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Core Viewpoint - A regulatory storm aimed at reshaping the fund sales ecosystem is underway, with a focus on protecting investor rights and addressing long-standing issues in the industry, such as prioritizing sales over service [3][4]. Summary by Sections Regulatory Framework - The newly released draft regulation, titled "Norms for Publicly Raised Securities Investment Fund Sales Behavior," outlines multiple core dimensions including promotion, live sales, fee disclosure, performance assessment, and integrity in operations [3][4]. Promotion and Advertising Standards - The regulation prohibits the annualized display of performance for funds with a duration of less than one year and mandates that performance rankings must be based on publicly available data from fund evaluation agencies for periods exceeding three years [7][8]. - Strict guidelines are set for promotional language to avoid misleading investors, banning terms like "positive return" and emphasizing the importance of the research team over individual fund managers [7][8]. Fee Disclosure - The regulation enhances the transparency of fee disclosures, requiring comprehensive information on all fees associated with fund purchases, including subscription fees, redemption fees, and maintenance fees [8][9]. - Fund managers must ensure that investors can access and understand the core content of fund product information before making purchases [8]. Live Sales Regulations - Fund live sales are now subject to strict regulations, requiring sales personnel to have appropriate qualifications and banning unqualified platforms from participating in transactions [10][11]. - The regulation mandates that live sales must undergo compliance checks, including script reviews and real-time monitoring during broadcasts [11]. Performance Assessment - The performance assessment for fund sales will now focus on two main dimensions: sales activity and investor profitability, with an emphasis on long-term investor returns [12]. - The regulation prohibits the use of sales revenue and scale as primary assessment metrics, aiming to shift the industry focus from short-term marketing to long-term service [12]. Integrity and Compliance - A dedicated chapter on "Integrity in Operations" has been established, requiring fund managers and sales institutions to implement effective risk prevention and accountability mechanisms [13][14]. - Financial practices related to sales must be transparent and accurately recorded to prevent irregularities such as false expense reporting [14].