公開(kāi)募集證券投資基金

投資者教育工作指引（試行）

Guidelines for Investor

 Education Activities of Publicly Offered 

Securities Investment Funds (Trial Implementation) 

第一條 為進(jìn)一步引導(dǎo)和規(guī)范公開(kāi)募集證券投資基金（以下簡(jiǎn)稱(chēng)公募基金）管理人和銷(xiāo)售機(jī)構(gòu)的投資者教育工作，保護(hù)投資者合法權(quán)益，提升國(guó)民金融素養(yǎng)，促進(jìn)公募基金行業(yè)的高質(zhì)量發(fā)展，中國(guó)證券投資基金業(yè)協(xié)會(huì)（以下簡(jiǎn)稱(chēng)協(xié)會(huì)）根據(jù)《證券投資基金法》、中國(guó)證監(jiān)會(huì)相關(guān)規(guī)定，制定本指引。

I. To further guide and standardize the investor education activities of managers of publicly offered securities investment funds (hereinafter referred to as “public funds”) and fund distributors, to protect the legal rights and interests of investors, to enhance the financial literacy of the nation’s citizens, and to promote the high-quality development of the public fund industry, the Asset Management Association of China (hereinafter referred to as “AMAC”) has formulated the Guidelines in accordance with the Securities Investment Fund Law of the PRC and relevant regulations of the China Securities Regulatory Commission (hereinafter referred to as “the CSRC”).

第二條 本指引適用于公募基金管理人和取得公募基金銷(xiāo)售業(yè)務(wù)資格的協(xié)會(huì)會(huì)員（以下簡(jiǎn)稱(chēng)銷(xiāo)售機(jī)構(gòu)）開(kāi)展投資者教育活動(dòng)。

II. The Guidelines apply to investor education activities conducted by public fund managers and members of AMAC who have obtained qualifications for the public fund distribution business (hereinafter referred to as “fund distributors”).

第三條 本指引所稱(chēng)投資者教育，是指公募基金管理人和銷(xiāo)售機(jī)構(gòu)面向投資者開(kāi)展宣傳基金政策法規(guī)、普及基金知識(shí)、揭示投資風(fēng)險(xiǎn)、說(shuō)明投資者權(quán)利義務(wù)、傳導(dǎo)理性投資理念、引導(dǎo)投資者依法維權(quán)等活動(dòng)。

III. For the purpose of the Guidelines, “investor education” refers to the activities conducted by public fund managers and fund distributors for fund investors, including communicating fund-related policies, laws and regulations, popularizing fund-related knowledge, warning of investment-related risks, clarifying investors’ rights and obligations, conveying the rational investment philosophy, and guiding investors to protect their legal rights in accordance with legal requirements.

第四條 投資者教育工作的目標(biāo)包括：

IV. The objectives of investor education include:

（一） 幫助投資者增強(qiáng)投資認(rèn)知：了解基金基礎(chǔ)知識(shí)及相關(guān)法律法規(guī)等；

(i) Helping investors better understand investing: providing investors with a better understanding of fund-related knowledge and relevant laws and regulations.

（二） 幫助投資者提高投資技能：增強(qiáng)風(fēng)險(xiǎn)識(shí)別和防范能力，匹配適合自己的產(chǎn)品和策略，積極維護(hù)自身合法權(quán)益等；

(ii) Helping investors improve their investment abilities: improving investors’ ability to identify and guard against risks, select products and strategies that meet their needs, and actively protect their legal rights and interests.

（三） 幫助投資者健全投資理念：全面提升國(guó)民投資理財(cái)素養(yǎng)，樹(shù)立長(zhǎng)期投資、理性投資理念等。

(iii) Helping investors develop a sound investment philosophy: improving the overall investment and wealth management literacy of the nation’s citizens so that they can establish the concept of long-term investment and rational investment.

第五條 投資者教育工作應(yīng)當(dāng)遵循以下原則：

V. The following principles should be followed in conducting investor education activities:

（一） 規(guī)范性：提供規(guī)范、專(zhuān)業(yè)的知識(shí)信息，符合知識(shí)產(chǎn)權(quán)保護(hù)有關(guān)規(guī)定，符合監(jiān)管導(dǎo)向、公序良俗，避免過(guò)度娛樂(lè)化；

(i) Principle of Compliance: Investor education should include standard, professional information and knowledge that are consistent with the relevant provisions of intellectual property protection, consistent with regulatory guidelines, and consistent with public order and moral conventions. It should not be overly entertaining.

（二） 中立性：不以宣傳推銷(xiāo)特定機(jī)構(gòu)、特定產(chǎn)品、特定基金經(jīng)理為目的，不構(gòu)成具體投資建議；

(ii) Principle of Neutrality: Investor education is not intended to promote certain company, product or fund portfolio manager, and does not constitute specific investment advice.

（三） 有效性：應(yīng)當(dāng)結(jié)合投資者關(guān)切和行業(yè)發(fā)展，表達(dá)言簡(jiǎn)意賅、語(yǔ)言通俗易懂、方式喜聞樂(lè)見(jiàn)，提升與投資者雙向互動(dòng)的質(zhì)量；

(iii) Principle of Effectiveness: Investor education should address the practical needs of investors in the context of the overall development of the industry; it should be conducted in plain language that is easy to understand and at the same time appealing in presentation so as to enhance the quality of interaction with investors.

