On April 26, China-Singapore Finance and Economics announced on the official website of the China Securities Regulatory Commission the "Opinions on Accelerating the Promotion of High-Quality Development of the Public Fund Industry" on the 26th, highlighting the cultural concept of the industry.
Promote fund managers to strengthen brand building and reputation management, vigorously promote the "artisan spirit", and strive to build a "century-old shop", adhere to the sentiment, abide by professionalism, positive concepts, perform duties, be cautious and diligent, and effectively abandon short-term orientation, scale complex, ranking Favorites, and resolutely correct the unfavorable atmospheres such as stardom of fund managers, entertainment of product marketing, and fandom of Christian Democrats.
Focus on improving the core capabilities of investment research.
Guide fund managers to build a team-based, platform-based and integrated investment and research system, increase the proportion of investment and research personnel, improve the echelon training plan for investment and research personnel, do a good job in the accumulation and inheritance of investment and research capabilities, and reverse the over-reliance on "star fund managers" development model.
Promote fund managers to achieve full-scale research coverage of macro, strategy, industry and company, and effectively improve the ability of stock issuance and pricing.
Guide fund managers to adhere to the concept of long-term investment and value investment, take effective regulatory measures to limit "style drift", "high turnover" and other behaviors to gain short-term trading income, and effectively play the "stabilizer" and "ballast stone" of the capital market function.
Encourage fund managers to consolidate credit risk research capabilities, establish and improve internal rating systems for various financial instruments and counterparties, attach importance to the application and transformation of internal rating results, and adhere to investment discipline.
Strengthen the long-term incentive and restraint mechanism.
Urge fund managers to establish and improve a long-term assessment mechanism covering core employees such as operational management and fund managers, incorporate compliance risk control level, long-term investment performance over three years, and investors’ actual profits into the scope of performance assessment, and weaken scale ranking, short-term The proportion of performance, revenue, profit and other indicators of the assessment.
Supervise fund managers to strictly implement the salary deferral system, establish and improve the bonus co-investment mechanism for core employees such as management management and fund managers, implement a bonus recovery and deduction system for those responsible for violations of regulations, and strictly prohibit short-term incentives and excessive incentives.
Support fund management companies to explore and implement diversified long-term incentive and restraint mechanisms, and study the use of equity, options, restricted equity, dividend rights, etc., to achieve the consistency of long-term development of employees and companies and long-term interests of holders.
Actively promote relevant departments to relax the restrictions on employee stock ownership policies of state-owned fund management companies.
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