Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a systematic regulation of performance benchmarks for public funds, indicating a move towards greater transparency and standardization in the fund industry [1] Group 1: Regulatory Changes - The proposed regulations aim to establish clear performance comparison standards for public funds, which could enhance investor confidence and improve market efficiency [1] - The CSRC's initiative reflects a broader trend towards regulatory tightening in the financial sector, focusing on protecting investors and ensuring fair practices [1] Group 2: Industry Impact - The new guidelines may lead to a more competitive environment among fund managers, as they will need to meet standardized performance metrics [1] - This regulatory shift could potentially influence investment strategies and fund allocation decisions within the industry, as funds will be compared against a unified benchmark [1]

四道防线与要素库制度 《指引》共六章二十一条，系统构建起"管理人内控—托管人监督—协会自律—证监会监管"的四道防线。监管首次明确，业绩比较基准应成为基金合同的核 心制度要素，一经确定不得随意变更，只有在指数停用、编制方案重大修订或法律法规变化等客观情形下方可调整，且需履行公告、注册、持有人大会等程 序。 在行业机制建设方面，《指引》授权中国证券投资基金业协会建立"基金行业业绩比较基准要素库"，基金管理人可从库中选取基准要素。这一制度设计被视 为行业首创，意味着未来基金基准选取将实现标准化与透明化，避免"自创指数"或"模糊基准"现象。 10月31日，中国证监会发布《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（下称《指引》），并同步公开征求社会意见。这是继《推动公募 基金高质量发展行动方案》之后，监管层在行业基础制度建设领域推出的又一重要举措，旨在规范公募基金业绩比较基准的选取与使用，完善内部控制机 制，强化外部监督约束，切实保护投资者合法权益。 证监会在《起草说明》中指出，业绩比较基准是基金合同的基本要素，是基金投资的"锚"和"尺"，在表征投资风格、衡量业绩与约束投资行为方面发挥重要 作用。但当前我国 ...