沪深交易所修订基金自律监管规则适用指引

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have released new guidelines for index funds to enhance market service and promote high-quality development of index-based investments, effective immediately upon publication [1][3]. Group 1: Guidelines Overview - The guidelines aim to standardize the public offering of index securities investment funds and protect investors' rights, based on relevant laws and regulations [1]. - The guidelines apply to various types of index funds listed on the Shanghai and Shenzhen exchanges, including Exchange-Traded Funds (ETFs) and Listed Open-Ended Funds (LOFs) [1]. Group 2: Index Fund Selection and Management - For non-broad-based stock index funds, four core requirements are established: 1. The number of constituent securities must be no less than 30 2. The weight of any single constituent security must not exceed 15%, and the combined weight of the top five must not exceed 60% 3. The index must be published for at least three months (with exceptions for indices recognized by the CSRC that align with national strategies) 4. The average daily trading amount of constituent securities, accounting for over 90% of the total weight, must rank in the top 80% of all listed stocks on the exchanges over the past year [2]. - For broad-based stock index funds, the guidelines relax some restrictions, allowing a single constituent stock weight of up to 30%, balancing index representativeness and diversification needs [2]. - Bond index funds must meet requirements regarding the number of constituent securities, weight distribution, and publication time, with certain exemptions for interest rate bonds [2]. Group 3: Operational Responsibilities - The guidelines clarify the full-process responsibilities of fund managers, requiring them to prepare personnel, business systems, and technical systems in advance [2]. - Institutions planning to develop and list index funds must submit applications and compliance materials to the exchanges for review before launching sales [2]. - After the fund contract becomes effective, managers must apply for listing and ensure that the investment portfolio complies with legal regulations and fund contract agreements prior to listing [2]. Group 4: Regulatory Context - This revision is a significant measure by the Shanghai and Shenzhen Stock Exchanges to implement the "Action Plan for Promoting High-Quality Development of Index Investment in Capital Markets" [3]. - The guidelines consist of ten articles that provide targeted regulations on the preparation for developing index funds, specific indicators for index quality, and procedures for handling index fund business [3].