CHINA: CSRC Issues Guidelines on Performance Benchmarks for Publicly Offered Securities Investment Funds

Tuesday January 27 2026

The China Securities Regulatory Commission (CSRC) has formulated the “Guidelines on Performance Benchmarks for Publicly Offered Securities Investment Funds” (hereinafter referred to as the “Guidelines”), which will come into effect on March 1, 2026.

The Guidelines consist of six chapters and twenty- one articles, with key contents including:

• emphasizing the representative role of performance benchmarks and stressing the seriousness and stability of their application. It clarifies that performance benchmarks should match the core elements and investment style stipulated in the fund contract and cannot be changed arbitrarily once selected.
• strengthening the internal control and management of fund managers. It clarifies that performance benchmarks should be determined by the company’s management, and fund managers should establish and improve internal control mechanisms and management systems to strengthen the continuous management of fund managers and the stability of fund product investment styles.
• strengthening external constraints on performance benchmarks. It clarifies the supervisory responsibilities of fund custodians, regulates the display and use of performance benchmarks by fund sales institutions and fund evaluation institutions, and requires fund managers and fund sales institutions to conduct investor education.
• strict supervision. The China Securities Regulatory Commission (CSRC) and its local offices will handle illegal and irregular activities by fund managers, fund custodians, fund sales institutions, fund evaluation institutions, and their practitioners in accordance with the law.

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