证监会、中基协发布：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]. Group 1: Performance Benchmark Guidelines - The drafts aim to clarify the internal setting, changing, and disclosure norms of performance benchmarks, as well as to improve internal control mechanisms [2]. - The guidelines emphasize that benchmarks should reflect the product's positioning and investment style, aligning with the fund contract's investment goals and strategies [4]. - Fund managers are required to appoint experienced fund managers based on the performance benchmark, which should not be changed arbitrarily due to short-term market fluctuations or performance assessments [4]. Group 2: Strengthening Constraints on Benchmarks - Historically, there has been insufficient monitoring and control over fund managers, leading to issues such as "style drift" [7]. - The guidelines require fund managers to establish a comprehensive control mechanism covering the selection, disclosure, monitoring, and accountability of performance benchmarks [8]. - An independent department must monitor deviations from the benchmark, ensuring that fund managers are held accountable for their investment decisions [9][10]. Group 3: Constructing a Positive Interaction Ecosystem - The guidelines call for custodians, sales, and evaluation institutions to effectively supervise and utilize performance benchmarks to avoid them becoming ineffective [14]. - Custodians are tasked with responsibilities such as reviewing fund contracts and monitoring investment style stability [14]. - Fund evaluation agencies are encouraged to use performance benchmarks as a key criterion for assessing fund management [14]. Group 4: Supporting Measures for Implementation - The CSRC plans to guide industry institutions in optimizing existing products' benchmarks during a transition period to ensure market stability [17]. - A benchmark library will be established to encourage standardized selection of benchmarks that represent equity assets [17]. - The CSRC will enhance daily supervision of fund managers and related institutions to ensure compliance with the new guidelines [18].