设风控、报方案，基金公司“从容应对”业绩基准新规

Core Viewpoint - The new regulation, "Guidelines for Performance Benchmarking of Publicly Offered Securities Investment Funds," is set to enhance the quality and efficiency of the public fund industry, with a focus on compliance and professional standards [3][4]. Group 1: Regulation Overview - The guidelines will take effect on March 1, 2026, and are largely consistent with the previous draft, indicating a smooth transition for fund management companies [3][4]. - The guidelines have relaxed certain restrictions on fund companies regarding benchmark selection and the conditions for convening shareholder meetings [4]. - The guidelines emphasize the supervisory responsibilities of custodians and sales institutions, integrating benchmark management into the evaluation of fund sales institutions [5][6]. Group 2: Industry Impact - The guidelines are expected to act as a catalyst for improving the overall quality and sustainability of the industry, benefiting firms with strong compliance and research capabilities [3][6]. - Fund companies have reported that they are not yet making large-scale adjustments to performance benchmarks but are preparing proposals for regulatory approval [7]. - The guidelines include provisions for independent monitoring of fund performance against benchmarks, which several fund companies have already begun implementing [7]. Group 3: Challenges and Future Considerations - While the guidelines aim to strengthen the constraints on performance benchmarks, challenges remain in addressing the issue of style drift among funds [7]. - There is a call for further reforms, including linking manager compensation to benchmark performance, to maximize the guidelines' impact on the industry's high-quality development [8].