（四） 普惠性：投資者教育應(yīng)當(dāng)堅(jiān)持面向社會(huì)公眾，為各類(lèi)投資者提供所需的教育服務(wù)；

(iv) Principle of Inclusiveness: Investor education should be directed to the general public and should be designed to meet the needs of all types of investors.

（五） 針對(duì)性：面向不同類(lèi)別的受眾群體提供適合其認(rèn)知水平和需要的知識(shí)內(nèi)容，尤其是做好普通投資者的教育服務(wù)工作；

(v) Principle of Relevance: Investor education must be relevant to investors with different levels of education and different needs, and in particular to ordinary investors.

（六） 長(zhǎng)期性：普及教育與專(zhuān)項(xiàng)教育相結(jié)合，將投資者教育有機(jī)融入為投資者提供服務(wù)的過(guò)程中，持之以恒，長(zhǎng)期開(kāi)展。

(vi) Long-term Principle: Investor education should include both general education and customized education and should be integrated into the entire process of the investor service relationship so as to be regular and continuous.

第六條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)按照中國(guó)證監(jiān)會(huì)及協(xié)會(huì)要求，結(jié)合自身特點(diǎn)，開(kāi)展內(nèi)容豐富、形式多樣的投資者教育工作。針對(duì)以下領(lǐng)域培養(yǎng)投資者的基金投資素養(yǎng)：

VI. Public fund managers and fund distributors should base their investor education activities on the requirements of the CSRC and AMAC and their own practical situations. Investor education activities may be conducted in different forms and include a wide range of contents. The following areas should be given priority in order to cultivate fund investors:

(一) 投資理念：認(rèn)知風(fēng)險(xiǎn)與收益的關(guān)系，科學(xué)開(kāi)展資產(chǎn)配置；堅(jiān)持長(zhǎng)期投資、理性投資，避免頻繁申贖、追漲殺跌；樹(shù)立社會(huì)大眾養(yǎng)老理財(cái)意識(shí)，培育成熟養(yǎng)老金融理念；

(i) Investment Philosophy: Investors are to be educated to understand the relationship between risk and return and to conduct asset allocation using scientific approaches; Investors are educated to understand the benefits of long-term investment and rational investment instead of frequent trading and buying at high price and selling at loss; It is important for the general public to recognize the idea of financial planning for retirement and to establish mature philosophy of investing for retirement.

(二) 投資知識(shí)：基金相關(guān)法律法規(guī)，產(chǎn)品類(lèi)型、持倉(cāng)結(jié)構(gòu)、風(fēng)險(xiǎn)特征、交易費(fèi)用等基金產(chǎn)品特點(diǎn)；

(ii) Investment Knowledge: Investors are to be educated on fund-related laws and regulations, as well as different product types, holding structures, risk profiles, transaction costs and other fund-related knowledge.

(三) 交易流程：基金賬戶(hù)開(kāi)立、認(rèn)購(gòu)、申購(gòu)、贖回及分紅等業(yè)務(wù)流程；

(iii) Trading Procedures: Investors are to be educated on the process of investing in funds, including how to open a fund account, how to subscribe to funds, how to purchase and redeem funds, and how fund dividends are distributed.

(四) 持有基金：基金賬戶(hù)持倉(cāng)、凈值等信息披露查詢(xún)方式，持續(xù)追蹤基金表現(xiàn)；

(iv) Fund Holdings: Investors are to be educated on how and where to find information about their fund holdings in their investment accounts, the net asset value of their funds and other disclosures and are able to monitor the performance of their funds on a regular basis.

(五) 投資者權(quán)利和義務(wù)：投資者權(quán)利行使、投訴等維權(quán)渠道與方法，在“賣(mài)者盡責(zé)”的前提下投資者應(yīng)當(dāng)履行的“買(mǎi)者自負(fù)”義務(wù)；

(v) Investor Rights and Responsibilities: Investors are to be educated on how and where they can exercise their rights or make complaints to protect their interests. Investors should be educated to understand that on the premises that “the seller has fulfilled duties” to conduct due diligence on the funds it offers, “investors are responsible” for the risks associated with their purchase decision.

(六) 投資行為偏差：可能影響投資者投資決策的心理或認(rèn)知偏差；

(vi) Investment Behavioral Biases: Investors are to be educated to understand the emotional biases or cognitive errors that may influence their investment decisions.

(七) 防范涉基金領(lǐng)域的金融詐騙：非法證券期貨經(jīng)營(yíng)活動(dòng)以及非法集資的典型特征、防范措施和案例，反洗錢(qián)，投資者個(gè)人信息安全保護(hù)。

(vii) Avoidance of financial fraud in fund-related business: Investors are to be informed about illegal activities in securities and futures business, illegal fundraising cases, their typical characteristics, and preventive measures against those activities; investor education on anti-money laundering and personal information protection is equally important.

公募基金管理人和銷(xiāo)售機(jī)構(gòu)可以根據(jù)自身投資者教育工作開(kāi)展情況，并結(jié)合市場(chǎng)變化，及時(shí)補(bǔ)充和調(diào)整投資者教育內(nèi)容，確保投資者教育內(nèi)容的時(shí)效性。

Depending on the practicalities of implementing investor education and subject to market developments, public fund managers and fund distributors may supplement and update their educational materials in a timely manner to ensure that their investor education information is current.

第七條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)積極創(chuàng)新，通過(guò)自主運(yùn)營(yíng)或非自主運(yùn)營(yíng)的渠道及平臺(tái)，搭建投教宣傳多媒體矩陣。

VII. Public fund managers and fund distributors are encouraged to be proactive and innovative in building a multi-media matrix of investor education activities, either through proprietary or non-proprietary channels and platforms.

