公募基金改革，又一关键举措落地

Core Viewpoint - The reform of performance comparison benchmarks for public funds is a key step towards enhancing the quality and stability of the public fund industry, aiming to address issues such as style drift and excessive performance volatility [1][4][5]. Summary by Relevant Sections Performance Comparison Benchmark Reform - The China Securities Regulatory Commission (CSRC) has released draft guidelines for the performance comparison benchmarks of publicly offered securities investment funds, marking a significant move towards standardizing and regulating these benchmarks [1][3]. Functions and Importance of Performance Comparison Benchmarks - Performance comparison benchmarks serve as a standard for measuring fund investment performance, helping to clarify product positioning, investment strategies, and styles, while also constraining investment behaviors [3][4]. Key Issues Addressed by New Regulations - The new regulations aim to resolve issues such as style drift and the tendency of fund managers to chase short-term performance, which can lead to increased volatility and misalignment with the fund's original objectives [4][5]. Requirements for Fund Managers - The guidelines outline five key requirements for fund managers, including establishing a comprehensive control mechanism for benchmark selection and monitoring, ensuring decision-making at the management level, and linking performance compensation to benchmark performance [6][7]. External Responsibilities of Market Institutions - The new rules also emphasize the responsibilities of external market institutions, such as fund custodians and sales organizations, to ensure adherence to performance benchmarks and enhance the overall ecosystem surrounding these benchmarks [8][9]. Standards for Benchmark Selection and Use - The guidelines specify that benchmarks must accurately reflect the product's positioning and investment style, maintain consistency, and be transparent in their calculation methods and data sources [10][11][12]. Supporting Measures for Benchmark Reform - The reform includes a one-year transition period for fund managers to adjust existing benchmarks, the establishment of a benchmark element library, and the integration of performance benchmarks into the compensation assessment of fund managers [13][14].