每年让利投资者510亿元，证监会新规出炉

Core Viewpoint - The release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" marks the completion of the three-phase fee reform in the public fund industry, which is expected to save investors approximately 51 billion yuan annually and reduce the overall fee level by about 20% [1][13]. Summary by Relevant Sections Fee Reduction Impact - The third phase of the fee reform is projected to save investors around 30 billion yuan each year, contributing to a total annual savings of 51 billion yuan after all three phases are completed [1][13]. - The comprehensive fee level for public funds is expected to decrease by approximately 20% [1][13]. Key Measures of the Regulations - The regulations include six major measures aimed at reducing investor costs, such as lowering subscription and sales service fees, optimizing redemption arrangements, and encouraging long-term holding [3][4]. - Specific fee caps have been established: active equity funds' subscription fees are capped at 0.8%, mixed funds at 0.5%, and index and bond funds at 0.3% [4][5]. Long-term Investment Encouragement - The regulations promote long-term investment by eliminating sales service fees for non-money market funds held for over one year, thereby protecting long-term investors [3][7]. - The reform aims to shift the industry focus from short-term trading to long-term investment strategies [7][11]. Industry Transformation - The fee reform is part of a broader transition in the public fund industry from a focus on scale to a focus on returns, emphasizing quality improvement and value creation for investors [13]. - The establishment of a direct sales service platform aims to enhance the efficiency and safety of direct sales operations for fund managers [8][11]. Optimization of Redemption Fees - The regulations have optimized redemption fee arrangements, differentiating between individual and institutional investors to encourage longer holding periods [10][11]. - For bond funds, individual investors can avoid redemption fees after holding for 7 days, while institutional investors must hold for 30 days [10]. Overall Industry Ecosystem - The reform addresses issues such as high subscription fees and complex redemption fee structures, aiming to create a more transparent and sustainable industry ecosystem [3][11].