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Opinions of the China Securities Regulatory Commission on Accelerating the Promotion of High-Quality Development of the Industry of Publicly Offered Funds
[Effective]
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中国证监会关于加快推进公募基金行业高质量发展的意见
[现行有效]
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【法宝引证码】
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| Opinions of the China Securities Regulatory Commission on Accelerating the Promotion of High-Quality Development of the Industry of Publicly Offered Funds | | 中国证监会关于加快推进公募基金行业高质量发展的意见 |
| (No. 41 [2022] of the China Securities Regulatory Commission) | | （证监发〔2022〕41号） |
| All local offices of the China Securities Regulatory Commission (“CSRC”), all exchanges, all subordinate entities, all associations, and all departments of the CSRC: | | 中国证监会各派出机构，各交易所，各下属单位，各协会，会内各部门： |
| As important institutional investors, publicly offered funds are playing an increasingly important role in the reform, development and stability of the capital market. In recent years, under the strong leadership of the CPC Central Committee and the State Council and the unified command and coordination of the Financial Stability Development Committee of the State Council, the domestic economic and financial environment has been continuously optimized, the reform of the capital market has been continuously advanced, and the industry of publicly offered funds has shown a good development trend, with rapid growth in industry scale, continuously optimized product structure, steadily improved standardization level, gradually emerged wealth effect, and significantly enhanced industry strength. However, concurrently, there are still problems in this industry such as insufficient suitability of professional competence, weak cultural development, and unbalanced structure. | | 公募基金作为重要的机构投资者，在资本市场改革发展稳定中发挥着日益重要的作用。近年来，在党中央、国务院的坚强领导和国务院金融委的统一指挥协调下，国内经济金融环境不断优化，资本市场深化改革持续推进，公募基金行业呈现良好发展态势，行业规模快速增长，产品结构持续优化，规范水平稳步提升，财富效应逐步显现，行业实力显著增强。但与此同时，行业仍存在专业能力适配性不够、文化建设薄弱、结构不平衡等问题。 |
| At the new stage of development, by closely focusing on the main line of promoting the high-quality development of the industry of publicly offered funds, reform shall be further unswervingly deepened, regulatory transformation shall be solidly promoted, and the construction of a new development pattern for the industry of publicly offered funds shall be accelerated. The following opinions are hereby offered. | | 站在新发展阶段，要紧紧围绕促进公募基金行业高质量发展这一主线，进一步坚定深化改革，扎实推动监管转型，加快构建公募基金行业新发展格局。现提出以下意见。 |
| I. General requirements | | 一、总体要求 |
| Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era, by closely focusing on the general goal of building a standardized, transparent, open, dynamic and resilient capital market, the market-oriented, law-based, and international development shall be insisted on, and the high-quality development of the industry of publicly offered funds shall be promoted in an accelerated manner. | | 以习近平新时代中国特色社会主义思想为指导，紧紧围绕打造规范、透明、开放、有活力、有韧性的资本市场总目标，坚持市场化、法治化、国际化方向，加快推进公募基金行业高质量发展。 |
| It is the general principle to insist on the interests of investors as the core, effectively improve the ability of the industry of publicly offered funds to serve the reform and development of the capital market, the needs of residents' wealth management, the real economy and national strategies, correctly handle the relationship between scale and quality, development and stability, efficiency and fairness, and high growth and sustainability, and effectively achieve joint improvement and progress of the development of the industry and the interests of investors. | | 总的原则是，坚持以投资者利益为核心，切实提高公募基金行业服务资本市场改革发展、服务居民财富管理需求、服务实体经济与国家战略的能力，正确处理好规模与质量、发展与稳定、效率与公平、高增长与可持续的关系，切实做到行业发展与投资者利益同提升、共进步。 |
| II. Actively cultivating professional asset management institutions | | 二、积极培育专业资产管理机构 |
