CSRC: Strengthen reminders on risks such as thematic products deviating from their themes and non-thematic products having excessively high industry concentration

The China Securities Regulatory Commission announced the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds," which will take effect on March 1, 2026. Among them, it points out the need to strengthen the binding role of benchmarks. First, improve the internal control mechanism of managers. Managers are required to establish a comprehensive process control mechanism for benchmarks, with the company's management bearing primary responsibility and making decisions on benchmark selection, while the compliance officer is responsible for supervising and inspecting legal compliance. Second, strengthen the management of style stability. Managers should enhance the continuous management of fund managers and the investment style stability of fund products, prudently setting differentiated indicators and thresholds for different products. Third, reinforce the investment supervision responsibilities of custodians. Custodians should strengthen the prudent review of the style database of fund investment targets; at the same time, enhance supervision of investment style stability, and provide warnings for risks such as thematic products deviating from their themes and non-thematic products having excessively high industry concentration