新规重塑基金圈，流量炒作被叫停，关键卡点难住所有人

Core Viewpoint - The new regulatory draft for public offering securities investment fund sales is set to reshape the industry, requiring both practitioners and investors to adapt to new standards [1] Group 1: Assessment and Evaluation Changes - The new regulations emphasize detailed fee disclosures, aiming to address issues of hidden fees and inducements for frequent trading [4] - Fund managers, even those who significantly underperform, can still earn substantial management fees, raising questions about how the new rules will manage this situation [6] - Sales performance evaluation will shift from focusing solely on sales volume to a more complex KPI system, creating challenges for sales teams [8] Group 2: Promotion and Marketing Adjustments - The new rules prohibit misleading performance advertising, such as promoting short-term gains, and restrict performance disclosures to those over three years [11] - The practice of highlighting star fund managers is being phased out, with a focus now on investment strategies and themes instead [14] - The regulations aim to eliminate the "star-making" approach in fund promotions, as past performance does not guarantee future success [14] Group 3: Compliance and Operational Challenges - There are still unclear areas in compliance, particularly regarding the definition of "consideration" for ETF launches and the legality of certain sales practices [18] - The regulations signal a shift from a product-selling mentality to a service-oriented approach within the fund industry, indicating a move towards more responsible growth [19] - The industry is expected to face short-term challenges as it adjusts to these new operational standards [19]