设风控、报方案，基金公司“从容应对”业绩基准新规

Core Viewpoint - The new regulation, "Guidelines for Performance Benchmark of Publicly Offered Securities Investment Funds," is set to take effect on March 1, 2026, and aims to enhance the quality and efficiency of the fund industry through improved compliance and management practices [2][6]. Group 1: Industry Response to New Regulation - Multiple fund companies have reported that they have not yet begun large-scale adjustments to performance benchmarks, but plans have been submitted to regulators [2][7]. - The industry has been able to respond calmly to the new regulation due to prior communication and a one-year transition period established by regulators [7]. - Fund companies have arranged for risk control departments to monitor deviations from actual investments compared to performance benchmarks, as required by the new guidelines [7]. Group 2: Changes in Regulatory Framework - The new guidelines maintain the core logic of the previous draft but include adjustments that ease some restrictions on fund companies, such as the conditions for convening shareholder meetings [3][4]. - The guidelines emphasize the supervisory responsibilities of custodians and sales institutions, integrating the selection, use, and management of performance benchmarks into the classification evaluation of fund sales institutions [5][6]. - The guidelines also broaden the responsibilities of fund custodians, requiring them to review style libraries for actively managed products and alert fund managers of any discrepancies [4]. Group 3: Implications for Fund Management - The guidelines are expected to act as a catalyst for improving the quality and sustainability of the industry, benefiting institutions with strong compliance management and stable long-term performance [2][6]. - The connection between performance benchmarks and manager compensation is anticipated to strengthen the alignment of interests between fund managers and investors, focusing on long-term returns [8]. - The adjustments in the guidelines are seen as more aligned with the current state of domestic public funds, which often cover multiple asset classes [3].