拟大幅降低投资者成本，累计每年或让利超500亿元

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation aimed at reforming public fund sales fees, marking the comprehensive implementation of the third phase of the fund fee reduction initiative, which is expected to significantly lower investor costs and enhance the competitiveness of the public fund industry [1][3][11]. Summary by Relevant Sections Fee Reduction Measures - The new regulation proposes to lower the maximum subscription and redemption fee rates for various fund types: equity funds to 0.8%, mixed funds to 0.5%, and bond funds to 0.3% [4][5]. - The sales service fee caps for equity and mixed funds are reduced to 0.4% per year, while for index funds and bond funds, it is lowered to 0.2% per year, and for money market funds, to 0.15% per year [4][5]. Impact on Investors - The third phase of the fee reduction is projected to save investors approximately 300 billion yuan annually, representing a 34% reduction in fees [5][10]. - Cumulatively, the three phases of fee reductions are expected to benefit investors by over 500 billion yuan each year, significantly lowering investment costs [3][11]. Focus on Investor Services - The regulation emphasizes personal customer service, limiting the maintenance fee for individual investors to no more than 50% of the fund management fee [6]. - For non-individual investors, the maintenance fee for equity and mixed funds is capped at 30%, while for other funds, it is capped at 15% [7]. Legal Framework and Industry Standards - The regulation clarifies the legal positioning of sales platforms and encourages the establishment of a standardized direct sales service platform for institutional investors, enhancing the efficiency and service quality of the public fund industry [8][11]. Industry Response - Industry experts have expressed that the fee reduction reforms will not only lower costs for investors but also compel fund managers to improve their investment management and customer service capabilities [12][13]. - The reforms are seen as a step towards transitioning the industry from a scale-driven profit model to a performance-driven value model, promoting long-term healthy development [13][14].