9月5日，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味 着，公募基金行业第三阶段费率改革落地，费率改革顺利收官。 此次费率改革围绕降低投资者成本、大力发展权益类基金、引导长期投资等方面作出诸多制度安排，可 以说是"看点多多""诚意满满"。 有业内人士以近三年平均数据测算，第三阶段费率改革将每年为投资者让利约300亿元。三个阶段累计 每年将向投资者让利超500亿元。 看点二：推动权益类基金发展 值得一提的是，此次改革针对权益类基金发展作了特别安排： 区分权益类基金和非权益类基金，对于向机构投资者销售权益类基金形成的保有量，继续维持客户维护 费占管理费比例不超过30%的上限；对于向机构投资者销售债券型基金、货币基金形成的保有量，将客 户维护费占管理费的比例上限由30%调降至15%。 看点一：实实在在让利投资者 中国证监会自2023年7月启动公募基金行业费率改革。"维护投资者合法权益"始终贯穿着公募基金费率 改革的各个阶段。 回顾前两个阶段的改革内容，第一阶段改革主要调降了公募基金的管理费率和托管费率；第二阶段改革 则将公募基金证券交易佣金费率调整至较为合理的水平。 本阶段改革， ...

记者丨黎雨辰 编辑丨姜诗蔷 视频编辑 | 王学权 9月5日晚间，证监会正式发布《公开募集证券投资基金销售费用管理规定》（征求意见稿）（下称《管 理规定》），并向社会公开征求意见。 近两年来，公募基金费率改革以"三步走"形式不断推进。2023年7月，证监会发布实施《公募基金行业 费率改革工作方案》，按照基金管理人、证券公司、基金销售机构的主体顺序，为公募基金降费勾勒 了"管理费用-交易费用-销售费用"的三阶段实施路径。 此次《管理规定》的出台，是分阶段推进费率改革的"最后关键一步"。在内容上，本次销售费率改革充 分突出"投资者利益为核心"，对公募基金认购费、申购费、销售服务费率水平进行了全面调整，同时规 定所有赎回费归入基金资产，并差异化安排尾随佣金比例，聚焦服务个人投资者、发展权益类基金等。 公募基金行业费率改革的平稳落地，也标志着我国公募基金行业迈向高质量发展新阶段。记者获悉，如 公募基金费率改革三阶段全部完成，按行业过去三年静态数据测算，每年预计将为投资者让利超500亿 元。其中，一、二阶段降费规模分别约为140亿元、68亿元；第三阶段降费规模约为300亿元，降幅约为 34%。 费率改革亮点纷呈 具体来看 ...

公募费改正式迈入收官阶段。 9月5日晚间，证监会正式发布《公开募集证券投资基金销售费用管理规定》（征求意见 稿）（下称《管理规定》），并向社会公开征求意见。 近两年来，公募基金费率改革以"三步走"形式不断推进。2023年7月，证监会发布实施 《公募基金行业费率改革工作方案》，按照基金管理人、证券公司、基金销售机构的主体 顺序，为公募基金降费勾勒了"管理费用-交易费用-销售费用"的三阶段实施路径。 此次《管理规定》的出台，是分阶段推进费率改革的"最后关键一步"。在内容上，本次销 售费率改革充分突出"投资者利益为核心"， 对公募基金认购费、申购费、销售服务费率水 平进行了全面调整，同时规定所有赎回费归入基金资产，并差异化安排尾随佣金比例，聚 焦服务个人投资者、发展权益类基金等。 公募基金行业费率改革的平稳落地，也标志着我国公募基金行业迈向高质量发展新阶段。 记者获悉， 如公募基金费率改革三阶段全部完成，按行业过去三年静态数据测算，每年预 计将为投资者让利超500亿元 。其中，一、二阶段降费规模分别约为140亿元、68亿元；第 三阶段降费规模约为300亿元，降幅约为34%。 费率改革亮点纷呈 具体来看，此次《管理规 ...

本文字数：2128，阅读时长大约4分钟 作者 |第一财经 周斌 2025.09.05 时隔十二年，公募基金销售费用管理规定再迎修订。 9月5日，证监会发布消息称，对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公 开募集证券投资基金销售费用管理规定》（下称《规定》），并向社会公开征求意见。 《规定》共有六章28条，主要包括合理调降公募基金认购费、申购费、销售服务费率水平,优化赎回安 排，部分持有期限超过一年的基金不再计提销售服务费，设置差异化的尾随佣金支付比例上限，建立基 金直销服务平台等六方面内容。 销售费率改革有四大亮点 据了解，此次《规定》的修订是落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发展 行动方案》的重要举措，也是分阶段推进费率改革的"最后关键一步"，主要有四大亮点。 其一，降费力度大。此次降费，将股票型基金的认购费率、申购费率上限由 1.2%、1.5%调降至0.8%； 将混合型基金的认购费率、申购费率上限由 1.2%、1.5%调降至0.5%；将债券型基金的认购费率、申购 费率上限由0.6%、0.8%调降至0.3%。 销售服务费率调降方面，将股票型基金和混合型基金的销 ...

