让利投资者！公募基金重磅规定，来了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," effective from January 1, 2026, aimed at reducing costs for investors and promoting high-quality development in the public fund industry [1][21]. Summary by Relevant Sections Sales Fee Reduction - The overall reduction in sales fees across the industry is projected to be 34%, saving investors approximately 30 billion yuan annually [2][10]. - Specific examples include a reduction in sales service fees for money market funds from 0.25% to 0.15%, resulting in a cost saving of 10 yuan for a 10,000 yuan investment [10]. Redemption Fee Management - Redemption fees will be fully allocated to fund assets, detaching sales institutions' income from short-term trading behaviors [11]. - Non-money market funds held for over one year will no longer incur sales service fees, encouraging long-term investment [4][11]. Client Maintenance Fee Structure - The client maintenance fee will not exceed 50% of the management fee, incentivizing sales institutions to enhance service quality for individual investors [12]. Direct Sales Service Platform - The establishment of the Fund Industry Direct Sales Service Platform (FISP) aims to reduce costs and improve efficiency for fund managers in direct sales [13]. Differentiated Redemption Fee Policies - Differentiated holding periods for exemption from redemption fees have been set, with individual investors needing to hold for 7 days and institutional investors for 30 days [15]. Fee Rate Reform Phases - The fee rate reform consists of three phases, with the first two phases focusing on management and trading fees, cumulatively saving investors over 50 billion yuan annually [18][19]. - The third phase specifically targets reductions in subscription and sales service fees, contributing an additional 30 billion yuan in annual savings [19]. Industry Response - Industry representatives view the regulations as a significant step towards prioritizing investor interests and enhancing service capabilities, marking a shift from a focus on sales volume to investor returns [21][22].