利好！每年让利投资者510亿元，证监会新规出炉

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has finalized the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," marking the completion of a three-phase fee reform in the public fund industry, which is expected to save investors approximately 51 billion yuan annually in investment costs, with an overall reduction of about 20% in comprehensive fund fee levels [1][12][21]. Summary by Sections Phase of Fee Reform - The third phase of the fee reform is projected to save investors around 30 billion yuan each year, completing a total savings of 51 billion yuan across all three phases [1][12][21]. - The first phase focused on reducing management and custody fees, saving about 14 billion yuan annually, while the second phase adjusted trading commission rates, saving approximately 6.8 billion yuan each year [21]. Key Measures in the Regulations - The regulations include six major measures aimed at reducing investor costs, such as lowering subscription, application, and sales service fee rates [3][14]. - 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% [14][15]. - Sales service fees are limited to 0.4% per year for active equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds, resulting in an overall reduction of 34% in sales fees across the industry [15][16]. Encouragement of Long-term Investment - The reform encourages long-term holding by exempting sales service fees for non-money market funds held for over one year, aiming to shift investor behavior from short-term trading to long-term investment [6][17]. - The regulations also stipulate that redemption fees will be fully allocated to fund assets, detaching sales institutions' income from short-term trading behaviors [17][20]. Industry Transformation - The reforms are designed to transition the public fund industry from a focus on scale to a focus on returns, emphasizing quality improvement in fund management and customer service [21]. - A new direct sales service platform (FISP) has been established to enhance the efficiency and safety of direct sales operations for fund managers, improving overall service capabilities [18][19]. Optimization of Fee Structures - The finalized regulations have been optimized based on industry feedback, refining product classification standards and fee limits to better align with practical needs while maintaining the goal of significant investor savings [19]. - Specific adjustments have been made to redemption fee arrangements for bond and index funds to protect individual investors and encourage long-term holding [19].