以投资者利益为核心 公募基金费率改革迈向“最后关键一步”-基金-金融界

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation aimed at reducing costs for mutual fund investors and enhancing the order of the public fund sales market, which is expected to benefit investors significantly [1][2]. Group 1: Cost Reduction Measures - The new regulation lowers the maximum subscription fees for equity funds from 1.2%/1.5% to 0.8%, for mixed funds from 1.2%/1.5% to 0.5%, and for bond funds from 0.6%/0.8% to 0.3% [2]. - The maximum sales service fee for equity and mixed funds is reduced from 0.6% per year to 0.4% per year, while for index and bond funds, it is lowered from 0.4% per year to 0.2% per year [2]. - The overall reduction in sales fees is projected to save investors approximately 300 billion yuan, representing a reduction of about 34% [2]. Group 2: Encouragement of Long-term Investment - The regulation encourages long-term holding by eliminating sales service fees for investors who hold equity, mixed, or bond funds for over one year [2]. - The changes aim to shift the profit model of fund sales institutions from relying on "flow" income to obtaining "retention" income through ongoing service [2]. Group 3: Focus on Personal Client Services - The regulation adjusts the client maintenance fee structure, maintaining a 50% share for individual clients and reducing the share for institutional investors in bond and money market funds from 30% to 15% [3]. - It emphasizes the importance of personal client service and the development of equity funds, promoting better service for individual investors [3]. Group 4: Enhanced Regulatory Framework - The regulation addresses long-standing issues in the industry, such as the allocation of interest from settled funds and double charging for fund advisory services [3]. - It establishes a negative list for behaviors of fund managers and sales institutions, enhancing transparency and protecting investor rights [3]. Group 5: Direct Sales Platform Development - The CSRC is guiding the establishment of a direct sales service platform for institutional investors, which aims to provide standardized and automated services for mutual fund investments [4].