The revision of the "Sales Measures" and supporting rules mainly involves four major contents. First, strengthen the licensing requirements for fund sales activities and clarify the responsibilities of fund sales institutions and related fund service institutions. The second is to optimize the entry and exit mechanism of fund sales institutions and strive to build an orderly and benign development of the fund sales industry ecology. The third is to consolidate business norms and institutional control, and promote the construction of institutional mechanisms centered on the interests of investors. The fourth is to improve the supervision of independent fund sales organizations and promote the steady development of professional compliance of independent fund sales organizations.
The "sales measures" are very rich in content. The new regulations mentioned the renewal mechanism for the first time, introduced the renewal system of new registered institutions' licenses, and focused on the basic exhibition conditions, compliance internal control system, non-cargo-based holdings and other indicators to further optimize the exit mechanism. At the same time, the renewal procedures are further simplified, and institutions do not need to submit renewal applications. The dispatched office will automatically renew the insurance of qualified institutions in combination with the regulatory situation.
In view of the problems reflected by the industry, such as the increase in customer maintenance fees and the erosion of the foundation of sustainable development of the industry, the new regulations make differentiated arrangements for trailing commissions and stipulate the upper limit of their proportion. Among them, for the ownership amount formed by individual investors' sales, the agreed proportion of customer maintenance fee and fund management fee shall not exceed 50%; For the ownership amount formed by non-individual investors' sales, the agreed proportion of customer maintenance fee and fund management fee shall not exceed 30%. This requirement helps to balance the long-term interests of fund sales institutions and fund companies.
The new regulations also adjust the restrictions on the exhibition scope of independent marketing institutions, allowing independent marketing institutions to engage in the sales of private investment funds in addition to publicly raised funds. These regulations respond to the reasonable demand of private equity investment funds to regulate their sales with exclusive distributors, and also reserve space for exclusive distributors to sell private equity funds in the future.
The new regulations also particularly emphasize that fund sales institutions should improve the internal assessment mechanism of fund sales business, incorporate the fund sales scale and investors' long-term investment income into the assessment and evaluation index system of branches and fund sales personnel, increase the incentive arrangements for existing fund products' continuous sales and regular fixed investment, and adhere to the concept of long-term investment with investors' interests as the core.
It is reported that the Sales Measures are the basic supporting rules of the Securities Investment Fund Law, which was first issued in 2004 and revised twice on 20 1 1 and 20 13.
The following are the main points of sales measures:
1. Strengthen the licensing requirements for fund sales.
The "Sales Measures" clarified the connotation and extension of the fund sales business. According to the Sales Measures, fund sales refer to activities such as opening fund trading accounts for investors, publicizing and promoting funds, handling fund share sale, subscription and redemption, and providing information inquiry of fund trading accounts. It is worth noting that promotion funds are also defined as fund sales behavior.
The "Sales Measures" clearly define the business boundaries and bottom line requirements for sales organizations to cooperate with unlicensed Internet platforms, and support fund managers and fund sales organizations to standardize the use of Internet platforms to expand customers.
2. Appropriately adjust the access conditions of independent sales organizations.
The "Sales Measures" fully absorbed opinions and suggestions, and made adjustments on the basis of the previously released draft for comments. Appropriately reduce the financial indicators, work experience and other hard requirements of more than 5% shareholders. At the same time, it puts forward the requirements for controlling shareholders to improve the governance structure of independent sales organizations, maintain the independence of independent sales organizations and formulate relevant risk disposal plans; Enrich the requirements of equity management and put forward clear provisions on equity pledge.
Independent fund sales institutions implement "one participation and one control" management. The number of shareholders of independent fund sales organizations, their controlling shareholders and actual controllers participating in independent fund sales organizations shall not exceed 2, of which the number of independent fund sales organizations controlled by them shall not exceed 65,438+0. Unless otherwise provided by the China Securities Regulatory Commission.
