证监会发布《公开募集证券投资基金业绩比较基准指引》 3月1日起施行

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has developed the "Guidelines for the Performance Benchmark of Publicly Offered Securities Investment Funds" to enhance the quality of public fund management and protect investors' rights, effective from March 1, 2026 [1][3]. Group 1: Issues in Current Fund Performance Benchmarking - The current public fund performance benchmarks lack specialized and systematic regulations, with only scattered requirements in information disclosure and special product design [2]. - Many fund managers have not established comprehensive internal control mechanisms covering performance benchmarks, and custodians and sales institutions have not effectively supervised or utilized these benchmarks [2]. - Some actively managed equity funds have significantly deviated from their performance benchmarks, with certain products experiencing "style drift," negatively impacting investor perception [2]. Group 2: Key Features of the Guidelines - The guidelines emphasize the representational role of performance benchmarks, stating that they must align with the core elements of the fund contract and the product's investment style, and should not be changed arbitrarily once selected [3]. - Fund managers are required to strengthen internal controls and management, with performance benchmarks determined by company management and a robust internal control mechanism established [3]. - The guidelines enhance external constraints on performance benchmarks, clarifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions [3]. Group 3: Regulatory Enforcement - The CSRC and its local agencies will enforce regulations against illegal activities by fund managers, custodians, sales institutions, evaluation agencies, and their personnel [3][4].