Core Viewpoint - The China Securities Regulatory Commission (CSRC) has publicly solicited opinions on the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds (Draft for Comments)" which aims to enhance the regulation and standardization of performance benchmarks in the fund industry [1] Group 1: Key Content of the Guidelines - The guidelines consist of six chapters and 21 articles, emphasizing the representational role of performance benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [1] - The guidelines strengthen the binding role of performance benchmarks, requiring fund managers to establish a comprehensive internal control mechanism to enhance decision-making levels and ensure the stability of investment styles [1] - The guidelines aim to standardize the evaluation role of performance benchmarks, regulating their use in salary assessments, fund sales, and fund evaluations [1] - The guidelines propose a multi-layered defense mechanism, enhancing information disclosure and supervision by fund custodians, in addition to self-regulation by fund managers [1] Group 2: Supporting Documents - The Asset Management Association of China is concurrently drafting the "Operational Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds (Draft for Comments)" to provide further clarity on the selection, display, information disclosure, risk control, and compliance management of performance benchmarks [1]

Core Points - The China Securities Investment Fund Industry Association has drafted the "Operational Guidelines for Performance Benchmark Selection and Use of Publicly Raised Securities Investment Funds (Draft for Comments)" to enhance the quality of public funds and protect investors' rights [2][3] - The guidelines aim to standardize the selection and use of performance benchmarks, improve internal controls of fund managers, and ensure compliance with relevant laws and regulations [2] Summary by Sections Performance Benchmark Representation - The performance benchmark should reflect the core elements and investment style stipulated in the fund contract and should not be changed arbitrarily once selected [2] Internal Control Mechanism - Fund managers are required to establish a comprehensive internal control mechanism to enhance decision-making processes and ensure the stability of investment styles [3] Evaluation and Accountability - The guidelines emphasize the role of performance benchmarks in evaluating fund performance, which includes requirements for salary assessments, fund sales, and fund evaluations [3] Information Disclosure and Supervision - There is a focus on strengthening information disclosure and supervision by fund custodians, building multiple layers of defense beyond self-regulation by fund managers [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" and is seeking public feedback, aiming to standardize fund managers' investment behavior and enhance investor experience [1][2]. Summary by Sections General Principles - The guidelines consist of 21 articles divided into six chapters, emphasizing the representativeness and objectivity of performance comparison benchmarks [1]. Constraints on Performance Benchmarks - The new regulations state that performance benchmarks cannot be adjusted arbitrarily due to short-term factors, and any changes must follow specific procedures, including announcements and informing investors [2]. Evaluation Role of Performance Benchmarks - The guidelines also standardize the use of performance benchmarks in salary assessments, fund sales, and fund evaluations [2]. Strengthening Supervision - There is a focus on enhancing information disclosure and supervision by fund custodians, establishing multiple layers of defense beyond self-regulation by fund managers [3].

Core Viewpoint - The China Securities Investment Fund Industry Association has drafted the "Operational Guidelines for the Selection and Use of Performance Benchmarks for Publicly Raised Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks, enhance internal controls of fund managers, and protect investors' rights [1][3]. Group 1: Regulatory Framework - The guidelines are based on various laws and regulations, including the Securities Investment Fund Law and the Management Measures for Publicly Raised Securities Investment Funds [3][4]. - The guidelines apply to fund managers, custodians, and evaluation institutions involved in the selection and use of performance benchmarks [4]. Group 2: Requirements for Fund Managers - Fund managers are required to establish a comprehensive mechanism covering the selection, disclosure, monitoring, evaluation, and accountability of performance benchmarks [4][10]. - The performance benchmark should reflect the fund's investment objectives, scope, strategy, and style [10][11]. Group 3: Benchmark Selection and Matching - Performance benchmarks must match the main asset types that the fund can invest in, with specific guidelines for equity and bond funds [6][7]. - For equity funds, benchmarks should generally be broad-based indices or specific strategy indices, while bond funds should use mainstream comprehensive bond indices [6][9]. Group 4: Disclosure and Reporting - Fund managers must disclose the fund's actual investment performance compared to the benchmark in regular reports, covering various time frames [8][9]. - Any changes to the performance benchmark must be reported within one year, detailing the differences and reasons for the change [9]. Group 5: Internal Control and Compliance - Fund managers must implement a management mechanism for performance benchmarks that includes risk control and compliance checks [10][11]. - Compliance departments are responsible for reviewing the legality and compliance of benchmark selection and usage [11]. Group 6: External Supervision - Fund custodians are tasked with establishing mechanisms for reviewing contracts, monitoring investments, and verifying disclosures related to performance benchmarks [12][13]. - Custodians must ensure that the selected benchmarks are representative and objective, and they should communicate any discrepancies to fund managers [12][13]. Group 7: Self-Regulation and Violations - The association will take self-regulatory measures or disciplinary actions based on the nature and circumstances of any violations by fund managers or custodians [15][16]. - Violations of laws or regulations will be reported to the China Securities Regulatory Commission for further action [15].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Guidelines for the Performance Benchmark of Publicly Offered Securities Investment Funds (Draft for Comments)" to standardize the selection and use of performance benchmarks in the mutual fund industry, aiming to enhance internal controls and protect investors' rights [2][3]. Group 1: Guidelines Overview - The guidelines consist of six chapters and twenty-one articles, emphasizing the representation function of performance benchmarks, which should reflect the core elements and investment style agreed upon in the fund contract and should not be changed arbitrarily once selected [2]. - The guidelines strengthen the constraint function of performance benchmarks, requiring fund managers to establish a comprehensive internal control mechanism to ensure the stability of investment styles [2]. - The guidelines aim to standardize the use of performance benchmarks in salary assessments, fund sales, and fund evaluations, thereby enhancing their evaluative function [2]. - The guidelines propose a multi-layered defense system, enhancing information disclosure and supervision by fund custodians, in addition to self-restraint by fund managers [2]. Group 2: Industry Association's Role - The Asset Management Association of China has concurrently drafted the "Operational Details for the Performance Benchmark of Publicly Offered Securities Investment Funds (Draft for Comments)" to provide specific operational norms regarding the selection, disclosure, risk control, and compliance management of performance benchmarks [3]. - The CSRC invites public feedback on the guidelines, indicating that revisions will be made based on the comments received before final implementation [3].

人民财讯10月31日电，中国证监会就《公开募集证券投资基金业绩比较基准指引（征求意见稿）》公开 征求意见，《指引》共六章二十一条，主要内容如下：一是突出业绩比较基准的表征作用，业绩比较基 准应当体现基金合同约定的核心要素和投资风格，一经选定则不得随意变更。二是强化业绩比较基准的 约束作用，基金管理人应当建立全流程内控机制，提高内部决策层级，确保投资风格稳定性。三是发挥 业绩比较基准的评价作用，规范薪酬考核、基金销售、基金评价等对业绩比较基准的使用要求。四是健 全多道防线，在基金管理人自我约束基础上，进一步加强信息披露和基金托管人监督。 ...