史上最严基金销售规范来了

Core Viewpoint - The article discusses the recent draft regulations issued by the China Securities Regulatory Commission (CSRC) aimed at standardizing the sales behavior of public funds, preventing misleading practices, and protecting investors' rights [3][4]. Group 1: Sales Behavior Regulations - The draft regulations emphasize the need for a return to the fundamental principle of "trust and fiduciary management" in the fund industry, aiming to maintain the healthy and stable development of the capital market [3]. - Key areas covered include general promotional behavior, live-streaming management, sales information and fee disclosure, performance assessment, and other sales behaviors [3]. Group 2: Promotional Guidelines - The draft imposes strict controls on promotional language to eliminate misleading statements, particularly prohibiting the use of terms like "positive returns" that may lead investors to overlook risks [9]. - Fund performance must be presented objectively, with a clear disclaimer that past performance does not guarantee future results, and any performance displayed must cover a period of at least six months [6][8]. Group 3: Fund Manager Promotion - The regulations require that promotional efforts focus on the research team's capabilities rather than individual fund managers, discouraging the glorification of "star fund managers" [11][12]. - Specific prohibitions include linking fund performance awards to fund managers and overstating their experience [11]. Group 4: Live Streaming Regulations - Live streaming as a promotional tool is subject to stringent regulations, including the requirement for personnel to have appropriate qualifications and the prohibition of non-compliant platforms from participating in fund sales [13][14]. - All live streaming materials must be retained for a minimum of 20 years, ensuring accountability and compliance [16]. Group 5: Fee Transparency and Performance Assessment - The draft mandates comprehensive disclosure of all fees associated with fund purchases, ensuring investors have adequate time to review this information [17]. - Performance assessment metrics must align with long-term investor outcomes rather than short-term sales figures, with a focus on maintaining a long-term investment culture [18][19]. Group 6: Market Competition and Ethical Standards - The regulations aim to maintain fair competition by prohibiting exclusive sales practices and the disparagement of competing funds [21][24]. - A framework for preventing conflicts of interest in sales practices is established, alongside a commitment to ethical conduct within the fund sales sector [22][24].