《公开募集证券投资基金销售费用管理规定（征求意见稿）》发布 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 reducing public fund sales fees, marking the completion of the third phase of the public fund fee reform, which is expected to benefit investors significantly by lowering costs [5][12]. Group 1: Key Changes in Fee Structure - The new regulation includes a reduction in subscription fees for equity funds, mixed funds, and bond funds, with maximum rates lowered to 0.8%, 0.5%, and 0.3% respectively [6][7]. - Redemption fees will now be fully included in the fund's assets, and the structure of redemption fees has been simplified from four tiers to three [7]. - Sales service fees for equity and mixed funds will be capped at 0.4% per year, while index funds and bond funds will be capped at 0.2% per year, and money market funds at 0.15% per year [6][7]. Group 2: Impact on the Industry - The fee reduction is projected to save investors approximately 300 billion yuan annually, representing a 34% decrease in sales fees [7][11]. - The cumulative savings from all three phases of the fee reform are expected to exceed 500 billion yuan per year, enhancing the competitiveness of the public fund industry [12]. - The reform is anticipated to shift the focus of fund management companies from scale to investor returns, promoting a more sustainable and investor-centric business model [14][15]. Group 3: Industry Response - Industry players have responded positively, emphasizing that the regulation prioritizes investor interests and will enhance the quality of services provided to clients [13][14]. - The establishment of the Fund Industry Service Platform (FISP) aims to streamline direct sales to institutional investors, improving efficiency and reducing operational costs [9][10]. - Experts believe that the fee reform will not only lower costs but also encourage the development of equity funds, thereby increasing long-term investment potential [15].