Short-term punitive redemption fee of fund

The Securities and Futures Commission issued open-end fund sales cost management provisions, starting from March 15 next year, the Open fund manager will be able to choose to hold less than one week, less than one months after the redemption of the fund holders are not less than the redemption amount of 1.5% and 0.75% of the redemption fee To encourage the Fund to implement a back-end charging model, which is kept down for a period of three years and can be zero.　　The fund company may pay the trailing commission to the sales organization, does not set the upper limit, but the one-time reward halts.　　Yesterday, the China Securities Regulatory Commission issued the "Open Securities Investment fund sales cost management regulations", announced the new rules.　　Compared with the draft, the administration stipulates that for a bond fund investor who invests in a sales service fee of less than 30th, the fund manager may agree to charge a certain percentage of redemption fee in the fund contract and the prospectuses.　　The fund manager and the sales organization shall specify the proportion of the sales expenses, the provisions "shall be in the Fund sales Agreement and its supplementary agreement between the two parties in the purchase (subscription) fees, redemption fees, sales and service charges, such as the proportion of sales costs," and hereby confirm the actual sales revenue and accounting, accounting, according to the law to pay taxes.　　The regulations specify that, after the conversion of the Fund, the ownership of the transferred fund share will be recalculated from the date the share of the fund transferred is confirmed. For managers to decide whether or not to set up a short-term transaction redemption fee, the head of the relevant department of the SFC said that the manager can be set up to consider factors such as product characteristics; The short-term redemption fee is credited to the Fund's assets in order to compensate the long-term holder and not to increase the sales income. At the same time, according to the company's statistics, from 2006 to 2009, the average holding time of individual investor funds is above 30th, only when the individual investor's investment amount exceeds 1 million yuan, the average holding period is below 30th, so if the increase of the short-term punitive redemption fee, The most affected should be individual investors with a investment of more than 1 million per cent, and the fund manager may also be able to set up the applicable investor who collects the short-term transaction redemption fee.