1. Good evening, brothers and sisters, it is a familiar scene again, as soon as the weekend closes, the good news will come, and the good news on Friday night will usher in the blockbuster good news again! The China Securities Regulatory Commission (CSRC) has formulated and issued the "Regulations on the Administration of Securities Transaction Costs of Publicly Offered Securities Investment Funds", which will be officially implemented from July 1, 2024.
2. Specifically, the "Provisions" have a total of 19 articles, and the main content has four aspects:
The first is to reduce the commission rate of fund stock trading, and at the same time establish a dynamic adjustment mechanism for commission rates, and regularly adjust the commission rate of public fund stock transactions according to the changes in the market-wide rate.
The second is to lower the upper limit of the distribution ratio of securities trading commissions of fund managers, and to reduce the upper limit of the distribution ratio of trading commissions from 30% to 15% in light of the actual situation of the industry, so as to effectively prevent the transfer of benefits.
The third is to comprehensively strengthen the relevant compliance and internal control requirements of fund managers and securities companies, and clarify the relevant prohibited behaviors of fund managers and securities companies in terms of commission payment and the supervision responsibilities of fund custodians.
Fourth, it clarifies the content and requirements for the disclosure of transaction commission information at the fund manager level, and requires fund managers to regularly disclose information such as the level of transaction commission rates, annual summary expenditures and distribution details on the official website, so as to strengthen market supervision and restraint.
3. What does this news talk mean?
Reduction of the commission rate for fund stock transactions and the upper limit of the distribution ratio of fund managers' securities trading commissions:
1. Reducing the transaction fee rate of fund stocks is essentially to encourage the fund to allocate more stocks.
2. Lowering the upper limit of the fund manager's trading commission distribution layout is essentially to reduce the frequency of fund trading stocks, hoping that the fund will hold stocks for a long time.
However, this time is aimed at the commission and commission sharing ratio of fund transactions, which has nothing to do with the commission rate of our retail investors, and lowering the fund transaction commission is the transaction fee for the brokerage, which is mainly good for the fund company, and it can only be said that the side is good for us, because for fund companies and fund managers, the management fee is the bulk of their income, and the commission share is very small in the proportion of the entire income, and it can even be said that it is not worth mentioning。
It is because the fund has fallen too much in recent years, and many people have put forward opinions, so the official has begun to reform the fund.
The reduction of asset management fees has already begun. Since you can't make money for the people, it is logical to reduce various fees and commissions, but how to say it, the wool is out of the sheep, and the transaction rate is borne by the people, and the fee reduction is also to reduce the burden on the people. In 2022, the total commission of the public fund will be 18.874 billion yuan, and the 34% decrease corresponds to about 6.4 billion yuan in cost savings.
3. What is the impact of reducing the fund stock trading commission on A-shares?
Now at this stage to reduce the fund stock trading commission on A-shares is definitely a positive impact, two years for investors to save a 20 billion, but if it is evenly calculated to each of us, but it is a year to save a meal money, the significance is not too big, Dalong believes that it will not bring any big changes to the short-term A-share market, now the international situation is unstable, the Middle East conflict continues, the global stock market continues to fall, and now the end of April is in the performance thunderstorm period, the short-term market of A shares will still be very weak, this reduction can only say that the regulator long-term determination to get the stock market up, but the impact on the market is not big。 A shares will fall for a period of time due to various negative influences, and it will take time to adjust.
4. Now in order to save the market, the China Securities Regulatory Commission sends a good news almost every Friday, although every time the good A still does not see any improvement, I hope to give some strength next week!
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