推动FISP平台逐渐向个人投资者开放服务

Core Viewpoint - The implementation of the new regulations on fund sales fees, effective January 1, 2026, aims to promote the FISP platform direct sales model, which is expected to significantly reduce costs for fund investors [1][4]. Group 1: FISP Platform Overview - The FISP platform allows fund managers and custodians to engage in direct sales, enabling institutional investors to access fund investments without incurring subscription and service fees [1][2]. - The platform is designed to streamline operations by providing standardized, automated services, addressing high operational costs and inefficiencies in traditional fund sales [2][3]. Group 2: Impact on Investors - By utilizing the FISP platform, the costs for investors will primarily consist of management and custody fees, eliminating intermediary "toll fees" [2][4]. - The focus of fund competition will shift towards investment performance, brand reputation, and customer experience, rather than channel-related costs [2][4]. Group 3: Future Development and Challenges - Opening the FISP platform to individual investors will require a cautious and gradual approach, initially targeting "qualified individual investors" with specific asset and experience criteria [3]. - Upgrades to the platform's technical support and security measures will be necessary to accommodate a larger number of individual investors, ensuring system reliability and investor protection [3][4]. Group 4: Broader Implications - The transition to the FISP platform signifies a historic shift in the fund sales ecosystem from a "channel-centric" model to one focused on "product and service" [4]. - This reform is expected to lower the friction costs for social capital entering the capital market, enhancing the efficiency of financial resource allocation and better serving the real economy [4].