公募销售费用新规来了，累计每年向投资者让利500亿

Core Viewpoint - The public fund sales fee reform has been successfully implemented after more than two years, marking the completion of the third phase of the reform, which aims to lower investor costs and optimize the fund sales ecosystem [1][5][11]. Summary by Sections Sales Fee Rate Adjustments - The new regulations will reduce subscription and redemption fees for various fund types, with stock funds' maximum subscription fee reduced from 1.2% to 0.8%, mixed funds from 1.2% to 0.5%, and bond funds from 0.6% to 0.3% [7] - The sales service fee for stock and mixed funds will decrease from 0.6% to 0.4% per year, while for index and bond funds, it will drop from 0.4% to 0.2% per year [7][8] - Overall, the reform is expected to lower sales fees by approximately 30 billion annually, representing a 34% reduction [6][8]. Redemption Fee Optimization - The new rules state that all redemption fees will be allocated to the fund's assets, encouraging fund sales institutions to focus on providing ongoing services rather than just initial sales [8][10]. - A unified redemption fee standard will be established for various fund types, promoting long-term holding by investors [8][10]. Encouragement of Long-term Investment - The regulations encourage long-term holding by eliminating sales service fees for investors who hold stock, mixed, or bond funds for over a year [2][10]. - The reform aims to shift the focus from short-term trading to long-term value investment, addressing the issue of "churn" in fund sales [10]. Strengthening Regulatory Framework - The new regulations include provisions to address industry issues such as dual charging in fund advisory services and the allocation of interest from settled funds [5][10]. - The reform emphasizes the need for fund managers to enhance their channel capabilities and ensure compliance with the new standards [5][10]. Direct Sales Service Platform - The establishment of the FISP platform aims to improve the efficiency and effectiveness of direct sales channels for institutional investors, addressing high operational costs and risks associated with traditional direct sales [14].