“二选一”阳谋：“排他性销售”引发公募基金代销合规战事

Core Viewpoint - The recent controversy surrounding exclusive sales practices in the fund distribution industry, particularly involving China Merchants Bank (CMB), has raised questions about the fairness of sales channels and investor choice [1][2][4]. Fund Sales Practices - Several funds are reported to be "suspended for sale" on third-party platforms like Ant Financial and Tiantian Fund, while still available for purchase at CMB with standard fees [2][3]. - The phenomenon of exclusive sales is common in the fund industry, especially in a bank-dominated market [8][11]. - The new regulatory draft issued on September 5 aims to reform fund sales fee structures, potentially reducing the viability of exclusive sales practices [1][15]. Regulatory Changes - The new regulations propose to lower the maximum subscription fees for different fund types, which could diminish the profit margins for banks and encourage competition based on service rather than pricing [15][16]. - Industry insiders believe that the new rules will likely reduce the prevalence of exclusive sales and shift the focus towards service innovation among distribution channels [16][17]. Competitive Landscape - CMB's exclusive sales practices have been criticized as abnormal, with some funds only available through CMB while being unavailable on major platforms [4][6]. - The competition between CMB and internet platforms like Ant Financial is intensifying, with both sides employing different pricing strategies for fund sales [8][11]. - The operational costs associated with bank channels are higher, leading to a reluctance to offer discounts compared to internet platforms, which typically have lower costs [12][13]. Industry Dynamics - Fund companies face a dilemma in choosing sales channels, often having to decide between CMB and internet platforms based on product compatibility and market potential [9][10]. - The ongoing competition has led to a situation where fund companies may feel pressured to choose exclusive partnerships with banks or internet platforms, impacting their distribution strategies [10][11]. Future Outlook - The implementation of the new regulations is expected to create a more level playing field among distribution channels, potentially leading to a reduction in exclusive sales practices [16][17]. - The industry may see a shift towards enhanced service offerings and innovative solutions as channels adapt to the new regulatory environment and competitive pressures [17].