中国证监会发布《公开募集证券投资基金业绩比较基准指引》自今年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 development, effective from March 1, 2026, focusing on investor protection and the proper use of performance benchmarks [1][2]. Group 1 - The guidelines consist of six chapters and twenty-one articles, emphasizing the serious and stable application of performance benchmarks, which must align with the core elements of the fund contract and investment style, and cannot be changed arbitrarily once selected [2]. - The guidelines strengthen internal controls and management for fund managers, requiring benchmarks to be determined by company management and necessitating the establishment of robust internal control mechanisms to manage fund managers and maintain investment style stability [2]. - External constraints on performance benchmarks are reinforced, specifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions regarding the display and use of benchmarks [2]. Group 2 - Strict regulatory measures will be enforced by the CSRC and its local agencies against any illegal activities by fund managers, custodians, sales institutions, evaluation agencies, and their personnel [2]. - Prior to finalizing the guidelines, the CSRC sought public opinion, receiving general approval and specific suggestions for modifications, which were carefully considered and incorporated into the final version of the guidelines [2]. - The CSRC will ensure effective implementation of the guidelines following their official release [2].