自主運(yùn)營(yíng)渠道及平臺(tái)包括但不限于：

The online financial and economic forums and publishing platforms of new digital media providers.

(一) 公司官方網(wǎng)站、手機(jī)APP、微信公眾號(hào)、微信小程序、微博及其他社交媒體平臺(tái)；

(i) The official website, mobile applications, official WeChat accounts, WeChat applets, Weibo and other social media accounts of public fund managers and fund distributors.

(二) 實(shí)體及互聯(lián)網(wǎng)投資者教育專(zhuān)區(qū)；

(ii) Dedicated areas for investor education in their physical stores and on their website.

(三) 面向投資者的客服電話(huà)、短信、郵件等；

(iii)  Customer service call centers, text messaging services, and e-mails accounts operated directly by public fund managers and fund distributors for investor engagement.

(四) 經(jīng)營(yíng)場(chǎng)所的公告欄、宣傳手冊(cè)等。

(iv) Bulletin boards, brochures and the like on the premises of public fund managers and fund distributors.

非自主運(yùn)營(yíng)渠道及平臺(tái)包括但不限于：

Non-proprietary channels and platforms include, but are not limited to, the following:

(一) 財(cái)經(jīng)交流社區(qū)、互聯(lián)網(wǎng)平臺(tái)等新媒體傳播渠道；

(i) The online financial and economic forums and publishing platforms of new digital media providers.

(二) 電視、廣播、報(bào)刊、戶(hù)外媒體等大眾媒體傳播渠道；

(ii) Such mass media communication channels as television, radio, newspapers and outdoor media.

(三) 學(xué)校、社區(qū)、企業(yè)等重點(diǎn)渠道。

(iii) Key channel groups such as schools, local communities and enterprises.

公募基金管理人和銷(xiāo)售機(jī)構(gòu)可結(jié)合自身優(yōu)勢(shì)和特點(diǎn)，自主選取傳播渠道開(kāi)展投資者教育工作。鼓勵(lì)公募基金管理人和銷(xiāo)售機(jī)構(gòu)走進(jìn)三四線(xiàn)城市學(xué)校、社區(qū)、企業(yè)等開(kāi)展投資者教育活動(dòng)。

Public fund managers and fund distributors may choose the appropriate communication channels to conduct their investor education activities according to their own advantages and unique characteristics. Public fund managers and fund distributors are encouraged to reach out to schools, local communities and enterprises in third and fourth-tier cities to conduct investor education activities.

第八條 鼓勵(lì)公募基金管理人和銷(xiāo)售機(jī)構(gòu)積極向行業(yè)機(jī)構(gòu)共享制作的投教產(chǎn)品，利用多重渠道傳播行業(yè)其他機(jī)構(gòu)制作的優(yōu)秀投教產(chǎn)品。

VIII. Public fund managers and fund distributors are encouraged to proactively share their investment education materials with their industry peers and, in the meantime, to include quality investment education materials produced by other organizations in their multi-channel education activities.

第九條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)將投資者教育納入企業(yè)戰(zhàn)略和文化建設(shè)，合規(guī)、合理、有機(jī)融入各項(xiàng)業(yè)務(wù)當(dāng)中，增強(qiáng)投資者教育和服務(wù)的持續(xù)性。

IX. Public fund managers and fund distributors should incorporate investor education into their corporate strategy and corporate culture construction and integrate the investment education activities into their business in a compliant, reasonable and organic way, so as to enhance the continuity of investor education and services.

第十條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)在向投資者銷(xiāo)售基金產(chǎn)品或者提供基金服務(wù)時(shí)應(yīng)當(dāng)堅(jiān)持賣(mài)者盡責(zé)原則，加強(qiáng)對(duì)產(chǎn)品特征的說(shuō)明和風(fēng)險(xiǎn)揭示，提示投資者仔細(xì)閱讀相關(guān)法律文件，全面了解產(chǎn)品風(fēng)險(xiǎn)，審慎做出投資決策，增強(qiáng)投資者與產(chǎn)品之間的適配性。公募基金管理人和銷(xiāo)售機(jī)構(gòu)不得違規(guī)承諾收益，不得進(jìn)行誘導(dǎo)性宣傳。

X. Public fund managers and fund distributors should, when offering fund products or fund-related services to investors, adhere to the principle of seller's due diligence by highlighting the features and risks of their products and reminding investors to carefully read the relevant legal documents to fully understand the risks associated with the products before making their investment decisions prudently to match the products with their respective needs. Public fund managers and fund distributors should not make any promises regarding the returns of their product in violation of the law and should not make misleading statements in their marketing.

第十一條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)健全適當(dāng)性宣傳教育體系。規(guī)范履行適當(dāng)性義務(wù)，堅(jiān)持以投資者為中心，針對(duì)不同類(lèi)型投資者特點(diǎn)增設(shè)個(gè)性化內(nèi)容，開(kāi)展差異化的投資者教育服務(wù)內(nèi)容。

XI. Public fund managers and fund distributors should develop and enhance the investor suitability marketing and education system. They should properly fulfill the obligations related to investor suitability, i.e., adhere to the principle of investor-centric education, include customized educational content for different types of investors, and provide differentiated investor education.

