证监会、基金业协会重磅发布，公募重大改革落地

Core Viewpoint - The introduction of the "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds" aims to enhance the regulation of performance benchmarks, ensuring they effectively represent fund investment styles and serve as a tool for evaluating fund performance [1][5]. Summary by Sections General Principles - The guidelines consist of 21 articles divided into six chapters, focusing on the representation, constraint, evaluation, and supervision of performance benchmarks [3]. Benchmark Norms - Performance benchmarks must be representative and objective, ensuring that selected indices are reasonable and liquid. Fund managers and custodians are responsible for product development and contract review [3]. Strengthening Constraints - Benchmarks cannot be adjusted arbitrarily due to short-term factors, and any changes must follow specific procedures. Fund legal documents must disclose the basis for benchmark selection and changes, with regular reports comparing fund performance against benchmarks [3][5]. Evaluation Role - The guidelines specify requirements for using performance benchmarks in salary assessments, fund sales, and evaluations, ensuring they play a significant role in these areas [3]. Multi-layered Safeguards - The guidelines emphasize internal controls for fund managers and enhanced supervision by custodians to ensure compliance with benchmark standards [3]. Supporting Measures - The China Securities Regulatory Commission (CSRC) has authorized the establishment of a benchmark element library to encourage standardized selection and use of benchmarks by fund managers [4]. A one-year transition period is provided for existing products to comply with the new guidelines [4][5]. Investor Experience - The guidelines are expected to improve investor experience by providing clear standards for evaluating funds and binding fund managers to their investment behaviors, thus enhancing transparency and professionalism in the public fund industry [7][8][9].