| 1. Supporting differentiated development. Fund management companies shall be supported in realizing differentiated development on the basis of optimizing and strengthening the main business of publicly offered funds, and promoting the formation of an industry environment with coordinated development of and benign competition among comprehensive large-scale wealth management institutions and specialized professional asset management institutions. Leading institutions shall be guided to effectively maximize the leading and exemplary role, insist on long-termism, strive to do difficult and correct things, and become “respected and convincing” industry leaders. Fund management companies with prominent main business of publicly offered funds, stable and compliant business operation, and appropriate professional capabilities shall be supported in setting up subsidiaries, who specialize in publicly offered REITs, equity investment, fund investment consulting, pension financial services, and other business, to improve their comprehensive wealth management capabilities. Research shall be conducted to further optimize the transaction model of fund management companies, and the outsourcing of back-office operation of publicly offered funds shall be changed from pilot program to routine business, and small and medium-sized fund management companies shall be supported in reducing costs and increasing efficiency, and building a synergy to improve investment and research capabilities. Fund management companies that fail in business operation shall be guided to proactively apply for cancellation of the qualifications for management of publicly offered funds or realize market-oriented exit through mergers, acquisitions, reorganization, or other means, so as to promote the creation of an industry environment featuring survival of the fittest and orderly entry and exit. | | 1、支持差异化发展。支持基金管理公司在做优做强公募基金主业的基础上实现差异化发展，促进形成综合性大型财富管理机构与特色化专业资产管理机构协同发展、良性竞争的行业生态。引导头部机构切实发挥引领表率作用，坚持长期主义，努力做难而正确的事，成为“受人尊敬、让人信服”的行业领跑者。支持公募主业突出、合规运营稳健、专业能力适配的基金管理公司设立子公司，专门从事公募REITs、股权投资、基金投资顾问、养老金融服务等业务，提升综合财富管理能力。研究进一步优化基金管理公司交易模式，公募基金后台运营业务外包由试点转常规，支持中小基金管理公司降本增效，聚力提升投研能力。引导经营失败的基金管理公司主动申请注销公募基金管理资格或者通过并购重组等方式实现市场化退出，推动构建优胜劣汰、进退有序的行业生态。 |
| 2. Effectively improving the level of governance. Fund management companies shall be urged to further improve the corporate governance mechanism, adhere to the principle of giving priority to the interests of investors, improve the system of “the general meeting of shareholders, the board of directors, the board of supervisors and the management,” strictly perform their respective duties in accordance with the law, effectively maximize the supervision functions of independent directors, supervisors and chief inspectors, and strengthen the performance of duties by senior executives. Major shareholders and actual controllers shall be strictly prohibited from abusing their control power to interfere with the normal operation and management of the company, so as to prevent the vacancy of shareholders and the insider control. Efforts shall be made to strictly control equity access, ensure that fund management companies assume their primary responsibilities for equity management, guard against unregulated expansion of capital, and severely crack down violations such as entrusted equity holding, defrauding of licenses in a disguised manner, and reselling licenses. To comprehensively strengthen Party building of fund management companies, the leadership of the Party shall be incorporated into all respects of the governance of state-owned fund management companies, and exploration shall be made for the establishment of a modern governance system for asset management institutions in line with Chinese characteristics. | | 2、切实提升治理水平。推动基金管理公司进一步完善公司治理机制，坚持投资者利益优先原则，健全“三会一层”制度，严格依法履行各自职责，有效发挥独立董事、监事、督察长的监督功能，强化高管人员履职尽责。严禁大股东、实际控制人滥用控制权干预公司正常经营管理，防范股东缺位和内部人控制。把好股权准入关，压实基金管理公司股权管理的主体责任，防范资本无序扩张，严厉打击股权代持、变相套取牌照、倒卖牌照等违规行为。全面加强基金管理公司党建工作，将党的领导融入国有基金管理公司治理各个环节，探索建立符合中国特色的现代资产管理机构治理体系。 |
