监管新规让基金不能再“挂羊头卖狗肉”

Core Viewpoint - The article discusses the recent regulatory changes aimed at addressing the issue of "style drift" in theme-based mutual funds in China, which has led to investor confusion and significant performance volatility [3][4]. Group 1: Regulatory Changes - The China Securities Investment Fund Industry Association has issued a draft guideline for theme investment style management, requiring feedback from fund companies by November 15, with plans for implementation in 2026 [3][4]. - The guideline aims to standardize investment behaviors across multiple aspects, including product design, investment operations, risk control, and custody supervision, promoting long-term investment and industry regulation [3][5]. Group 2: Definition and Requirements - The guideline clarifies the definition of theme investment funds, specifying that at least 80% of non-cash fund assets must be invested in a specific direction, which includes various categories such as market segments and investment strategies [5][6]. - It mandates that fund names must clearly indicate investment directions and align with contractual agreements, prohibiting vague terms [6][7]. Group 3: Supervision and Accountability - A comprehensive supervision system is established, involving active management by fund managers, oversight by custodians, and self-regulation by the association to prevent deviation from investment objectives [7][8]. - Fund managers are required to incorporate investment style stability into performance evaluations, with penalties for significant deviations from investment directions [8][9]. Group 4: Transition Period and Compliance - A transition period of 24 months is provided for existing theme investment funds to comply with the new requirements, allowing for necessary adjustments to fund contracts and prospectuses [9][10]. - The association will conduct regular inspections to ensure compliance with the new guidelines, with penalties for violations [9].