第十二條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)在投資者投資和持有基金的全過(guò)程，包括發(fā)送賬單、披露凈值、發(fā)布基金公告等基金服務(wù)日常流程，特別在市場(chǎng)或基金凈值出現(xiàn)較大波動(dòng)時(shí)，針對(duì)投資者集中關(guān)注的問(wèn)題，應(yīng)當(dāng)及時(shí)、主動(dòng)提供投資者陪伴服務(wù)，傳遞正確投資理念，解答投資者問(wèn)題，安撫投資者情緒。

XII. Public fund managers and fund distributors should make their services available to investors throughout the fund investment process, including the regular provision of account statements, fund net asset values and fund-related communications. In particular, during periods of significant market or fund NAV volatility, they should respond in a timely manner to investors' key concerns and proactively provide investor support services to convey the right investment ideas, respond readily to investors' inquiries and calm investors' emotions.

第十三條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)通過(guò)官方網(wǎng)站、手機(jī)APP、經(jīng)營(yíng)場(chǎng)所的投資者專(zhuān)區(qū)、公告欄等多種渠道向投資者公示投訴渠道和處理流程，必要時(shí)應(yīng)當(dāng)針對(duì)投資者投訴反映出的問(wèn)題，開(kāi)展專(zhuān)項(xiàng)的投資者教育活動(dòng)。

XIII. Public fund managers and fund distributors should publicize the investor complaint channels and handling procedures to investors through various means such as official website pages, mobile APPs, dedicated investor service areas or bulletin boards at their place of business, and, where necessary, conduct targeted investor education to address the issues raised in investor complaints.

第十四條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)從制度、組織、人員、流程、經(jīng)費(fèi)等方面保障投資者教育工作的開(kāi)展，加強(qiáng)對(duì)投資者教育工作的管理：

XIV. Public fund managers and fund distributors should ensure the implementation and strengthen the management of investor education activities via system, organization, personnel, procedures and financing:

(一) 建立健全投資者教育工作制度和長(zhǎng)效機(jī)制，強(qiáng)化內(nèi)部協(xié)同機(jī)制；

(i) Establishing a sound system and long-term mechanism for investor education and strengthening the internal synergy mechanism.

(二) 明確各部門(mén)投資者教育工作職責(zé)分工及考核評(píng)價(jià)機(jī)制，并根據(jù)本工作指引對(duì)各部門(mén)的投資者教育工作進(jìn)行督導(dǎo)規(guī)范；

(ii) Determining the roles and responsibilities of each department in conducting investor education activities and the related evaluation and assessment mechanism and establishing a supervision system in accordance with the requirements of the Guidelines to manage the investor education responsibility of each department.

(三) 配備充足的投資者教育工作人員；

(iii) Assigning adequate staff to investor education activities.

(四) 保障投資者教育經(jīng)費(fèi)開(kāi)支，將其獨(dú)立于基金銷(xiāo)售或營(yíng)銷(xiāo)費(fèi)用列支，根據(jù)實(shí)際發(fā)生額合理確認(rèn)基準(zhǔn)期投資者教育經(jīng)費(fèi)，且每年度投資者教育經(jīng)費(fèi)增長(zhǎng)幅度不得低于上一年度公司利潤(rùn)增長(zhǎng)幅度。

(iv) Ensuring that the expense for investor education is properly earmarked and independent of fund distribution or marketing expenses. A benchmark expense for investor education costs should be reasonably determined based on actual expenses incurred, and the subsequent year’s expense allocation increase for investor education should not be less than the growth rate of the company’s earnings over the prior year.

第十五條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)建設(shè)和培養(yǎng)投資者教育講師隊(duì)伍，并指定一名公司高級(jí)管理人員和相應(yīng)部門(mén)，負(fù)責(zé)牽頭、組織、督促本單位的投資者教育工作，并履行下列職責(zé)：

XV. Public fund managers and fund distributors should establish and maintain a team of investor education instructors and designate a senior manager of the company and a dedicated department responsible for directing, organizing and overseeing the company’s investor education efforts, with the following responsibilities:

(一) 牽頭制定投資者教育工作制度、工作流程、工作計(jì)劃及年度預(yù)算；

(i) Lead the development of the investor education framework, workflow, work plan and annual budget.

(二) 定期開(kāi)展投資者畫(huà)像調(diào)查、研究投資者教育工作需求及存在問(wèn)題并據(jù)此自主或聯(lián)合開(kāi)展投教活動(dòng)；

(ii) Conduct regular investor profiling, research investor education needs and challenges, and implement investor education activities independently or in partnership with other organizations.

(三) 組織編纂公司投資者教育材料，并推動(dòng)相關(guān)部門(mén)策劃、組織及實(shí)施投資者教育活動(dòng)；

(iii) Coordinate the preparation of investor education materials for the company and facilitate the planning, organization and implementation of investor education activities by relevant departments.

(四) 牽頭組建本公司投資者教育講師隊(duì)伍，牽頭并推動(dòng)相關(guān)部門(mén)設(shè)計(jì)、制作投資者教育宣傳產(chǎn)品；

(iv) Lead the building of a team of investor education instructors; lead and facilitate the design and production of investor education materials by relevant departments.

(五) 牽頭建設(shè)、管理和運(yùn)營(yíng)投資者教育基地或投資者教育專(zhuān)區(qū)；

(v)  Lead the construction, management and operation of investor education bases or investor education zones.

