采用孰高原则 近期，建设银行、中信银行等银行纷纷上调代销的部分公募基金产品风险等级，农业银行发布代销 公募基金产品风险等级评价及动态评估规则的公告。 业内人士表示，银行此举主要是为了落实《商业银行代理销售业务管理办法》要求，对代销公募基 金产品风险等级从严评定，即按照风险孰高原则确定最终评级结果。随着《代理销售办法》正式实施日 期（10月1日）逐渐临近，基金销售适当性管理中的问题，如基金产品风险等级难以精准匹配客户真实 风险承受能力、部分银行在代销基金产品准入环节过度依赖第三方机构评估等，有望得到改善。 代销基金风险评级趋严 5月30日，建设银行发布关于调整部分代销公募基金产品风险等级的公告。建设银行表示，根据 《证券期货投资者适当性管理办法》《基金募集机构投资者适当性管理实施指引（试行）》等规定，为 切实履行适当性义务，保护投资者权益，该行遵循产品风险等级评定孰高原则，近期调整了部分代销公 募基金产品风险等级，包括将4只基金的风险级别由R3上调至R4。 这已是建设银行今年以来第二次发布调整部分代销公募基金产品风险等级的公告。今年2月该行发 布公告称，已对21只代销公募基金产品风险等级进行上调。 5月23日， ...

Core Viewpoint - Recent adjustments by banks to increase the risk ratings of certain public fund products are primarily aimed at complying with regulatory requirements, specifically the "Sales Agency Management Measures" [1][3] Group 1: Risk Rating Adjustments - Several banks, including China Construction Bank and CITIC Bank, have raised the risk ratings of public fund products, with Construction Bank adjusting four funds from R3 to R4 [1] - Agricultural Bank of China has announced a dynamic evaluation rule for risk ratings, collaborating with third-party evaluation agencies for continuous risk assessment throughout the product lifecycle [2] - CITIC Bank has adjusted the risk ratings of 158 fund products, emphasizing that if the new rating exceeds the investor's risk tolerance, it may lead to failed deductions for regular investments [2] Group 2: Regulatory Compliance - The adjustments are in line with the "Sales Agency Management Measures" issued by the National Financial Supervision Administration, which mandates banks to independently and prudently assess the risk of asset management products [3] - The principle of adopting the higher risk rating when discrepancies arise between the bank's assessment and that of third-party agencies is emphasized [3] Group 3: Sales Suitability Management - The upcoming implementation of the "Sales Agency Management Measures" is expected to improve issues related to the accurate matching of fund product risk levels with clients' actual risk tolerance [4][5] - There is a noted mismatch between the risk assessment systems for clients and the risk rating systems for products, leading to challenges in sales suitability management [5] - The new regulations require banks to conduct thorough due diligence on fund products, ensuring the accuracy and completeness of product information [5]