According to the Securities Regulatory Commission, the “Regulations on the Administration of Sales Expenses of Publicly Raised Securities Investment Funds” came into effect today. Since 2023, the public fund industry rate reform work has been fully launched. Prior to this revision and introduction of regulations on the management of sales expenses of publicly raised securities investment funds, the first two stages of the rate reform had already been successfully completed as scheduled. The introduction of this revision marks the smooth implementation of this work. The rate reform in the public fund industry adheres to the principle of prioritizing investors' interests and benefits investors to the greatest extent possible. In 2023, the first phase of reform measures to reduce management rates and escrow rates will be implemented, providing investors with annual concessions of about 14 billion yuan; in 2024, the second phase of measures to reduce commission rates for securities transactions will be implemented, providing investors with benefits of about 7 billion yuan each year; after the implementation of the third phase of reforms to reduce sales rates such as subscriptions in 2025, it is expected to reduce fees for investors by about 30 billion yuan. After all three stages of fee reduction work are completed, investors are expected to save 51 billion yuan in investment costs every year, and the comprehensive rate level for public funds will be reduced by about 20%.

According to the Securities Regulatory Commission, the “Regulations on the Administration of Sales Expenses of Publicly Raised Securities Investment Funds” came into effect today. Since 2023, the public fund industry rate reform work has been fully launched. Prior to this revision and introduction of regulations on the management of sales expenses of publicly raised securities investment funds, the first two stages of the rate reform had already been successfully completed as scheduled. The introduction of this revision marks the smooth implementation of this work. The rate reform in the public fund industry adheres to the principle of prioritizing investors' interests and benefits investors to the greatest extent possible. In 2023, the first phase of reform measures to reduce management rates and escrow rates will be implemented, providing investors with annual concessions of about 14 billion yuan; in 2024, the second phase of measures to reduce commission rates for securities transactions will be implemented, providing investors with benefits of about 7 billion yuan each year; after the implementation of the third phase of reforms to reduce sales rates such as subscriptions in 2025, it is expected to reduce fees for investors by about 30 billion yuan. After all three stages of fee reduction work are completed, investors are expected to save 51 billion yuan in investment costs every year, and the comprehensive rate level for public funds will be reduced by about 20%.