重磅规范来了！基金销售环节再迎紧箍咒！

Core Viewpoint - The recent draft regulations from the Asset Management Association of China aim to standardize the sales behavior of publicly offered securities investment funds, focusing on protecting investors' rights and preventing misleading sales practices [1][11]. Group 1: Fund Sales Regulations - The draft specifies that fund managers and sales institutions must prioritize the best interests of investors and adhere to principles of honesty and diligence [1]. - Fund performance must be presented objectively, with specific requirements such as showing performance periods longer than six months and avoiding annualized returns for periods shorter than one year [2]. - Fund performance rankings should be based on publicly available data from fund evaluation agencies for periods of three years or more, including necessary disclosures [2]. Group 2: Marketing and Communication Guidelines - Fund managers and sales institutions are prohibited from using exaggerated language or misleading terms in their marketing materials, particularly regarding fund size and growth [3]. - The draft emphasizes that promotional content related to fund managers should focus on the research team's capabilities rather than individual achievements [3]. - When promoting index funds, the focus should be on their utility and asset allocation functions, ensuring compliance with performance display regulations [3]. Group 3: Live Streaming Regulations - The draft outlines strict compliance requirements for live streaming fund promotions, including the necessity for qualified personnel and agreements with streaming platforms [5]. - Live streaming personnel must have appropriate qualifications and adhere to advertising laws, while platforms must not engage in fund sales without proper authorization [6]. - Measures must be taken to prevent the alteration and unauthorized dissemination of live streaming materials [6]. Group 4: Disclosure of Fees and Costs - Fund managers and sales institutions are required to ensure that investors can access and understand fund product summaries, including various fees associated with fund transactions [8][9]. - Different share classes of funds must have their fee structures clearly disclosed to investors [8]. Group 5: Performance Assessment Optimization - The draft proposes a systematic optimization of performance assessment mechanisms for fund sales, emphasizing long-term performance over short-term sales tactics [10]. - Performance indicators should include investor profitability and long-term investment outcomes, with a minimum assessment period of one year for sales activities [10]. - The focus should shift from sales revenue and scale to the retention of equity fund holdings and investor outcomes [10].