直播禁打赏、业绩禁“美颜”、营销禁造星，基金销售新规划定多重红线

Core Viewpoint - The regulatory storm aims to reshape the fund sales ecosystem, emphasizing investor protection and shifting the focus from "scale worship" to "profitability-oriented" practices in the industry [1] Regulatory Framework - The newly released draft regulation, titled "Norms for Publicly Raised Securities Investment Fund Sales Behavior," consolidates existing policies into a systematic regulatory framework, addressing long-standing issues in the industry [2] - The regulation outlines strict guidelines on promotional behavior, performance assessment, and compliance, aiming to realign fund sales with investor interests [1][2] Promotion and Advertising Standards - The regulation prohibits the display of annualized performance for funds with a duration of less than one year and mandates that performance data must be based on a minimum of six months [3] - It emphasizes the need for accurate and non-misleading promotional language, banning terms that could downplay risks, such as "positive returns" and "low risk" [3][4] - Fund managers are required to focus on the overall capabilities of the research and investment team rather than individual fund managers, discouraging the "star marketing" approach [3][4] Fee Disclosure Requirements - The regulation enhances the transparency of fee disclosures, requiring comprehensive information on all fees associated with fund purchases, including subscription and redemption fees [4][5] - Fund managers must ensure that investors can access and understand the key information before making purchases, addressing concerns about hidden fees [4] Live Streaming Regulations - Fund live streaming is now subject to strict regulations, requiring sales personnel to have appropriate qualifications and banning unqualified individuals from discussing fund content [6] - The regulation mandates compliance checks for live streaming content and requires the retention of records for a minimum of 20 years for promotional materials [6] Performance Assessment Criteria - The regulation shifts the performance assessment focus from sales volume to investor returns, incorporating metrics such as long-term investment gains and the proportion of profitable investors [7] - It prohibits the use of sales revenue and scale as primary assessment criteria, aiming to align sales practices with genuine investor outcomes [7] Integrity and Compliance Measures - A dedicated chapter on "integrity in operations" establishes a comprehensive risk prevention system, requiring fund managers to implement effective measures for compliance and accountability [8] - The regulation mandates thorough audits of marketing expenses to ensure transparency and prevent irregularities in financial reporting [8]