(六) 結(jié)合投資者的覆蓋度、接受度和滿(mǎn)意度等維度組織開(kāi)展本公司投資者教育自評(píng)估工作，督促檢查相關(guān)業(yè)務(wù)部門(mén)投資者教育工作落實(shí)開(kāi)展情況等。

(vi) Coordinate and conduct self-assessments of the company's investor education outcomes in terms of investor reach, acceptance and satisfaction; oversee the fulfillment of investor education responsibilities by relevant company departments.

第十六條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)配備充足的具有基金從業(yè)資格的專(zhuān)職投資者教育工作人員，并指定專(zhuān)人負(fù)責(zé)與協(xié)會(huì)聯(lián)絡(luò)投資者教育工作。負(fù)責(zé)投資者教育業(yè)務(wù)的高級(jí)管理人員或聯(lián)絡(luò)人變更的，公募基金管理人和銷(xiāo)售機(jī)構(gòu)需在變更后5個(gè)工作日內(nèi)向協(xié)會(huì)報(bào)告。

XVI. Public fund managers and fund distributors should provide themselves with an adequate number of dedicated investor education staff who possess fund practitioner qualifications. They should assign dedicated individuals for liaising with AMAC on investor education matters. In the event of any change in senior managers or dedicated contact persons for investor education, public fund managers and fund distributors should inform AMAC within five working days of such change.

公募基金管理人及銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)定期組織業(yè)務(wù)部門(mén)開(kāi)展投資者教育培訓(xùn)工作，定期開(kāi)展業(yè)務(wù)部門(mén)及專(zhuān)職人員投資者教育工作考核評(píng)估，并將培訓(xùn)及考核評(píng)估結(jié)果納入業(yè)務(wù)部門(mén)年度績(jī)效考核指標(biāo)體系。公募基金管理人及銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)為投教人員提供有效履職保障。對(duì)于投教工作成效顯著、獲相關(guān)單位表彰的投教負(fù)責(zé)部門(mén)或投教人員，應(yīng)當(dāng)給予適當(dāng)激勵(lì)。

Public fund managers and fund distributors should conduct regular investor education training for related business departments, conduct regular assessment and evaluation of the results of their investor education efforts, and include such assessment and evaluation in the metrics of the annual performance reviews of related departments. Public fund managers and fund distributors should provide adequate resources to ensure the effective performance of investor education personnel. Those dedicated departments or individuals that achieve exceptional results or receive commendations from relevant organizations for their investor education efforts should be appropriately rewarded.

第十七條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)以紙質(zhì)或電子等形式做好投資者教育各項(xiàng)工作記錄存檔以備檢查，保存時(shí)間不少于3年，并根據(jù)相關(guān)制度規(guī)則修訂、市場(chǎng)改革發(fā)展和投資者需求變化等情況適時(shí)對(duì)存量投教產(chǎn)品進(jìn)行梳理，清理過(guò)時(shí)、失效的投教產(chǎn)品，每年至少開(kāi)展一次。對(duì)于非自主運(yùn)營(yíng)平臺(tái)轉(zhuǎn)載的過(guò)時(shí)、失效的投教產(chǎn)品，積極協(xié)調(diào)平臺(tái)予以處理。

XVII. Public fund managers and fund distributors should keep copies of records of their investor education activities in paper or electronic form available for inspection for a period of at least three years and should review their existing investor education materials for outdated and invalid content at least once a year, depending on the revision of relevant regulations and rules, market reform and development, and changes in investor demand. For outdated and invalid investor education materials that are disseminated by non-proprietary platforms, public fund managers and fund distributors should proactively coordinate with such platforms to dispose of them.

第十八條 公募基金管理人和銷(xiāo)售機(jī)構(gòu)可根據(jù)自身?xiàng)l件自建或共建實(shí)體或互聯(lián)網(wǎng)投教專(zhuān)區(qū)。鼓勵(lì)達(dá)到中國(guó)證監(jiān)會(huì)有關(guān)要求的投教專(zhuān)區(qū)向中國(guó)證監(jiān)會(huì)或其派出機(jī)構(gòu)申報(bào)國(guó)家級(jí)或省級(jí)投教基地。協(xié)會(huì)可以為行業(yè)投教專(zhuān)區(qū)特別是國(guó)家級(jí)投教基地提供投資者教育活動(dòng)、業(yè)務(wù)培訓(xùn)等方面的支持服務(wù)，組織行業(yè)交流共享投教信息和成果，并在證監(jiān)會(huì)的統(tǒng)一部署下，對(duì)先進(jìn)投教專(zhuān)區(qū)最佳實(shí)踐及經(jīng)驗(yàn)進(jìn)行宣傳推廣。

XVIII. Depending on their respective conditions, public fund managers and fund distributors may choose to set up either independent or joint offline sites or online websites for dedicated investor education. Those dedicated sites that meet the relevant requirements of the CSRC are encouraged to apply to the CSRC or its branches for certification as nation-wide or provincial investor education bases. AMAC may provide support services for investor education activities and related training to those industry-wide investor education bases, especially to the nation-wide investor education bases, and organize the exchange and sharing of investment education information and results among industry participants and promote the best cases and practices of the leading investor education in line with the overall deployment policy of the CSRC.

