突出以投资者为本 公募基金信披规则迎重大修订

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised disclosure rules for publicly offered securities investment funds, marking a significant update aimed at enhancing transparency and investor-centric practices in the industry [1][2]. Group 1: Regulatory Changes - The CSRC has integrated and revised the disclosure content and format guidelines for annual, semi-annual, and quarterly reports into a single normative document, simplifying the disclosure rules [2][3]. - The revised guidelines consist of three chapters and 36 articles, focusing on consolidating similar disclosure items across different report types and tailoring specific requirements based on the unique functions of each report [2][3]. - The new rules will allow the Asset Management Association of China to develop XBRL templates as self-regulatory rules, enhancing the flexibility and adaptability of the disclosure framework [3]. Group 2: Investor-Centric Focus - The updated guidelines emphasize a "investor-centric" approach by requiring fund managers to disclose long-term performance data over 7 and 10 years in annual, semi-annual, and quarterly reports, moving away from short-term performance metrics [4]. - The CSRC aims to promote a focus on long-term and value investing by mandating the disclosure of the proportion of profitable investors in actively managed equity and mixed funds over the past year [4]. Group 3: Stability in Investment Behavior - The revised XBRL templates will require fund managers to disclose stock turnover rates in annual reports, addressing concerns about high turnover rates that contradict long-term investment principles [4]. - This initiative is intended to encourage fund managers and managers to adopt more prudent and rational investment strategies, correcting overly aggressive investment behaviors [4].