Core Viewpoint - The public fund sales fee reform has been successfully implemented after more than two years, marking the completion of the third phase of the reform, which aims to lower investor costs and optimize the fund sales ecosystem [1][5][11]. Summary by Sections Sales Fee Rate Adjustments - The new regulations will reduce subscription and redemption fees for various fund types, with stock funds' maximum subscription fee reduced from 1.2% to 0.8%, mixed funds from 1.2% to 0.5%, and bond funds from 0.6% to 0.3% [7] - The sales service fee for stock and mixed funds will decrease from 0.6% to 0.4% per year, while for index and bond funds, it will drop from 0.4% to 0.2% per year [7][8] - Overall, the reform is expected to lower sales fees by approximately 30 billion annually, representing a 34% reduction [6][8]. Redemption Fee Optimization - The new rules state that all redemption fees will be allocated to the fund's assets, encouraging fund sales institutions to focus on providing ongoing services rather than just initial sales [8][10]. - A unified redemption fee standard will be established for various fund types, promoting long-term holding by investors [8][10]. Encouragement of Long-term Investment - The regulations encourage long-term holding by eliminating sales service fees for investors who hold stock, mixed, or bond funds for over a year [2][10]. - The reform aims to shift the focus from short-term trading to long-term value investment, addressing the issue of "churn" in fund sales [10]. Strengthening Regulatory Framework - The new regulations include provisions to address industry issues such as dual charging in fund advisory services and the allocation of interest from settled funds [5][10]. - The reform emphasizes the need for fund managers to enhance their channel capabilities and ensure compliance with the new standards [5][10]. Direct Sales Service Platform - The establishment of the FISP platform aims to improve the efficiency and effectiveness of direct sales channels for institutional investors, addressing high operational costs and risks associated with traditional direct sales [14].

新华社权威快报 9日5日 中国证监会修订发布 《公开募集证券投资基金销售费用 管理规定(征求意见稿 )》 9月5日，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味着，公募基金行业第三阶段费率改革落 地，费率改革顺利收官。 根据管理规定，将合理调降公募基金认购费、申购费、销售服务费等销售环节费率水平，优化赎回费制度安排。以近三年平均数据测算，第三 阶段费率改革将每年为投资者让利约300亿元。 中国证监会自2023年7月启动公募基金行业费率改革。第一阶段和第二阶段费率改革已分别对公募基金管理费率、托管费率，以及公募基金证 券交易佣金费率进行合理调降。 此次第三阶段改革是分阶段推进公募基金费率改革的"最后关键一步"。据测算，三个阶段累计每年将为投资者让利超500亿元。 来源：新华社 调降认(申)购费等销售环节费率 优化赎回费制度安排 每年将为投资者让利约300亿元 ...

Core Viewpoint - The revision of the public fund sales fee management rules marks the final stage of the fee reform in the public fund industry, aimed at reducing investor costs and promoting high-quality development of the industry [1][2]. Group 1: Key Aspects of the New Regulations - The new regulations include a reduction in subscription fees, purchase fees, and sales service fee rates for public funds, significantly lowering investor costs [1][2]. - The redemption fee structure has been optimized, with all redemption fees now allocated to the fund's assets, encouraging long-term holding by investors [3]. - The regulations promote the development of equity funds by setting differentiated caps on trailing commission payments and maintaining existing client maintenance fee ratios for personal and institutional investors [3]. Group 2: Fee Reduction Details - The maximum subscription and purchase fee rates for equity funds have been reduced from 1.2% and 1.5% to 0.8%, while for mixed funds, they have been lowered from 1.2% and 1.5% to 0.5%, and for bond funds from 0.6% and 0.8% to 0.3% [2]. - The sales service fee rates for equity and mixed funds have been reduced from 0.6% per year to 0.4% per year, and for index and bond funds from 0.4% per year to 0.2% per year, with money market funds reduced from 0.25% to 0.15% per year [2]. - The overall fee reduction from the third phase of the reform is estimated to be around 30 billion yuan, with a total annual benefit to investors exceeding 50 billion yuan when combined with previous phases [2].