第十九條 協(xié)會(huì)定期組織對(duì)公募基金管理人和銷(xiāo)售機(jī)構(gòu)的投資者教育工作情況進(jìn)行評(píng)估，并建立投資者教育內(nèi)容共享平臺(tái)和投資者教育產(chǎn)品征集機(jī)制，完善基金行業(yè)投資者教育資源庫(kù)，通過(guò)協(xié)會(huì)投教基地等渠道展示優(yōu)秀產(chǎn)品和典型案例。

XIX. AMAC will organize regular assessments of the investor education efforts of public fund managers and fund distributors and establish a platform for sharing of investor education content and set up a mechanism for soliciting investor education contributions, so as to strengthen the industry’s investor education repository, and showcase the best materials and exemplary cases through AMAC's own investor education base.

公募基金管理人和銷(xiāo)售機(jī)構(gòu)的投資者教育工作評(píng)估結(jié)果將作為監(jiān)管評(píng)價(jià)、創(chuàng)新業(yè)務(wù)試點(diǎn)等工作的參考指標(biāo)。

The results of the assessment of the investor education efforts of public fund managers and fund distributors will serve as a factor to be considered in the regulatory evaluation and selection of candidates for future innovative business trial implementation.

第二十條 協(xié)會(huì)將不定期對(duì)公募基金管理人和銷(xiāo)售機(jī)構(gòu)的投資者教育工作開(kāi)展檢查，公募基金管理人和銷(xiāo)售機(jī)構(gòu)應(yīng)當(dāng)積極配合。

XX. AMAC will, from time to time, conduct inspections of the investor education activities of public fund managers and fund distributors, and public fund managers and fund distributors should cooperate proactively.

第二十一條 本指引自發(fā)布之日起施行。

XXI. The Guidelines shall be effective on the date of publication.

---

關(guān)于《公開(kāi)募集證券投資基金投資者教育工作指引（試行）》的起草說(shuō)明

Drafting Notes on

Guidelines for Investor Education Activities

 of Publicly Offered Securities Investment

Funds (Trial Implementation)

為加快推進(jìn)公募基金行業(yè)高質(zhì)量發(fā)展，進(jìn)一步引導(dǎo)和規(guī)范公開(kāi)募集證券投資基金的投資者教育工作，提升國(guó)民金融素養(yǎng)，構(gòu)建保護(hù)公募基金投資者合法權(quán)益的良好生態(tài)，中國(guó)證券投資基金業(yè)協(xié)會(huì)（以下簡(jiǎn)稱(chēng)協(xié)會(huì)）在中國(guó)證監(jiān)會(huì)指導(dǎo)下，根據(jù)《證券投資基金法》等法律法規(guī)，制定了《公開(kāi)募集證券投資基金投資者教育工作指引（試行）》（以下簡(jiǎn)稱(chēng)《指引》）。現(xiàn)將有關(guān)情況說(shuō)明如下：

In order to accelerate the high-quality development of the public fund industry, further guide and standardize the investor education activities of publicly offered securities investment funds, enhance the financial literacy of the nation’s citizens and build a sound ecosystem in which the legal rights and interests of investors are adequately protected, the Asset Management Association of China (“AMAC”), under the guidance of the China Securities Regulatory Commission (“the CSRC”) and in accordance with the Securities Investment Fund Law and other laws and regulations, has prepared the Guidelines on Investor Education by Publicly Offered Securities Investment Funds (Trial Implementation) (“the Guidelines"). The following is a summary of the facts and information relating to the Guidelines:

一、起草背景及過(guò)程

I. Background and the Drafting Process

2022年4月，證監(jiān)會(huì)發(fā)布的《關(guān)于加快推進(jìn)公募基金行業(yè)高質(zhì)量發(fā)展的意見(jiàn)》（證監(jiān)發(fā)〔2022〕41號(hào)，以下簡(jiǎn)稱(chēng)《意見(jiàn)》）要求，全面強(qiáng)化投資者教育工作，科學(xué)搭建投教工作評(píng)估體系，加快形成體系明確、獎(jiǎng)勵(lì)先進(jìn)、爭(zhēng)相發(fā)力的公募基金行業(yè)投教工作新局面。根據(jù)《意見(jiàn)》要求，協(xié)會(huì)立足行業(yè)實(shí)際，制定了《指引》，為行業(yè)科學(xué)開(kāi)展和評(píng)價(jià)投教工作提供借鑒和指導(dǎo)。

In April 2022, the CSRC issued the Opinions on Accelerating the High-Quality Development of the Public Fund Industry (CSRC release No. 41 [2022], “the Opinions") with the aim of comprehensively improving the investor education, utilizing scientific approaches in establishing the evaluation framework of the investor education, and accelerating the development of a clear system of investor education in the public fund industry that rewards best practices and encourages participation. Following the requirements of the Opinions, AMAC has consequently formulated the Guidelines based on the current practices of the industry with the intention of providing guidance and information exchange to enable scientific implementation and evaluation of the investor education efforts.

