Financial Services Association, April 19. According to the Securities Regulatory Commission's website, in order to thoroughly implement the “Certain Opinions of the State Council on Strengthening Supervision and Risk Prevention and Promoting High-Quality Development of the Capital Market” (the new “National Article 9”), further strengthen the management of securities transaction fees for publicly raised securities investment funds (hereinafter referred to as funds), standardize the securities trading commissions and distribution management of fund managers, protect the legitimate rights and interests of fund share holders, and enhance the service capabilities of securities companies' institutional investors, the Securities Regulatory Commission formulated and issued the “Regulations on the Administration of Securities Transaction Fees for Publicly Raised Securities Investment Funds” (hereinafter referred to as the “Regulations”) from 2024 It will be officially implemented on July 1 of this year.

Earlier, the Securities Regulatory Commission publicly solicited comments from the public on the “Regulations”. All parties in the market generally agreed with the basic ideas and main contents of the “Regulations” and put forward some specific amendments. After careful research, the Securities Regulatory Commission has absorbed and adopted some opinions and suggestions, and made revisions and improvements.

The “Regulations” consist of 19 articles. The main elements include four aspects: first, reducing commission rates for fund stock trading; second, reducing the upper limit of commission allocations for fund managers; third, comprehensively strengthening relevant compliance and internal control requirements for fund managers and securities companies; and fourth, clarifying the content and requirements for disclosure of transaction commission information at the fund manager level.

The promulgation and implementation of the “Regulations” will further optimize the commission system for fund securities transactions, reduce transaction costs for fund investors, help guide securities fund management institutions to further correct their business philosophy, focus on improving investors' long-term returns, provide better trading, research and investment services, and promote the formation of a good industry development ecosystem. In the next step, the Securities Regulatory Commission will guide all securities regulatory bureaus and industry associations to do a good job of interpreting, training and implementing the new regulations, and organize industry organizations to complete the first stock transaction commission rate adjustment by July 1, 2024.