基金适当性管理新规来了，风险测评不能再“走过场”

Core Viewpoint - The article discusses the new regulations issued by the China Securities Investment Fund Association aimed at enhancing investor suitability management in the mutual fund industry, emphasizing the need for appropriate product sales to suitable investors, particularly focusing on risk assessment and the protection of vulnerable groups like the elderly [3][4][5]. Group 1: Risk Assessment Management - The new regulations impose strict norms on risk assessment management, requiring fund managers and sales institutions to ensure that risk assessments are not merely formalities and must be updated regularly [5][6]. - Investors can only undergo risk assessments a limited number of times within a day and a year, with results needing to be confirmed if there are discrepancies [5][6]. - The validity of risk assessment results is set to a maximum of 12 months, necessitating re-evaluation if there are significant changes in the investor's circumstances [5][6]. Group 2: Fund Risk Rating Standards - The regulations require the establishment of a comprehensive risk rating system for funds, combining quantitative and qualitative indicators to determine risk levels accurately [6][7]. - Funds with higher stock positions, greater net asset volatility, and larger maximum drawdowns must have a risk rating that reflects these factors, ensuring consistency across the industry [6][7]. - The regulations aim to address past issues where sales institutions prioritized performance over risk warnings, leading to mismatches between investor risk tolerance and product suitability [6][7]. Group 3: Special Attention to Vulnerable Groups - The new rules mandate special care when selling high-risk funds to investors aged 65 and above, requiring sales personnel to exercise greater caution and provide thorough explanations [8][9]. - This measure is designed to protect elderly investors from impulsive decisions that may not align with their risk profiles [8][9]. Group 4: Regulation of Live Sales Channels - The regulations also cover the emerging sales channels like live streaming, requiring that risk assessments be completed before any sales are made through these platforms [10]. - Sales through live streaming must include comprehensive risk disclosures and ensure that products match the investors' risk preferences, eliminating the possibility of impulsive purchases [10]. Group 5: Ongoing Industry Adjustments - Several fund companies have begun adjusting the risk ratings of their products in response to the new regulations, reflecting a trend towards more rigorous risk management practices [12][13]. - The industry is shifting from a scale-oriented approach to one focused on investor returns, emphasizing the importance of investor education and understanding of product risks [13][14].