刚刚！证监会、中基协，重磅发布！公募重要文件出炉！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released two important drafts aimed at enhancing the stability of public fund investment behavior, clarifying product investment styles, and improving investor experience through the establishment of performance benchmarks for publicly offered securities investment funds [2][4]. Group 1: Benchmark Representation - The performance benchmark should reflect the product's positioning and investment style, aligning with the fund contract's investment goals, scope, strategies, and restrictions [3]. - Fund managers are required to appoint fund managers with relevant investment research experience based on the performance benchmark, and once selected, the benchmark should not be changed arbitrarily [3][4]. Group 2: Strengthening Constraints on Investment - The guidelines emphasize the need for a comprehensive control mechanism covering the selection, disclosure, monitoring, and accountability of performance benchmarks [7]. - Fund managers must establish independent departments to monitor deviations from the performance benchmark and ensure compliance with legal and contractual obligations [9]. Group 3: Guiding Assessment through Benchmarks - The guidelines require fund managers to create a performance assessment system centered on fund investment returns, linking compensation to performance relative to the benchmark [10]. - Fund managers should ensure that long-term performance significantly below the benchmark results in a notable decrease in the performance compensation of relevant fund managers [10]. Group 4: Building a Positive Interactive Ecosystem - The guidelines call for custodians, sales, and evaluation institutions to fulfill their supervisory roles regarding performance benchmarks, enhancing the accountability of all market participants [11]. - Fund evaluation agencies are required to use performance benchmarks as a key criterion for assessing fund management situations, ensuring a more scientific and objective evaluation of fund performance [12]. Group 5: Supporting Work Arrangements - The CSRC will guide industry institutions in optimizing existing products' benchmarks during the transition period to ensure alignment with fund contracts and actual styles [13]. - The establishment of a benchmark library is planned to encourage standardized selection of benchmarks representing equity assets [13]. - The CSRC will enhance daily supervision of fund managers, custodians, sales institutions, and evaluation agencies regarding the selection and use of performance benchmarks [14].