重磅规范来了，事关基金销售

Core Viewpoint - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to strengthen investor protection and standardize the fund sales industry, addressing misleading practices and ensuring the best interests of investors are prioritized [1][15]. Group 1: Fund Sales Behavior Regulations - The draft outlines detailed regulations on fund promotion, live streaming, and sales performance evaluation, emphasizing the prohibition of excessive promotion of fund managers for rapid fundraising [1][3][5]. - Fund managers and sales institutions must objectively and comprehensively present fund performance, ensuring that performance periods exceed six months and avoiding annualized displays for periods under one year [3][12]. - The draft prohibits the use of misleading terms like "positive return" that may cause investors to overlook risks, suggesting a need for balanced risk disclosure [3][4]. Group 2: Live Streaming Regulations - The draft mandates that fund managers and sales institutions ensure compliance and risk management in live streaming activities, requiring agreements with streaming platforms to clarify rights and responsibilities [7][9]. - Only qualified personnel can present fund-related content during live streams, and platforms must disable tipping features to prevent conflicts of interest [8][9]. Group 3: Fee Disclosure Requirements - Fund managers and sales institutions must ensure investors can access and understand fund product summaries, including detailed fee structures for various share classes [12][11]. - Clear disclosure of redemption fees and other costs associated with fund transactions is required to enhance investor awareness [12]. Group 4: Performance Evaluation Optimization - The draft proposes a systematic optimization of performance evaluation mechanisms for fund sales, aligning them with long-term investor outcomes rather than short-term sales metrics [14][15]. - Performance indicators should focus on investor profitability and long-term investment returns, with a minimum evaluation period of one year for sales activities and three years for investor outcomes [14].