Recently, the China Securities Regulatory Commission issued the "Regulations on the Management of Securities Trading Fees for Publicly Offered Securities Investment Funds" (hereinafter referred to as the "Regulations"), which will be officially implemented from July 1st. Market analysts believe that the release of the Regulations marks the official implementation of the second phase of fee rate reform in the public fund industry, and the comprehensive fee rate level in the industry continues to steadily decline, which is conducive to promoting the long-term healthy development of the industry. In July 2023, the China Securities Regulatory Commission issued the "Work Plan for the Reform of Public Fund Industry Fee Rates" (hereinafter referred to as the "Plan"), which plans to take 15 measures to comprehensively optimize the public fund fee rate model within two years. In order to avoid the "steep rise and fall" of the free rate, the fee rate reform will be promoted in stages according to the implementation path of "management costs transaction costs sales costs". The first stage of reform mainly aims to orderly reduce the management and custody fees of active equity products, and the related work has been completed by the end of October 2023. The China Securities Regulatory Commission stated that the plan proposes to reasonably optimize the commission system for securities trading of public funds. Based on this, the China Securities Regulatory Commission has studied and formulated the "Regulations" to optimize and improve the trading commission distribution system, and further strengthen the supervision of the commission distribution behavior in public fund securities trading. The "Regulations" released this time have a total of 19 articles, with four main contents: first, reducing the commission rate for fund stock trading; The second is to lower the upper limit of the commission distribution ratio for fund managers in securities trading; Thirdly, comprehensively strengthen the compliance and internal control requirements of fund managers and securities companies; The fourth is to clarify the disclosure content and requirements of transaction commission information at the fund manager level. Clarify the commission rate level for securities trading. One is to reasonably reduce the securities trading commission rate of public funds. Passive stock fund products are not allowed to pay research services, liquidity services, and other fees through securities trading commission, and the stock trading commission rate should not exceed the average market level in principle; For other types of fund products that pay research service fees through securities trading commissions, the stock trading commission rate should generally not exceed twice the average stock trading commission rate in the market. The second is to clarify the publishing mechanism for the average commission rate level. The Securities Industry Association regularly calculates the changes in industry transaction commission rates, and industry institutions adjust accordingly within the prescribed period. Reduce the upper limit of commission distribution for securities trading. One is to maintain a maximum commission distribution ratio of 30% for managers of equity funds with a management scale of less than 1 billion yuan; For managers of equity funds with a management scale exceeding 1 billion yuan, the upper limit of commission distribution ratio will be reduced from 30% to 15%. The second is to clarify the requirements for the commission distribution ratio in the case of the coexistence of securities trading models and rental trading unit models. According to market institutions, after the release and implementation of the Regulations, based on static data from 2023, the total annual stock trading commission of public funds will decrease by 38%. In 2024 and 2025, it will save investors 3.2 billion yuan and 6.4 billion yuan in costs, respectively. If the first phase of management fee reduction measures are added, the cumulative cost savings for investors in the first two stages of fee rate reform can be about 20 billion yuan per year. Yao Zeyu, Chief Analyst for the Non Bank Financial Industry and Fintech Industry at the Research Department of CICC, stated that the reform of the commission system is crucial for
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