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 industry, marking a significant shift towards high-quality development and stricter regulatory oversight [1][10][21] Group 1: Sales Behavior Regulations - The draft consists of nine chapters and 37 articles, addressing various aspects such as general promotion, live marketing, and performance assessment of sales activities [1][10] - The new regulations build upon previous guidelines from the China Securities Regulatory Commission (CSRC) and introduce more detailed requirements for emerging sales models in the fund industry [1][10] Group 2: Performance Display Requirements - Fund performance must be displayed for a minimum of six months, and annualized returns cannot be shown for funds with less than one year of operation [2][12] - Rankings must be based on data from fund evaluation agencies for periods of three years or more, including necessary disclosures about the evaluation agency [2][12] Group 3: Prohibited Marketing Practices - The use of terms like "guaranteed returns" or "positive return probability" is prohibited to prevent misleading investors about risks [3][14] - Fund managers and sales institutions are restricted from linking fund awards to individual fund managers, emphasizing the importance of the research team and investment platform instead [3][4][14] Group 4: Fund Size and Growth Promotion - Fund managers and sales institutions are not allowed to promote fund size or growth, breaking the trend of "size equals income" [5][15] - The focus should shift towards demonstrating excess returns over benchmarks and risk-return ratios, rather than emphasizing fund size [5][15] Group 5: Live Marketing Regulations - Live marketing personnel must have appropriate qualifications, and platforms must disable tipping features [6][18] - A comprehensive compliance mechanism is required for live broadcasts, including pre-approval of scripts and post-broadcast record-keeping for at least 20 years [6][18][19] Group 6: Sales Performance Assessment - Sales performance assessments must include both the status of fund sales and investor profit/loss situations, with a focus on long-term investment outcomes [9][20] - The regulations aim to shift the industry focus from short-term sales tactics to long-term investor retention and satisfaction [9][20] Group 7: Overall Impact on the Industry - The draft represents a critical step in reshaping the fund sales ecosystem, promoting a shift from a scale-driven approach to one focused on investor interests [10][21] - The implementation of these regulations is expected to enhance investor trust and the overall quality of the fund industry [10][21]