规范基准、强化内控、挂钩绩效薪酬，公募重磅新规落地！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," which will take effect on March 1, 2026, emphasizing the role of performance benchmarks in fund management and internal controls [1][2]. Group 1: Performance Benchmark Guidelines - The guidelines highlight the importance of performance benchmarks as a reference standard set by fund managers based on product positioning and investment objectives, which typically consist of indices, contract prices, and interest rates [1]. - Performance benchmarks serve as a "anchor" and "yardstick" for fund investments, helping to clarify product positioning, investment strategies, investment styles, performance measurement, and investment behavior constraints [1]. - The guidelines stipulate that the elements and weights of performance benchmarks should reflect the investment style of the fund product and align with the fund contract's investment goals, scope, strategies, and restrictions [1][2]. Group 2: Internal Control Mechanisms - The guidelines require fund managers to establish a comprehensive internal control mechanism for performance benchmarks, with the management team responsible for decision-making regarding benchmark selection and compliance oversight [2]. - Fund managers must enhance the ongoing management of fund managers and the stability of investment styles, setting differentiated indicators and thresholds for different products [2]. - Custodians are tasked with strengthening the review of investment style libraries and monitoring the stability of investment styles, particularly for thematic products [2]. Group 3: Implementation and Transition - The reform of performance benchmarks is viewed as a systematic effort to promote high-quality development in the public fund industry, with the CSRC planning to guide industry institutions in implementing the new regulations [3]. - A one-year transition period is established for existing products that do not comply with the new guidelines, ensuring that benchmark adjustments align with fund contracts and actual styles [4]. - The fund industry association has created a performance benchmark element library to encourage standardized selection of benchmarks that represent equity assets [3].