重磅规范来了！事关基金销售

Core Viewpoint - The article discusses the issuance of a draft regulation aimed at standardizing the sales behavior of publicly offered securities investment funds in China, focusing on investor protection and the prevention of misleading practices [2]. Group 1: Fund Sales Behavior Regulations - The draft regulation prohibits excessive promotion of fund managers for the purpose of rapid fundraising and requires clear differentiation between a fund manager's years of service and actual investment management experience [2][6]. - Fund managers and sales institutions must adopt a long-term sales philosophy centered on the best interests of investors and fulfill obligations related to risk preference and capacity identification [2]. Group 2: Fund Performance and Promotion Standards - Fund performance must be presented objectively and comprehensively, with specific requirements such as a minimum performance display period of six months and the use of data from recognized evaluation agencies for rankings [4]. - The use of terms like "positive return" or "probability of positive return" is prohibited to prevent investors from overlooking risks, although some industry experts suggest allowing objective displays of past performance with appropriate risk disclosures [5]. Group 3: Live Streaming Regulations - The draft outlines compliance requirements for fund managers and sales institutions conducting live streaming, including the necessity for qualified personnel and agreements with streaming platforms to ensure compliance with sales regulations [8][10]. - Live streaming personnel must have relevant qualifications and adhere to advertising laws, while platforms must disable tipping features to prevent conflicts of interest [9]. Group 4: Disclosure of Fees and Costs - Fund managers and sales institutions are required to ensure that investors can access and understand fund product information, including various fees such as subscription, redemption, and service fees [13]. - Different share classes must have their fee structures disclosed, and sales institutions must clarify the definition and collection methods of service fees [13]. Group 5: Performance Assessment Optimization - The draft aims to shift the focus of performance assessments away from short-term aggressive sales towards long-term value creation, incorporating factors like compliance and risk management into the evaluation criteria [15][16]. - Sales performance metrics should include long-term investor outcomes and avoid prioritizing sales revenue or scale as primary indicators [16].