【公募基金】销售新规发布，行业生态重塑——《公开募集证券投资基金销售费用管理规定（征求意见稿）》点评

Core Viewpoint - The article discusses the release of the draft regulations for the management of sales fees for publicly raised securities investment funds, marking the third phase of fee reform in the public fund industry, aimed at promoting high-quality development and optimizing the industry structure [3][5][25]. Summary by Sections 1. Reduction of Subscription Fees - The new regulations lower the maximum subscription fee rates for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, encouraging sales institutions to further discount fees while covering costs [3][8]. - The impact is significant for sales institutions relying on initial fund offerings, as the reduction in subscription fees may disrupt their "high turnover" sales model [9]. 2. Standardization of Sales Service Fees - The regulations further reduce the upper limits of sales service fees for various fund types, prohibiting the collection of such fees for equity and mixed funds held for over one year [10][13]. - This change lowers the holding costs for investors and reduces the income for fund sales institutions, particularly affecting internet third-party sales platforms [12][13]. 3. Optimization of Redemption Fee Arrangements - Redemption fees will now be fully included in the fund's assets, with simplified three-tier rates based on holding periods: less than 7 days, 7 to 30 days, and 30 days to 6 months, with minimum rates of 1.5%, 1.0%, and 0.5% respectively [4][14]. - The aim is to encourage long-term investment by increasing the cost of short-term redemptions [14]. 4. Differentiated Adjustment of Client Maintenance Fees - The regulations maintain the current 50% client maintenance fee ratio for individual investors and 30% for institutional investors selling equity and mixed funds, while reducing the ratio for other funds from 30% to 15% [17][19]. - This adjustment aims to guide institutions to focus on personal client services and equity fund development [19]. 5. Promotion of Institutional Direct Sales Business - The regulations establish a legal basis for the Fund Industry Service Platform (FISP), encouraging institutions to connect with this platform for fund transactions [20]. - This move is expected to enhance the cost advantages of direct sales channels, potentially impacting third-party sales institutions that primarily serve institutional investors [20]. 6. Standardization of Dual Charging in Advisory Services - Fund sales institutions that also provide advisory services are prohibited from charging maintenance fees on the assets generated from advisory services [22][24]. - This regulation may reduce the willingness of institutions with both sales and advisory licenses to engage in fund advisory services [24]. 7. Overall Industry Impact - The new regulations are expected to optimize the product structure of the public fund industry, shifting focus from price competition to enhancing professional service capabilities and investor engagement quality [5][25]. - The changes may create multi-dimensional pressures on fund distribution institutions, potentially altering their business models, especially for those reliant on high-frequency trading and initial fund offerings [25].