事关公募基金销售，最新发布

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a draft for public consultation on the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds," aiming to standardize the sales practices of fund companies and distribution agencies. Group 1: Key Regulations on Fund Sales Practices - The draft includes 37 articles covering various aspects such as fund promotion behavior, live streaming for promotion, disclosure of sales information and fees, performance evaluation of sales activities, integrity in operations, and self-regulation [1] - It addresses core issues in current fund sales practices, such as the emphasis on short-term performance rankings and excessive promotion of "star fund managers," aiming to align the interests of fund managers and sales institutions with investor returns [1] Group 2: Performance Disclosure Requirements - Fund managers and sales institutions must objectively and comprehensively present fund performance, ensuring that past performance does not guarantee future returns, and must not promise future returns in any form [2] - Performance data must cover periods longer than six months, and rankings should be based on publicly available data from fund evaluation agencies for periods of three years or more [2] - Risk indicators related to fund performance must be displayed alongside performance data, and promotional language that may downplay risks is prohibited [2] Group 3: Fund Manager Promotion Guidelines - The draft emphasizes the importance of promoting the research team and platform capabilities rather than excessively promoting individual fund managers [3] - It prohibits misleading representations that conflate fund managers' years of experience with their actual investment management experience [3] - When promoting index funds, the focus should be on their utility and asset allocation functions, while adequately disclosing risks associated with net value fluctuations in money market-like funds [3] Group 4: Sales Performance Evaluation - The draft mandates the establishment of a scientific and reasonable performance evaluation system for fund sales, including clear indicators and accountability mechanisms for short-term sales behaviors [4] - Performance evaluation indicators should encompass both sales activity and investor profit and loss situations, with a focus on long-term investment outcomes [5] - The evaluation must prioritize the retention of equity fund holdings and the long-term profitability of investors, rather than solely focusing on sales revenue and scale [5] Group 5: Fee Disclosure and Live Streaming Regulations - The draft outlines requirements for live streaming promotions, mandating that presenters hold relevant qualifications and that platforms disable tipping features [6] - Fund managers and sales institutions must fully disclose all types of fees associated with fund transactions, including subscription fees, service fees, and redemption fees, ensuring transparency in fee structures [6] - Different fee levels for various share classes must be disclosed, and investors should be informed of redemption fees at the time of transaction [6]