年均为投资者省300亿元 证监会发布基金销售费用新规

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," which will take effect on January 1, 2026, as a key measure to promote the high-quality development of the public fund industry, reflecting the regulatory commitment to prioritize investors and reduce costs for the public [1][3]. Summary by Sections Sales Fee Reduction - The overall reduction in sales expenses across the industry is expected to reach 34%, saving investors approximately 30 billion yuan annually [3]. - The maximum subscription fee for actively managed equity funds is reduced to 0.8%, while other mixed funds are capped at 0.5%, and index and bond funds at 0.3% [3]. - The annual sales service fee for actively managed equity and mixed funds is limited to 0.4%, while index and bond funds are capped at 0.2%, and money market funds at 0.15% [3]. - For example, with a sales service fee of 0.25% per year for money market funds, an investor holding 10,000 yuan can reduce their annual investment cost by 10 yuan; for an actively managed equity fund with a subscription fee of 1.5%, subscribing with 10,000 yuan can lower costs by 70 yuan [3]. Long-term Investment Incentives - The regulations stipulate that the full amount of the redemption fee will be allocated to the fund's assets and linked to long-term holding benefits: non-money market funds will not incur sales service fees after being held for one year, reducing long-term investment costs [3]. - For bond funds, a differentiated exemption period for redemption fees is established: individual investors are exempt after holding for 7 days, while institutional investors must hold for 30 days, ensuring convenience for individual investors and encouraging long-term holding by institutions [3]. - Index funds allow managers to flexibly arrange redemption fees for individual investors after holding for 7 days [3]. Sales Behavior Regulation - The regulations also address the upper limit of trailing commission payment ratios, maintaining that customer maintenance fees should not exceed 50% of management fees, and resolve issues related to fund sales settlement interest and dual charging for fund advisory services [4]. - The establishment of the Fund Industry Service Platform (FISP) aims to reduce costs and improve efficiency for fund managers in direct sales, enhancing customer experience and professional service capabilities [4]. Phased Fee Reform - The reduction in sales expenses marks the third phase of the fee reform in the public fund industry, following the first phase, which lowered management and custody fees for actively managed equity funds, yielding approximately 14 billion yuan in annual savings, and the second phase, which reduced stock trading commission rates, saving around 7 billion yuan annually [4]. - Cumulatively, the three phases of reform are expected to save investors over 50 billion yuan annually [4]. Industry Response - Multiple fund distribution agencies have indicated that the regulations have adequately considered industry feedback, with the rule-making process being transparent and prudent, which is conducive to smooth implementation and long-term execution [5].