Core Viewpoint - The public fund industry in China is undergoing a significant fee rate reform, marking a crucial step towards high-quality development and cost reduction for investors [1][2]. Summary by Relevant Sections Fee Rate Reform Overview - The China Securities Regulatory Commission (CSRC) has initiated a public fund fee rate reform, which is divided into three phases aimed at gradually lowering the comprehensive investment costs for public funds [1][2]. - The new regulations, titled "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," consist of six chapters and 28 articles, focusing on reducing investor costs and optimizing sales practices [2][3]. Specific Fee Adjustments - The maximum subscription and purchase fees for equity funds have been reduced from 1.2% and 1.5% to 0.8%, while for mixed funds, they have been lowered from 1.2% and 1.5% to 0.5%. Bond funds see a reduction from 0.6% and 0.8% to 0.3% [3]. - The annual sales service fee cap for equity and mixed funds has been decreased from 0.6% to 0.4%, and for index and bond funds from 0.4% to 0.2% [3]. Encouragement of Long-term Investment - The reform encourages long-term holding by eliminating sales service fees for investors who hold equity, mixed, or bond funds for over a year, thus promoting a shift from short-term speculation to long-term value investment [4][5]. - The redemption fee structure has been revised to ensure that all redemption fees are allocated to the fund's assets, thereby increasing the cost of short-term trading for investors [4]. Institutional Investor Focus - The CSRC has established a direct sales service platform for institutional investors, aimed at enhancing the efficiency and effectiveness of direct sales in the public fund industry [5]. - The platform will standardize operations and reduce the high costs and risks associated with traditional direct sales methods, thereby improving service levels in the industry [5][6]. Regulatory and Industry Impact - The reform addresses long-standing issues in the industry, such as the allocation of interest on idle funds and dual charging in fund advisory services, thereby enhancing the integrity of the fund management process [6]. - The adjustments in fee structures are designed to support the development of equity funds while maintaining a balance with other fund types, promoting a stable and healthy growth trajectory for the industry [6].
公募基金费率改革收官 每年向投资者让利超500亿元
Zheng Quan Ri Bao·2025-09-06 01:13