基金销售费用改革落地：调降认购及销售服务费率，将赎回费全额归入基金财产

Core Viewpoint - The new regulations on fund sales fees aim to reduce costs for investors, standardize the public fund sales market, and promote high-quality development in the public fund industry. The comprehensive fee rate is expected to decrease by approximately 20%, saving investors around 51 billion yuan annually. Group 1: Fee Rate Adjustments - The new regulations specify that subscription fees for actively managed equity funds should not exceed 0.8%, mixed funds 0.5%, and index or bond funds 0.3%. Sales service fees for equity and mixed funds are capped at 0.4%, index and bond funds at 0.2%, and money market funds at 0.15% [2] - The overall reduction in sales fees across the industry is estimated at 34%, potentially saving investors around 30 billion yuan annually. For example, a money market fund with a sales service fee of 0.25% per year will reduce costs for a 10,000 yuan investment by 10 yuan annually after the fee reduction [2] Group 2: Redemption Fee Regulations - The regulations state that redemption fees must be fully included in the fund's assets. For shares held for less than seven days, a minimum redemption fee of 1.5% of the redemption amount is required. For shares held between seven and thirty days, the fee is 1%, and for shares held between thirty and one hundred eighty days, it is 0.5% [3] Group 3: Compliance Boundaries - Clear boundaries for fee management are established, stating that interest from fund sales settlement funds must fully belong to investors or the fund's assets. Fund advisory services cannot charge maintenance fees to clients, and such fees are prohibited from being returned to investors in any form [4][5] Group 4: Prohibition of Grey Operations - The regulations explicitly prohibit disguised commission payments, selling below cost, unauthorized changes to fee standards, and promotional activities involving lotteries or rebates. Fund managers are also barred from unfairly treating different investors through exclusive shares or products [6] Group 5: Direct Sales Service Platform - A direct sales service platform for institutional investors will be established, managed by China Securities Depository and Clearing Corporation Limited, providing electronic information services for fund account management and transaction instruction transmission [7]