Core Viewpoint - The recent revision of the "Publicly Offered Securities Investment Fund Sales Fee Management Regulations" aims to significantly reduce fund sales fees, enhance investor protection, and promote the healthy development of the fund industry [3][5][11]. Summary by Sections Sales Fee Rate Reform Highlights - The reform includes substantial fee reductions: subscription and purchase fees for equity funds are lowered from 1.2% and 1.5% to 0.8%; for mixed funds from 1.2% and 1.5% to 0.5%; and for bond funds from 0.6% and 0.8% to 0.3% [5] - The sales service fee cap for equity and mixed funds is reduced from 0.6% per year to 0.4% per year, while for index and bond funds it is lowered from 0.4% per year to 0.2% per year, and for money market funds from 0.25% to 0.15% per year [5] - The overall reduction in fund sales fees is estimated to be around 30 billion yuan, with a reduction rate of approximately 34% based on average data from the past three years [6] Optimization of Redemption Fee System - The redemption fee structure is optimized to discourage short-term trading by ensuring that all redemption fees go to the fund property, promoting long-term holding among investors [6][7] - A unified redemption fee standard is established for various fund types, encouraging investors to hold their investments longer [6] Focus on Personal Client Services and Equity Fund Development - The regulations maintain a cap on client maintenance fees at 50% of management fees for personal investors, encouraging better service from fund sales institutions [8] - For institutional investors, the cap for maintenance fees on bond and money market funds is reduced from 30% to 15%, promoting the development of equity funds [8] Establishment of Direct Sales Service Platform - A direct sales service platform for institutional investors is to be established to address high operational costs and inefficiencies in the industry [8] - The platform aims to provide standardized, automated services for institutional investors investing in public funds [8] Cumulative Benefits of Fee Reforms - The fee reform has been implemented in three phases over two years, cumulatively benefiting investors by over 50 billion yuan [9][10] - The first phase focused on reducing management and custody fees, while the second phase targeted trading commission fees, leading to significant annual savings for investors [10][11] - The third phase primarily addresses sales fees, with an estimated annual benefit of around 30 billion yuan for investors [11]

时隔12年，公募基金销售费用管理规则迎修订。 此次修订是贯彻新"国九条"精神、落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发 展行动方案》的重要举措。 《规定》共六章28条，主要内容包括合理调降公募基金认购费、申购费、销售服务费率水平，降低投资 者成本；优化赎回安排，明确公募基金赎回费全额计入基金财产；鼓励长期持有，明确对投资者持有期 限超过一年的股票型基金、混合型基金、债券型基金，不再计提销售服务费；坚持权益类基金发展导 向，设置差异化的尾随佣金支付比例上限；强化基金销售费用规范，统筹解决基金销售结算资金利息归 属、基金投顾业务双重收费等行业乱象；建立基金行业机构投资者直销服务平台，为基金管理人直销业 务发展提供高效、便捷、安全服务。 具体来看，降费力度较大。本次降费，将股票型基金的认购费率、申购费率上限由1.2%、1.5%，调降 至0.8%；将混合型基金的认购费率、申购费率上限由1.2%、1.5%，调降至0.5%；将债券型基金的认购 费率、申购费率上限由0.6%、0.8%，调降至0.3%。将股票型基金和混合型基金的销售服务费率上限由 0.6%／年，调降至0.4%／年；将指数型基金和债券型基金 ...

（一）降低认申购费率。将股票型基金、混合型基金、债券型基金的认申购费率上限分别调降至0.8%、0.5%、0.3%。同时，鼓励销售机构在覆盖成本的前 提下，进一步加大认申购费打折力度。（二）优化赎回费安排。将赎回费全部计入基金财产，并将四档赎回费率安排简化成三档，降低收费机制复杂性。同 时，优化7日、30日、6个月持有期限的赎回费安排，引导投资者长期投资。（三）规范销售服务费。将股票型基金和混合型基金、指数型基金和债券型基 金、货币市场基金的销售服务费率上限分别调降至0.4%/年、0.2%/年、0.15%/年。同时，对持有期超过1年的基金份额（货币市场基金除外），不再继续收 取销售服务费。（四）聚焦个人客户服务。对个人客户的销售保有量，维持现行50%的客户维护费比例不变，对机构投资者销售权益类基金的保有量维持现 行30%的比例不变，鼓励销售机构提升个人客户服务能力。（五）明确平台法律定位。明确基金行业机构投资者直销服务平台（FISP平台）的法律依据及功 能定位，要求行业机构积极对接平台，并鼓励机构投资者通过FISP平台申赎公募基金，增强行业直销服务能力。（六）其他修改内容。明确代销机构清算账 户沉淀资金应当按照 ...