中国公募基金业绩“参照系”将全面升级

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," effective from March 1, 2026, to standardize the selection and use of performance benchmarks in public funds [1][2]. Group 1: Guidelines Overview - The guidelines consist of six chapters and twenty-one articles, emphasizing the representation role of performance benchmarks and the seriousness and stability of their application [1]. - Performance benchmarks are defined as reference standards set by fund managers based on product positioning and investment objectives, typically comprising indices, contract prices, and interest rates [1]. Group 2: Internal Control and Management - Fund management companies are required to establish robust internal control mechanisms and management systems to ensure the stability of investment styles by fund managers [2]. - The decision on performance benchmarks should be made by the company's management, reinforcing the need for internal governance [2]. Group 3: External Constraints and Transition Period - The guidelines specify the supervisory responsibilities of fund custodians and regulate the behavior of fund sales and evaluation institutions regarding the display and use of performance benchmarks [2]. - A one-year transition period is granted for existing products that do not comply with the new guidelines and self-regulatory rules set by the fund industry association [2].