公募销售新规征求意见！不得宣传基金规模，还涉及直播素材、绩效考核等

Core Viewpoint - The China Securities Investment Fund Industry Association (CSIA) has developed a draft regulation titled "Norms for Publicly Raised Securities Investment Fund Sales Behavior" to standardize fund sales practices and protect investors' rights [1][2]. Group 1: General Promotion and Marketing Behavior - Fund performance data must be displayed for a minimum of six months, and annualized returns for funds with a duration of less than one year are prohibited [1]. - Fund performance rankings should be based on publicly available data from fund evaluation agencies for a minimum of three years, including the agency's name, evaluation date, and the number of similar funds [1]. - Misleading terms such as "positive returns" or "probability of positive returns" that may downplay risks are not allowed [1]. Group 2: Fund Manager and Index Fund Promotion - Fund managers and sales institutions cannot excessively promote fund managers for the purpose of rapid fundraising, nor can they confuse the years of experience with actual investment management experience [2]. - When promoting index funds, the focus should be on their utility and asset allocation functions, adhering to regulations regarding performance display and risk disclosure [2]. Group 3: Live Streaming Regulations - Live streaming platforms without fund sales qualifications are prohibited from participating in fund sales and must not collect or store investor transaction information [2]. - Live streaming materials related to public brand promotion and sales training must be retained for at least 20 years, while investor education live streams should be kept for a minimum of three years [3]. Group 4: Disclosure of Fund Sales Information and Fees - Fund managers and sales institutions must fully disclose various fees associated with fund subscriptions, sales services, redemptions, and client maintenance [3]. - If multiple share classes exist, different fee levels for each class must be disclosed, and promotional language must not imply that no subscription fees are charged [3]. Group 5: Performance Assessment of Fund Sales - Performance assessment metrics for fund sales should include both sales activity and investor profit and loss situations, with a minimum assessment period of one year [4]. - The assessment should emphasize the retention of equity fund scales and investor profit and loss, rather than focusing solely on sales revenue and scale [4]. - Other regulations regarding fund sales behavior, integrity, and self-regulation have been further detailed, with the norms taking effect immediately upon publication [4].