基金销售行为规范出台，哪些卖基金的“常见操作”不再合规了？

Core Viewpoint - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to enhance compliance and standardization in the fund sales sector, addressing common practices that have become non-compliant under stricter regulatory scrutiny [1][2]. Group 1: Sales Behavior Regulations - The draft specifies that fund performance must be displayed for a minimum of six months, and rankings must be based on data from fund evaluation agencies over three years, eliminating short-term performance metrics [2]. - The use of terms like "guaranteed returns" is prohibited, and fund managers cannot link awards to individual fund managers, emphasizing a focus on the research team and investment framework instead [3][5]. - Fund managers and sales institutions are restricted from promoting fund size or growth, with a shift towards highlighting excess returns over benchmarks and risk-return ratios [6][8]. Group 2: Live Streaming Regulations - The draft outlines that live streaming personnel must have appropriate qualifications, and platforms must disable tipping features, ensuring compliance in promotional activities [9]. - All live streaming materials must be retained for at least 20 years, with specific compliance checks before, during, and after the live sessions [9]. Group 3: Performance Assessment Changes - The performance assessment for fund sales will now include long-term investor outcomes and will prioritize metrics related to investor retention and profitability over short-term sales figures [10][11]. - The new regulations aim to shift the industry focus from short-term gains to long-term investor interests, promoting a more sustainable sales environment [11].