别想再“偷”基民的收益！

Core Viewpoint - The regulatory body has optimized the fund sales settlement mechanism to close loopholes in money market fund "enhancements," ensuring investor interests are prioritized and promoting fair treatment among investors [3][10][11]. Group 1: Fund Subscription Process - The new regulations specify that fund managers must send confirmation and settlement data to sales institutions by 10:00 AM on the fund share confirmation day, and sales institutions must transfer confirmed subscription funds to the fund's registration account by 4:00 PM on the same day, after deducting any fees [5][10][12]. - This adjustment aims to reduce the time funds remain in transit during the subscription process, effectively closing the loophole that allowed for "enhanced" returns through delayed fund transfers [11][12]. Group 2: Fund Redemption Process - The regulations emphasize fair treatment of all investors, prohibiting differential redemption fund transfer times based on sales channels. For funds other than money market and interbank certificate funds, the transfer of redemption funds to sales institutions must occur no earlier than the next trading day after the redemption request is confirmed [7][15]. - Fund managers are required to manage liquidity risks carefully and ensure that the redemption process does not disrupt fund stability or lead to unreasonable asset liquidation [14][15]. Group 3: Marketing and Communication - The regulatory body has mandated that fund managers and sales institutions must avoid misleading marketing practices, particularly prohibiting terms like "real-time arrival" and "rapid redemption" in promotional materials, which could create unrealistic liquidity expectations for investors [8][16]. - This initiative aims to foster a more accurate understanding of fund operations among investors and mitigate potential disputes arising from service delays [16].