Log in to Sina Finance APP to search [Xinpi] to see more evaluation levels.
Special topic: the second phase of public offering fund fee reform started, Da V jokingly said: "the seller's Research Institute no longer has an address."WorldcupqualifiersasiabasketballThere are only ruins leftWorldcupqualifiersasiabasketball"."
Core point of view: on April 19, the Securities Regulatory Commission issued the regulations on the Management of Securities transaction costs of publicly raised Securities Investment funds (later referred to as the "New regulations"), which is the implementation of the new "National Nine articles" on reducing the comprehensive rate requirements of the industry. The new regulations put the protection of the interests of investors in the first place, reduce the commission rates of securities transactions in public offering funds and establish a dynamic adjustment mechanism, reduce the upper limit of commission distribution, strengthen internal and external mechanisms and clarify information disclosure requirements. The new regulations fully embody the spirit of the new "National Nine articles", take investor protection as the starting point, guide the industry to correct business concepts, correct positioning deviations, and return to business origin, which is conducive to reducing investors' transaction costs. promote the formation of investor return-oriented fund ecology; at the same time, help securities companies to strengthen research quality and ability to promote the transformation of wealth management.
Establish the dynamic mechanism of commission rate and strengthen the supervision of distribution behavior
The new regulations reduce the transaction commission rates of public offering funds and establish a dynamic adjustment mechanism for transaction commission rates, requiring passive equity funds to pay commission rates no more than the average market level. other types shall not exceed twice the market average level (the average rate level is calculated and released by the Securities Industry Association on a regular basis). The first rate reduction will be completed before July 1, 2024. According to the static data in 2023, 3.2 billion yuan and 6.4 billion yuan will be saved for investors in 2024 and 2025, respectively. At the same time, the upper limit of the distribution of securities trading commission will be lowered from 30% to 15% (30% of managers with a management scale of less than 1 billion yuan for equity funds are still 30%, and securities funds are not applicable), strengthen the supervision of distribution behavior, and effectively prevent the transfer of benefits.
Strengthen the constraints of internal and external mechanisms and optimize the requirements of information disclosure
The new regulations strengthen the internal system requirements for fund managers and securities companies, and guide the standardized development of institutions. It is strictly forbidden to link the selection of securities companies, the rental of trading units and the distribution of trading commissions to the scale of fund sales and retention. It is strictly forbidden to promise fund securities trading volume and commission to securities companies in any form or to exchange interests with securities companies by using trading commissions, and it is strictly forbidden to use transaction commissions to transfer payment fees to third parties (such as fees for using external expert consultation, financial terminals, research and reporting platforms, databases, etc.). At the same time, to strengthen the relevant information disclosure requirements, fund managers need to regularly disclose the overall level of transaction commission rates, annual summary expenditure and distribution details on the official website, so as to strengthen market supervision and restraint.
Implement the requirements of the new "National Nine articles" and give top priority to safeguarding the rights and interests of investors.
Previously, the new "National Nine articles" made it clear that the legitimate rights and interests of investors must be more effectively protected. This new regulation fully embodies the spirit of "National Nine articles", takes investor protection as the starting point, and effectively reduces the investment costs of investor funds. It is the further landing of a series of measures for the fund industry rate reform. According to static data, the first two stages of rate reform measures can save investors a total of about 20 billion yuan a year. At the same time, the new rules explicitly prohibit the linking of commissions to sales and transfer payments through commissions, and strengthen the requirements for the disclosure of commission information. In the future, transaction commission information will be more transparent to ensure that the legitimate interests of investors are more effectively protected. At the same time, the reform measures for the sales link in the third stage are advancing steadily, and with the landing of relevant policies in the future, it will further reduce the costs of investors, which will help to attract more funds to increase the allocation of equity assets through public offering funds. conducive to promoting the good ecological development of the fund industry.
Guide public offering to return to its origin and promote the high-quality development of securities firms' research.
The new "National Nine articles" clearly promotes the high-quality development of securities fund institutions. Adhering to the concept of top-level design, the new rules require public offering funds to reasonably choose securities trading models, effectively reduce transaction costs, protect the legitimate rights and interests of investors, and guide the public offering industry to return to the business origin of "entrusted by others and managing money on behalf of others". Investor-oriented, pay more attention to investor services and returns. At the same time, the new regulations will help to promote securities companies to strengthen the capacity building of securities trading, research and other services. The future market environment will put forward higher requirements for the comprehensive strength of securities firms' research, which is conducive to the differential development of securities firms' research business, provide more high-quality trading, research and investment services, further improve the industry ecosystem, and promote the transformation of wealth management.
Risk hints: policy risk; market volatility risk.