《指引》旨在進(jìn)一步提高基金行業(yè)對(duì)投資者教育工作的認(rèn)知水平。受教者方面，投資者教育應(yīng)覆蓋投資者投資全流程，通過(guò)幫助投資者增強(qiáng)投資認(rèn)知，健全投資理念，提高風(fēng)險(xiǎn)識(shí)別與防范能力，糾正投資者行為偏差，提升國(guó)民金融素養(yǎng)。施教者方面，投資者教育應(yīng)融入基金行業(yè)機(jī)構(gòu)企業(yè)文化，上升至公司戰(zhàn)略層面，貫穿投資者服務(wù)、陪伴始終，切實(shí)服務(wù)居民財(cái)富管理需求。渠道宣傳方面，基金行業(yè)機(jī)構(gòu)應(yīng)結(jié)合自身優(yōu)勢(shì)和特點(diǎn)，搭建投教宣傳多媒體矩陣，開(kāi)展投教進(jìn)學(xué)校、進(jìn)社區(qū)、進(jìn)企業(yè)等“三進(jìn)”活動(dòng)。

The Guidelines are intended to further enhance the fund industry's investment knowledge and understanding level of investor education. In terms of its recipients, investor education should cover the entire investment process to provide investors with a better understanding of investment philosophy, enhanced ability to identify and prevent risks and correct their behavioral errors, and ultimately improving the nation’s overall financial literacy. In terms of the investor education providers, investor education should be integrated into the corporate culture of each individual enterprise in the fund industry and elevated to the level of corporate strategy, running through the entire investment process from beginning to end, and always ready to help, so as to serve the real needs of Chinese families’ wealth management. In terms of channel coverage, each fund manager in the industry should take advantage of its professional expertise and specific conditions to build a multimedia matrix of investor education by implementing the "three coverage" activities, i.e., campus coverage, community coverage and business coverage.

前期協(xié)會(huì)通過(guò)行業(yè)座談等方式向公募基金管理人和銷(xiāo)售機(jī)構(gòu)征詢(xún)了多輪意見(jiàn)，經(jīng)修改完善，《指引》內(nèi)容日臻成熟。

Prior to drafting the Guidelines, AMAC held several rounds of discussions with public fund managers and distributors through industry roundtables to obtain comments. The Guidelines have been fine-tuned accordingly to provide better guidance to the industry.

二、主要內(nèi)容

II. An Overview of the Guidelines

《指引》共二十一條，主要包括投資者教育工作的定義及適用范圍、目標(biāo)、原則、內(nèi)容、形式、資源保障及協(xié)會(huì)的自律管理等。主要內(nèi)容如下：

The Guidelines contain a total of 21 articles covering a wide range of areas, including the definitions and scope of the investor education activities, its objectives, principles, contents, methods of investor education, the availability of resources for providing education, and AMAC’s self-regulatory administration. These key topics are as follows:

(一) 明確投資者教育的定義及適用范圍

(i) Clarify definitions and applicable scope of investor education

《指引》明確投資者教育工作是指“向投資者開(kāi)展宣傳基金政策法規(guī)、普及基金知識(shí)、揭示投資風(fēng)險(xiǎn)、說(shuō)明投資者權(quán)利義務(wù)、傳導(dǎo)理性投資理念、引導(dǎo)投資者依法維權(quán)等活動(dòng)”?？紤]到當(dāng)前公募基金行業(yè)機(jī)構(gòu)是開(kāi)展基金投資者教育的主力軍，因此《指引》適用主體界定在業(yè)務(wù)中直接面向投資者的公募基金管理人和銷(xiāo)售機(jī)構(gòu)等兩類(lèi)機(jī)構(gòu)。

The Guidelines define investor education as "the activities intended for investors, including, providing information to investors relating to policies, laws and regulations of fund investment, popularizing basic concepts relating to fund, making clear the risks associated with investment, highlighting to investors their legal rights and obligations, marketing the idea of rational investment, and explaining to investors how they can best protect their interests by within the applicable legal framework.” Given the fact that public fund managers are currently the main force of carrying out investor education, the Guidelines would mainly apply to two types of business entities interfacing directly with investors, i.e., public fund managers and distributors.

(二) 明確投資者教育的目標(biāo)、原則、內(nèi)容和渠道

(ii) Specifying the goals, principles, contents and channels of investor education

《指引》結(jié)合我國(guó)公募基金行業(yè)實(shí)踐特點(diǎn)，規(guī)定了投教的三個(gè)目標(biāo)、六大原則以及七大領(lǐng)域。其中，《指引》規(guī)定了投教的三個(gè)目標(biāo)是提升投資者投資認(rèn)知、技能和理念等三種能力；結(jié)合當(dāng)前投教工作面臨問(wèn)題，提出投教應(yīng)堅(jiān)持規(guī)范性、有效性、中立性、普惠性、針對(duì)性和長(zhǎng)期性等六大原則；引導(dǎo)基金行業(yè)機(jī)構(gòu)結(jié)合自身特點(diǎn)，科學(xué)布局投教工作，開(kāi)展覆蓋投資理念、投資知識(shí)、交易流程、持有基金、投資者權(quán)利和義務(wù)、投資行為偏差、防詐騙等七大領(lǐng)域、投資全生命周期的投資者教育活動(dòng)；要求基金行業(yè)機(jī)構(gòu)積極創(chuàng)新，通過(guò)自主運(yùn)營(yíng)或非自主運(yùn)營(yíng)的渠道及平臺(tái)，搭建投教宣傳多媒體矩陣。

The Guidelines take into consideration the practices of China's public fund industry in setting out the three goals, six principles and seven areas to be covered in the investor education activities. Among other things, the Guidelines specify that the three goals of investor education are to enhance investors' overall investment-related knowledge, investment skills and investment philosophy. In light of the current issues facing investor education, the Guidelines propose six principles to be applied in conducting the educational activities, including standardization, effectiveness, neutrality, equal access, customization and on-going basis. The Guidelines recommend the participants of the fund industry to draw on their own experience in arranging educational activities, which should be reasonably designed to cover the seven areas of the investment lifecycle, including investment philosophy, basic investment knowledge, trading process, fund-share-holding, investors’ rights and obligations, improper investment practices to be corrected, and investment fraud prevention. The Guidelines encourage innovation by participants of the fund industry, either through their own efforts or by seeking third-party channels and services, to construct a multi-media and muti-channel matrix for the investor education activities.

