The CSRC issues the "Administrative Measures for the Operation of Publicly Offered Securities Investment Funds (Draft for Comment)"

Zhitong Finance APP has learned that on October 9, the CSRC issued the "Measures for the Operation and Management of Publicly Offered Securities Investment Funds (Draft for Comment)" and publicly solicited opinions from society. In response to the "narrow-base drift" problem, where the scope of investment for thematic funds is vaguely and overly broadly defined and actual investment may deviate from the direction indicated by the product name, the draft for comment of the "Operation Measures" proposes that fund contracts should use identifiable and quantifiable methods to clearly define the investment direction indicated by the fund name, and the relevant defined scope should conform to market consensus and be directly related to the investment direction indicated by the fund name. Regarding the "broad-base narrow investment" problem, where all-market stock-selection funds are highly concentrated in a single industry or popular track during operation and essentially become industry thematic funds, the draft for comment requires that if a fund name does not indicate a specific industry or theme, the fund manager should strengthen diversified investment management and must not concentrate investment in a single industry or theme. This revision emphasizes that fund products cannot engage in "style drift," and even more so cannot let investors bear risks inconsistent with the product name and contract without their knowledge.