公募基金销售费用管理规定公开征求意见：切实降低投资者成本 完善全链条监管

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Open-ended Securities Investment Fund Sales Fee Management Regulations," now named "Publicly Raised Securities Investment Fund Sales Fee Management Regulations," to lower investor costs and promote high-quality development in the public fund industry [1][2]. Summary by Sections Regulatory Changes - The revision is a significant step in implementing the "National Nine Articles" spirit and aims to reduce sales fees for public funds, thereby protecting investor rights and promoting industry development [2][4]. - The new regulations consist of six chapters and 28 articles, focusing on reducing subscription fees, sales service fees, and optimizing redemption arrangements [2][3]. Fee Reductions - The maximum subscription and purchase fee rates 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' rates have decreased from 0.6% and 0.8% to 0.3% [3]. - The sales service fee rates for equity and mixed funds have been reduced from 0.6% per year to 0.4% per year, and for index and bond funds from 0.4% per year to 0.2% per year [3]. Investor Benefits - The reforms are expected to save investors approximately 30 billion yuan annually, with an overall reduction of about 34% in sales fees based on average data from the past three years [3][9]. - The changes encourage long-term investment by eliminating sales service fees for investors holding equity, mixed, and bond funds for over one year [7]. Industry Development - The CSRC is establishing a direct sales service platform for institutional investors to enhance the efficiency and safety of fund management [3]. - The reforms aim to shift the focus of sales institutions from scale to investor returns, addressing issues like high redemption fees and encouraging a culture of long-term investment [6][8]. Overall Impact - The cumulative effect of the three phases of fee reductions is expected to benefit investors by over 50 billion yuan annually, significantly enhancing the competitiveness of the industry [9].