公募基金销售新规拟限制规模宣传

Core Viewpoint - The new regulations from the Asset Management Association of China (AMAC) prohibit the promotion of fund size and growth, which has raised concerns in the industry regarding its impact on marketing strategies, especially for ETFs [1][2][5]. Summary by Sections Regulations Overview - The draft regulation titled "Sales Behavior Norms for Publicly Raised Securities Investment Funds" consists of nine chapters and 37 articles, focusing on various promotional behaviors and performance assessments [1][4]. - Key points include restrictions on displaying fund performance for periods shorter than six months and the requirement to use data from fund evaluation institutions for performance rankings [1][5]. Impact on ETF Marketing - Industry insiders express surprise at the restriction on promoting fund size, as it is often a key differentiator for ETFs, impacting liquidity and market perception [2][3]. - The inability to advertise fund size may lead to challenges in differentiating products in a competitive market, potentially affecting investor decisions regarding smaller funds [2][3]. Compliance and Adjustments - Fund management and sales institutions are expected to adjust their promotional strategies in line with the new regulations, focusing on the attributes of index funds and their investment value rather than size [3][4]. - Compliance departments are already implementing changes to avoid size-related promotions, with a shift towards emphasizing index components and investment strategies [3][4]. Performance Assessment Changes - The regulations also stipulate that performance assessments for fund sales should prioritize investor outcomes over sales revenue and size, indicating a shift towards a more investor-centric approach [4][5]. - Future marketing efforts are likely to focus on the sustainability and stability of fund performance, as well as the unique characteristics of products [5].