| 3. Expanding the team of managers of publicly offered funds. High-quality financial institutions such as commercial banks, insurance institutions, and securities companies shall be supported in setting up fund management companies in accordance with the law. The license system for publicly offered funds shall be adjusted and optimized, specifically by moderately relaxing the restrictions on the number of licenses of publicly offered funds available to the same entity, and supporting securities asset management subsidiaries, insurance asset management companies, bank wealth management subsidiaries and other professional asset management institutions in applying for licenses for publicly offered funds in accordance with the law to manage publicly offered funds. With the supervision orientation of professionalism, integrity and compliance, the review of promoters' ethics, professional reputation and professional competence shall be strengthened, and the establishment of fund management companies by means of promotion by natural persons shall be approved in a prudent and orderly manner, to strictly prevent disorderly competition in the industry. | | 3、壮大公募基金管理人队伍。积极推进商业银行、保险机构、证券公司等优质金融机构依法设立基金管理公司。调整优化公募基金牌照制度，适度放宽同一主体下公募牌照数量限制，支持证券资管子公司、保险资管公司、银行理财子公司等专业资产管理机构依法申请公募基金牌照，从事公募基金管理业务。坚持专业、诚信、合规的监管导向，强化发起人道德操守、执业声誉与专业胜任能力的审核，审慎有序核准自然人发起设立基金管理公司，严防行业无序竞争。 |
| 4. Steadily promoting high-standard opening up. Excellent overseas financial institutions with willingness to make long-term investment in China's capital market shall be supported in setting up fund management companies or expanding their shareholding ratios, and the industry shall be encouraged to actively learn from overseas advanced asset management experience and beneficial business models. Eligible fund management companies shall be supported in “going out,” establishing overseas subsidiaries in accordance with the law, and improving their ability to serve overseas investors and global asset allocation. The increase in the QDII quota shall be continuously promoted and the investment channels for publicly offered funds in overseas markets shall be expanded. With steady progress in the two-way opening up of products, the mutual recognition of funds between the Mainland and Hong Kong shall be continuously promoted, and through steady expansion of the ETF exchange mechanism, eligible publicly offered funds shall be supported in participating in the pilot program of the “Cross-border Wealth Management Connect” in the Guangdong-Hong Kong-Macao Greater Bay Area, so as to promote the incorporation of stock ETFs into the interconnection subjects of the stock markets in the Mainland and Hong Kong. | | 4、稳步推进高水平开放。支持对中国资本市场具有长期投资意愿的优质境外金融机构设立基金管理公司或扩大持股比例，鼓励行业积极借鉴境外先进资产管理经验和有益业务模式。支持符合条件的基金管理公司“走出去”，依法设立境外子公司，提升服务境外投资者及全球资产配置的能力。继续推动扩大QDII额度，拓宽公募基金海外市场投资渠道。稳步有序推动产品双向开放，持续推进内地与香港基金互认业务，稳妥拓展ETF互通机制，支持符合条件的公募基金参与粤港澳大湾区“跨境理财通”业务试点，推动股票ETF纳入内地与香港股票市场互联互通标的。 |
| 5. Strengthening the long-term incentive and restraint mechanism. Fund managers shall be urged to establish and improve a long-term assessment mechanism covering core employees such as operational management and fund managers, incorporate the compliance and risk control level, long-term investment performance over three years, and investors' actual profits into the scope of performance assessment, and reduce the proportion of assessment of ranking in scale, short-term performance, revenue, profit and other indicators. Fund managers shall be urged to strictly implement the salary deferral system, establish and improve the bonus co-investment mechanism for core employees such as operational management and fund managers, implement a bonus recourse and deduction system for those who are responsible for violations, and strictly prohibit short-term incentives and excessive incentives. Fund management companies shall be supported in exploring the implementation of diversified long-term incentive and restraint mechanisms, and studying the use of equity, options, restricted equity, dividend rights, and other methods to achieve the consistency of long-term development of employees and companies and long-term interests of holders. Relevant departments shall be proactively urged to relax the restrictions on employee stock ownership policies of state-owned fund management companies. | | 5、强化长效激励约束机制。督促基金管理人建立健全覆盖经营管理层和基金经理等核心员工的长期考核机制，将合规风控水平、三年以上长期投资业绩、投资者实际盈利等纳入绩效考核范畴，弱化规模排名、短期业绩、收入利润等指标的考核比重。督促基金管理人严格执行薪酬递延制度，建立完善经营管理层和基金经理等核心员工奖金跟投机制，实施违规责任人员奖金追索扣回制度，严禁短期激励和过度激励行为。支持基金管理公司探索实施多样化长期激励约束机制，研究采用股权、期权、限制性股权、分红权等方式，实现员工与公司长期发展、持有人长期利益的一致性。积极推动有关部门放宽国有基金管理公司员工持股政策限制。 |
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