费率改革迎来收官！证监会发布公募基金销售费用管理规定

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the regulations on public fund sales fees to lower investor costs and enhance market order, effective January 1, 2026 [1] Group 1: Fee Reform Phases - The public fund fee reform, initiated in July 2023, is structured in three phases aimed at reducing costs for investors [3] - Phase one focuses on lowering management and custody fees for actively managed equity funds, saving investors approximately 14 billion yuan annually [3] - Phase two involves reducing stock trading commission rates, with a cap of 0.26‰ for passive equity funds and 0.52‰ for other types, resulting in annual savings of about 6.8 billion yuan for investors [3] - Phase three targets reductions in subscription and sales fees, expected to save investors around 30 billion yuan each year, leading to total annual savings exceeding 50 billion yuan across all phases [3] Group 2: Key Contents of the Revised Regulations - The revised regulations consist of six chapters and 29 articles, primarily aimed at lowering subscription and sales service fees to reduce investor costs [4] - Simplification of redemption fee arrangements is included, with all redemption fees to be included in the fund's assets [4] - The regulations state that no sales service fees will be charged for fund shares held for over one year (excluding money market funds), promoting long-term holding [4] - A differentiated cap on client maintenance fee payments is established to encourage the development of equity funds [4] - The regulations strengthen the norms around fund sales fees, ensuring that interest from fund sales settlement funds belongs to investors and prohibiting double charging in fund advisory services [4] - A direct sales service platform for institutional investors in the fund industry will be established to facilitate efficient and secure direct sales operations for fund managers [4]