公募基金销售将迎新规 考核体系面临深度重构

Core Viewpoint - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to standardize fund sales practices, addressing issues such as the excessive focus on sales scale and unregulated live streaming activities in the industry [1] Group 1: Sales Behavior Regulations - The draft emphasizes that performance evaluation metrics for fund sales should increase the weight of equity fund retention and investor profit and loss situations, moving away from prioritizing sales revenue and scale [1][7] - Fund managers and sales institutions are required to objectively and comprehensively present fund performance, ensuring that past performance does not imply future returns, and must not promise future profits in any form [2][3] Group 2: Marketing and Promotion Guidelines - Fund managers and sales institutions must avoid misleading promotional language and cannot advertise fund size or growth, focusing instead on the investment team's capabilities and the fund's utility [3] - The new regulations prohibit the use of terms that may downplay risks, such as "positive returns" or "positive return probability," ensuring that risk indicators are clearly communicated alongside performance data [2][3] Group 3: Live Streaming Regulations - The draft mandates that fund managers and sales institutions must implement appropriate risk control measures when conducting live streaming, ensuring compliance and risk management capabilities are aligned with the nature of the live business [4][5] - Only qualified personnel can present fund-related content during live streams, and all promotional materials must be retained for a minimum of 20 years [5][6] Group 4: Performance Evaluation Mechanism - The revised performance evaluation mechanism for fund sales must align with operational performance, financial status, and compliance, discouraging short-term sales behaviors that could lead to risks [7][8] - The focus on equity fund retention and investor profit and loss in the evaluation criteria aims to shift the emphasis from merely selling products to ensuring customer profitability, thereby enhancing advisory service capabilities [8]