新规在路上！基金销售要“变天”？

Core Viewpoint - The China Securities Investment Fund Industry Association (CSRC) has issued a draft regulation aimed at standardizing fund sales behavior, enhancing investor protection, and supporting the high-quality development of public funds [1][8]. Group 1: General Promotion and Marketing Behavior - The draft regulation specifies that fund performance must be displayed for a minimum of six months and prohibits annualized performance displays for periods under one year [2]. - Fund performance rankings must be based on publicly available data from fund evaluation agencies for periods longer than three years, including necessary disclosures [2]. - The use of terms like "positive return" or "probability of positive return" is banned to prevent misleading investors about risks [2][3]. - Fund managers and sales institutions are required to avoid exaggerated or misleading promotional language and cannot promote fund size or growth [2][3]. Group 2: Live Streaming Regulations - The draft includes strict guidelines for live streaming promotions, stating that only qualified personnel can conduct fund-related discussions [4]. - Non-qualified platforms are prohibited from engaging in fund sales or collecting investor transaction information [4]. - Live streaming scripts must undergo compliance review, and platforms must maintain records of promotional materials for at least 20 years [4]. Group 3: Fee Disclosure - Fund management and sales institutions must clearly disclose all fees associated with fund transactions, including subscription, redemption, and maintenance fees [5]. - Sales institutions are required to provide detailed information about service fees and cannot use misleading statements regarding fee waivers [5]. Group 4: Long-term Orientation in Sales Performance - The draft emphasizes the need for a scientific approach to sales performance evaluation, focusing on long-term investor outcomes rather than short-term sales metrics [6]. - The traditional focus on sales volume is to be replaced with metrics that assess investor profitability and retention over longer periods [6]. - Performance evaluation criteria must include a minimum assessment period of one year for sales activities and three years for investor outcomes [6]. Group 5: Industry Impact and Future Directions - The new regulations are seen as a significant shift in the industry, aiming to correct previous marketing practices that prioritized scale over investor returns [8]. - The draft is part of a broader initiative to enhance investor experience and ensure that sales practices align with long-term investment goals [8][9]. - The industry is encouraged to focus on investor education and transparent fee structures to build trust and improve client relationships [9].