公募费改第三阶段落地！调降多项基金销售费率，引导长期投资

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated a public consultation on the revised "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," aiming to reduce investor costs and promote high-quality development in the public fund industry [1][3]. Fee Reduction Measures - The new regulations propose to lower the maximum subscription and purchase fee rates for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, down from previous caps of 1.2% and 1.5% for equity and mixed funds, and 0.6% and 0.8% for bond funds [3][4]. - The regulations encourage sales institutions to increase discounts on subscription and purchase fees while ensuring cost coverage [3]. - The redemption fee structure will be simplified from four tiers to three, with all fees being included in the fund's assets [3][4]. Redemption Fee Structure - For funds with a holding period of less than 7 days, a redemption fee of no less than 1.5% of the redemption amount will be charged; for 7 to 30 days, 1%; and for 30 days to less than 6 months, 0.5% [4][5]. Sales Service Fee Adjustments - The maximum sales service fee rates for equity funds, mixed funds, index funds, and bond funds will be reduced to 0.4% per year, 0.2% per year, and 0.15% per year respectively, down from previous rates of 0.6%, 0.4%, and 0.25% [4][5]. Direct Sales Service Platform - The CSRC has approved the launch of the Fund Industry Service Platform (FISP) to enhance investor services, providing a centralized, standardized, and automated service for fund account management and transaction instruction transmission [8][9]. - The FISP platform aims to improve the efficiency and reduce the operational costs of traditional direct sales in the public fund industry [8][9]. Industry Response - Fund management companies and independent fund sales institutions are expected to respond positively to the fee reduction measures, which are seen as beneficial for lowering investor costs and enhancing service quality [5][6]. - Ant Group's fund platform has reportedly saved investors over 50 billion yuan in transaction fees from 2016 to 2024, reflecting a commitment to reducing costs for investors [7].