监管出手！“周四买货基，周末躺赚”的薅羊毛套路被堵了

Core Viewpoint - The article discusses the recent regulatory changes aimed at eliminating gray arbitrage practices in the money market fund sector, particularly targeting the "enhanced" money market fund model that exploited time differences in fund transactions [3][4][10]. Summary by Sections Regulatory Changes - New regulations require that subscription funds must be transferred on the same day as the confirmation date, effectively closing the loophole that allowed for "enhanced" returns through time differences [3][5]. - The regulations also impose strict timelines for fund managers and sales institutions to ensure efficient fund transfer processes, with specific deadlines for data transmission and fund transfers [5][6]. Impact on Arbitrage Practices - The previous "enhanced" model allowed investors to earn returns on funds that had not yet been transferred to the fund's account, creating an arbitrage opportunity for institutions [6][7]. - The new rules eliminate the time gap that enabled these practices, thus protecting the interests of existing fund holders from being diluted by new large subscriptions [6][7]. Market Context - As of the third quarter of this year, the total scale of off-market money market funds has exceeded 14 trillion yuan, indicating the significant size and importance of this sector [12]. - The regulatory changes are part of a broader trend of tightening oversight on money market funds, which have been highlighted in previous policy signals [13]. Broader Regulatory Framework - The new regulations not only focus on subscription processes but also address redemption efficiency, marketing practices, and overall risk management within the fund industry [10][11]. - The emphasis on fair treatment of all investors and the prohibition of misleading marketing practices aims to reduce competitive "involution" in the industry [10][11].