（三）引導(dǎo)行業(yè)將投資者教育融入企業(yè)文化和各項(xiàng)業(yè)務(wù)

(iii) Guiding industry participants to integrate investor education into their corporate culture and across their various services

投資者教育作為基金行業(yè)踐行社會(huì)責(zé)任、落實(shí)行業(yè)文化建設(shè)核心價(jià)值觀(guān)的重要工作，《指引》引導(dǎo)公募基金管理人和銷(xiāo)售機(jī)構(gòu)將投資者教育納入企業(yè)文化建設(shè)，并與公司戰(zhàn)略保持一致，合規(guī)、合理、有機(jī)融入風(fēng)險(xiǎn)提示、適當(dāng)性管理、投資者陪伴、投訴處理等環(huán)節(jié)中，在為投資者提供服務(wù)過(guò)程中持續(xù)開(kāi)展投資者教育工作，進(jìn)一步提升投教質(zhì)效。

Investor education is an important part of the fund industry’s exercise of social responsibility, fostering an industry culture and building its core value propositions. The Guidelines are intended to guide public fund managers and fund distributors in integrating investor education into their corporate culture and aligning it with their business strategies. By using risk warnings in a compliant, reasonable and appropriate manner, together with investor suitability management, investor guide service, complaint handling, among others, fund managers and fund distributors will be able to provide continuous investor education throughout their business relationship with investors, thereby further enhancing the quality and effectiveness of investor education. 

（四）強(qiáng)化投資者教育的資源保障

(iv) Strengthening resource availability for investor education

《指引》要求公募基金管理人和銷(xiāo)售機(jī)構(gòu)從制度、組織、人員、流程、經(jīng)費(fèi)等方面保障投資者教育工作的開(kāi)展，加強(qiáng)對(duì)投資者教育工作的管理，并指定高級(jí)管理人員、相應(yīng)部門(mén)及人員管理、監(jiān)督投資者教育工作。協(xié)會(huì)鼓勵(lì)公募基金管理人及銷(xiāo)售機(jī)構(gòu)根據(jù)自身?xiàng)l件建立實(shí)體或互聯(lián)網(wǎng)投教專(zhuān)區(qū)，鼓勵(lì)達(dá)到中國(guó)證監(jiān)會(huì)有關(guān)要求的投教專(zhuān)區(qū)向中國(guó)證監(jiān)會(huì)或其派出機(jī)構(gòu)申報(bào)國(guó)家級(jí)或省級(jí)投教基地。

The Guidelines require public fund managers and fund distributors to ensure the implementation of investor education activities by, among other things, making available the relevant policies, organizations, personnel, procedures and funding, and designating senior management members to lead the relevant departments and personnel to manage and oversee the implementation of investor education. AMAC encourages public fund managers and fund distributors to establish dedicated investor education organizations or dedicated online platforms for, depending on their own circumstances. Those investor education organizations or platforms that meet the requirements of the CSRC are encouraged to apply to the CSRC or its branches for certification as national or provincial investor education bases.

（五）建立基金行業(yè)投教資源共享機(jī)制和評(píng)估體系

(v) Establishing an industry-level resource-sharing mechanism and assessment system for investor education

《指引》明確引導(dǎo)公募基金管理人和銷(xiāo)售機(jī)構(gòu)積極創(chuàng)新，充分發(fā)揮自主運(yùn)營(yíng)或非自主運(yùn)營(yíng)的第三方渠道及平臺(tái)作用，線(xiàn)上或線(xiàn)下開(kāi)展投資者教育活動(dòng)。同時(shí)，鼓勵(lì)公募基金管理人和銷(xiāo)售機(jī)構(gòu)積極向行業(yè)機(jī)構(gòu)共享制作的投教作品，積極利用多重渠道傳播行業(yè)其他機(jī)構(gòu)制作的優(yōu)秀投教作品。明確協(xié)會(huì)將定期組織相關(guān)機(jī)構(gòu)對(duì)公募基金管理人和銷(xiāo)售機(jī)構(gòu)的投資者教育工作情況進(jìn)行評(píng)估，公募基金管理人和銷(xiāo)售機(jī)構(gòu)的投資者教育工作評(píng)估結(jié)果作為監(jiān)管評(píng)價(jià)、創(chuàng)新業(yè)務(wù)試點(diǎn)等工作的參考指標(biāo)。

The Guidelines explicitly encourage innovation by public fund managers and fund distributors to make full use of their own channels or third-party channels and play the role of a platform in conducting both online and offline investor education. Meanwhile, public fund managers and fund distributors are encouraged to actively share their investor education creations with their industry peers and incorporate other industry peers’ quality investor education materials into their own marketing channels. The Guidelines make it clear that AMAC will organize regular evaluation by relevant parties of the education activities conducted by public fund managers and fund distributors, and the results of the evaluation will be used as a factor to be considered in the regulatory evaluation and in the future selection of candidates for innovative business trial implementation.

---

特別聲明Please Note

英文翻譯僅供參考，如中英文表述存在差異，請(qǐng)以中文版本為準(zhǔn)。

This translation is furnished for information purposes only. In case there are differences between the two language versions, the original Chinese text is binding in all respects.

封面圖片來(lái)源：視覺(jué)中國(guó)-VCG211101720558