浅析公募基金销售费用新规的六大核心变化

Core Viewpoint - The China Securities Regulatory Commission (CSRC) officially released the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" on the last day of 2025, marking the conclusion of the public fund fee reform [1] Group 1: Changes in Subscription Fees - The upper limit for subscription fees has been lowered for index funds and bond funds to 0.3%, while actively managed equity funds have a limit of 0.8% [2][3] - The new regulations categorize equity funds into actively managed and passively managed index funds, with specific fee structures for each category [2][3] Group 2: Redemption Fee Standards - The new regulations emphasize that redemption fees must be fully included in the fund assets, meaning sales institutions can no longer receive a share of the redemption fees [3][4] - Redemption fees are categorized based on the investor's holding period, with rates set at 1.5% for less than 7 days, 1% for 7 to 30 days, and 0.5% for 30 to 180 days [4][5] Group 3: Sales Service Fees - For fund shares held for more than one year, sales service fees cannot be charged, except for money market funds [6][7] - The upper limits for sales service fees are set at 0.4% for equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds [7][8] Group 4: Prohibition of Exclusive Shares - The new regulations prohibit the establishment of exclusive shares or funds at specific sales institutions for the purpose of implementing differential fee rates [9][10] - Fund managers must provide justifiable reasons if they set up exclusive shares at sales institutions, ensuring fair treatment of investors [9][10] Group 5: Interest on Sales Settlement Funds - Fund managers must pay interest generated from sales settlement funds to investors or include it in the fund assets, ensuring that these funds belong to the investors [10][11] - The regulations clarify that all interest, not just a portion, must be paid to investors, addressing previous concerns about interest allocation [11][12] Group 6: Prohibition of Indirect Payment of Sales Fees - The new regulations prohibit the indirect payment of sales fees through various means such as conference fees, training fees, and advertising fees [13][14] - Fund managers are advised to enhance internal controls to prevent any form of disguised payment of sales fees [13][14] Conclusion - The public fund fee reform has concluded, and fund managers must complete various compliance tasks within a 12-month transition period, including system upgrades and legal document modifications [14][28]