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Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," aimed at addressing existing issues in the industry and enhancing investor experience [1]. Group 1: Industry Pain Points - Current public funds face several issues regarding performance benchmarks, including a lack of specialized and systematic regulations, leading to weak constraints [5]. - 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 [6]. - Some actively managed equity funds have significantly deviated from their performance benchmarks, with certain products experiencing "style drift," negatively impacting investor satisfaction [7]. Group 2: Key Features of the Guidelines - The guidelines emphasize the serious and stable application of performance benchmarks, ensuring they align with the core elements of the fund contract and investment style, and cannot be changed arbitrarily once selected [9]. - They strengthen the internal control and management of fund managers, requiring benchmarks to be determined by company management and necessitating the establishment of robust internal control mechanisms [9]. - The guidelines enhance external constraints on performance benchmarks, clarifying the supervisory responsibilities of custodians and regulating the behavior of sales and evaluation institutions regarding benchmark usage [9]. Group 3: Implementation Timeline - The guidelines will take effect on March 1, 2026, with a transition period set for existing products that do not comply with the new regulations [10]. - A one-year transition period is provided for existing products to align their performance benchmarks with the guidelines and self-regulatory rules [11]. - Custodians are given a six-month transition period to adjust their supervision of fund investment style stability, considering the need for system adjustments and data interactions [11]. Group 4: Additional Regulations - On the same day, the China Securities Investment Fund Industry Association released the "Operational Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," which will also take effect on March 1, 2026 [12].