证监会发布新规！3月1日起施行

Core Viewpoint - The China Securities Regulatory Commission has released the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," effective from March 1, 2026, marking a new phase of systematic and standardized benchmark management in the public fund industry, aimed at addressing issues like "style drift" and enhancing product transparency and investment discipline [1][3]. Group 1: Guidelines and Framework - The guidelines establish a comprehensive framework covering the selection, change, and disclosure of performance benchmarks, as well as internal controls and external constraints [4]. - The guidelines emphasize the serious and stable application of performance benchmarks, ensuring they reflect product positioning and investment style, and are aligned with investment strategies and risk-return characteristics [4][5]. Group 2: Impact on Investment Behavior - The introduction of these guidelines is expected to prevent the long-criticized phenomenon of style drift in public funds, thereby enhancing investment stability and protecting investors' rights [2][3]. - Fund managers are required to establish a comprehensive internal control mechanism for performance benchmarks, with management responsible for decision-making and compliance oversight [5]. Group 3: Link to Compensation and Performance Evaluation - The guidelines link performance benchmarks to fund manager compensation, encouraging a focus on long-term returns for investors [6]. - Fund evaluation mechanisms are being regulated to ensure that performance benchmarks are used as a key criterion for assessing fund management, promoting a more scientific and objective evaluation of investment performance [6].