近日，中国证券投资基金业协会发布《公开募集证券投资基金投资者适当性管理细则（征求意见稿）》，向行业就基金销售行为的适 当性管理征求意见，反馈截止时间为2025年11月26日。该细则是继业绩比较基准、基准库及主题投资风格管理规则之后，又一项围绕 投资端的监管举措，旨在进一步规范销售环节、强化投资者保护。 征求意见稿提出，基金管理人和销售机构需严格履行投资者风险承受能力评估及基金风险等级匹配义务，合理控制普通投资者的评估 频次——同一机构单日不得超过两次，12个月内累计不得超过八次，评估结果有效期原则上不超过一年。同时，在投资者风险承受能 力或基金风险等级发生变化时，机构需及时告知并调整匹配意见。 针对近年来快速发展的基金直播带货场景，细则要求机构结合直播特点建立审核和管控流程，在直播过程中强化风险提示，包括提醒 投资者选择与自身风险承受能力匹配的基金、披露基金风险等级及适合的投资者范围等。如直播链接直接提供销售服务，还需确保投 资者完成风险测评并充分了解产品特征。 对于六十五周岁以上普通投资者，细则提出了更为审慎的销售要求，机构在销售R4级及以上高风险基金时，应追加了解相关信息、强 化风险提示、给予更多考虑时间 ...

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]