严管基金销售！“正收益” 宣传、直播打赏均被叫停

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" to standardize fund sales practices and protect investors' rights, seeking industry feedback on the proposal [2][3]. Group 1: Fund Sales Behavior Regulations - The draft outlines clear requirements for general promotional activities, live streaming promotions, disclosure of sales information and fees, and performance evaluation of fund sales [2]. - Violations of these regulations by fund managers or sales institutions will lead to self-regulatory or disciplinary actions, and serious violations will be referred to the China Securities Regulatory Commission for legal processing [2]. Group 2: Performance Display Standards - The draft sets strict standards for fund performance display, requiring objective and comprehensive presentation of performance while prominently disclosing risks [3]. - Fund performance must be displayed for periods exceeding six months, and annualized returns for periods under one year are prohibited [3]. - Performance rankings must use publicly available data from fund rating agencies for periods of three years or more, with full disclosure of the agency's name and fund type [3]. Group 3: Communication Restrictions - The use of terms like "positive returns" and "positive return probability" is prohibited, along with exaggerated language and promotion of fund size and growth [4]. - Fund manager promotions must focus on the research team and platform strength rather than individual accolades [4]. Group 4: Live Streaming Marketing Controls - The draft imposes comprehensive compliance requirements for live streaming marketing, including personnel qualifications and content management [5]. - Only qualified personnel can promote funds in live streams, and the use of tipping or reward functions is banned [5]. - Detailed compliance management processes are required for live streaming, including script reviews and post-event compliance records [5]. Group 5: Fee Transparency - The draft mandates clear disclosure of all fees associated with fund purchases, ensuring investors have adequate time to review fund product summaries [7]. - Different share classes must have their fees disclosed, and sales service fees must be clearly defined and explained [7]. Group 6: Performance Evaluation Mechanism Reform - The draft proposes a fundamental overhaul of the performance evaluation mechanism for sales institutions, emphasizing long-term investor outcomes over short-term sales metrics [8]. - Performance evaluation indicators must include both sales activity and investor profit/loss situations, with a minimum evaluation period of one year for sales and three years for investor outcomes [8]. Group 7: Accountability Mechanisms - The draft establishes accountability mechanisms to address inducements for short-term trading behaviors, requiring sales institutions to avoid misleading practices [9]. - New requirements prohibit the display of performance rankings for periods under three years and restrict the promotion of fund size and sales volume [9]. Group 8: Integrity and Compliance - The draft includes strict regulations on integrity in operations, requiring fund managers and sales institutions to establish clear anti-corruption measures [10]. - Financial audits of marketing expenses must be conducted to ensure compliance, and any form of hidden payments or benefits is strictly prohibited [10].