [1][2][3]. Summary by Sections Introduction of New Guidelines - The China Securities Regulatory Commission (CSRC) has published the "Guidelines for Publicly Raised Securities Investment Fund Performance Benchmarks (Draft for Comments)" and the "Operational Details for Publicly Raised Securities Investment Fund Performance Benchmarks (Draft for Comments)" to solicit public opinions [1][2]. Importance of Performance Benchmarks - Performance benchmarks serve as a critical reference point for fund companies, reflecting the fund's type, investment scope, and strategies, thus helping investors understand product positioning and risk-return characteristics [2][3]. Key Features of the Guidelines - The guidelines emphasize the representation of benchmarks, requiring them to reflect the core elements and investment styles as stipulated in the fund contract, and prohibit arbitrary changes once selected [5][6]. - They also stress the need for a robust internal control mechanism to ensure the stability of investment styles and the proper selection and monitoring of benchmarks [7][8]. Enhancing Accountability and Evaluation - The guidelines propose a comprehensive control mechanism covering the selection, disclosure, monitoring, and accountability related to performance benchmarks, thereby enhancing the accountability of fund managers [7][8]. - They establish a performance evaluation system linked to fund investment returns, ensuring that fund managers' compensation is tied to their performance relative to the benchmarks [9]. Building a Supportive Ecosystem - The guidelines aim to create a mutually reinforcing ecosystem among fund managers, custodians, and sales institutions, ensuring that all parties fulfill their responsibilities in monitoring and utilizing performance benchmarks [10][11]. Future Directions - The CSRC plans to revise performance evaluation and compensation management guidelines for fund companies, linking fund performance to benchmark comparisons, thereby strengthening the alignment of interests between fund managers and investors [11][12]. - The new regulations are expected to significantly improve investor experience by providing clearer standards for evaluating funds and enhancing the transparency and professionalism of the public fund industry [13][14].