累计让利超500亿元！基金销售新规落地：持有基金超一年免收销售服务费

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Sales Expenses for Publicly Offered Securities Investment Funds," marking the completion of a three-year fee reform in the public fund industry, which aims to reduce investor costs and regulate the sales market order, with a projected overall fee reduction of approximately 20% and total savings exceeding 50 billion yuan for investors [1][4]. Summary by Sections Regulations Overview - The new regulations consist of 6 chapters and 29 articles, focusing on lowering the subscription and sales service fee rates for public funds, simplifying the redemption fee structure, and ensuring that all redemption fees are included in the fund's assets [2][5]. - For fund shares held for more than one year (excluding money market funds), no sales service fees will be charged, promoting long-term holding [2][5]. - A differentiated cap on customer maintenance fee payment ratios is established to encourage the development of equity funds [2][5]. Impact on Sales and Investor Protection - The reform aims to reshape the structure of fund sales expenses, with a significant reduction in subscription and sales service fees, and a simplified redemption fee arrangement [3][6]. - The regulations require that the interest from fund sales settlement funds belongs to investors and prohibit double charging in fund advisory services, enhancing investor rights protection [3][6]. - It is estimated that the implementation of the new regulations will lead to a 20% decrease in the comprehensive fee rate for public funds, saving investors approximately 51 billion yuan annually [3][6].