3. Define the business scope of independent sales organizations.
The exposure draft of the Sales Measures clarifies that, unless otherwise stipulated by the CSRC, independent sales organizations can engage in the sales business of publicly raised funds and private equity investment funds, covering private equity management plans of securities and futures operating institutions and private equity funds filed with fund industry associations.
Independent sales organizations may sell private investment funds, but may not sell non-standardized investment products, unless otherwise stipulated by the China Securities Regulatory Commission.
4. Improve the exit mechanism and implement the license renewal system.
Optimize the entry and exit mechanism of fund sales organizations, and strive to build an orderly advance and retreat, benign development of the industry ecology. According to the authorization of the Securities Investment Fund Law, strengthen institutional arrangements such as suspension of business and revocation of licenses; Drawing lessons from mature supervision experience, we will introduce a system to extend the validity period of fund sales licenses for newly registered institutions to promote the standardized and orderly development of fund sales institutions.
5. The maximum difference arrangement of trailing commission shall not exceed 50%.
In the supporting rules, regarding the implementation of the Measures for the Supervision and Administration of Sales Organizations of Public Offering Securities Investment Funds, the fund manager and the fund sales organization may stipulate in the fund sales agreement that a certain proportion of customer maintenance fees shall be withdrawn according to the amount of funds sold by the fund sales organization to pay the related expenses incurred by the fund sales organization due to fund sales and customer service activities.
In view of the increase in customer maintenance fees reflected by the industry, which erodes the foundation of sustainable development of the industry, the upper limit of its proportion is divided. For the sales of individual investors, the agreed proportion of customer maintenance fee and fund management fee shall not exceed 50%, and for the sales of non-individual investors, the agreed proportion of customer maintenance fee and fund management fee shall not exceed 30%.
6. Initial update arrangement
The "Sales Measures" mentioned the renewal arrangement of fund sales institutions for the first time. For the new fund sales organization, it is a new and old regime, and the new and old are replaced. Focus on three types of situations. Optimize the scheme arrangement, do not require institutions to submit applications for renewal of insurance, and the dispatched institutions will automatically renew insurance for institutions that meet the conditions for renewal of insurance according to the regulatory situation.
7. Short-term performance promotion is prohibited and "hunger marketing" is emphasized.
The "Sales Measures" prohibit short-term performance publicity, and any performance interval displayed in fund publicity materials shall not exceed 6 months. In addition, the arrangement of raising the upper limit and proportional placement can be interpreted as a risk warning in promotional materials, but it should not be emphasized by different fonts or increasing the font size, and it should not be the sales theme of marketing promotion.
8. Promote long-term investment and prevent short-term redemption.
The "Sales Measures" require the cultivation of long-term investment, rational investment and fund industry ecology with the interests of investors as the core.
Fund sales funds shall promote the development of regular fixed investment, pension reserve investment and other businesses, promote investors' steady investment, and put an end to inducing investors to apply for redemption in a short period of time and frequently. In addition, the "Sales Measures" also require fund sales institutions to establish and improve the internal assessment mechanism of their business and adhere to the concept of long-term investment with the interests of investors as the core.
9. Support the standardized use of the Internet platform to expand customers.
Clarify the business boundary and bottom line requirements for the cooperation between fund sales organizations and unlicensed Internet platforms, and support fund managers and fund sales organizations to standardize the use of Internet platforms to expand customers.
10, adding a special chapter on "Internal Control and Risk Management".
A special chapter on "internal control and risk management" has been added to the sales method, requiring all kinds of fund sales institutions to improve their internal systems that match the fund sales business.
The Sales Measures require fund sales institutions to establish, improve and effectively implement the internal control and risk management system of fund sales business in accordance with the principle of prudent operation, and improve the internal accountability mechanism to ensure that the fund sales business complies with laws and regulations and the provisions of the China Securities Regulatory Commission.
1 1, product access management of sales organizations
The "Sales Measures" stipulates that fund sales institutions should conduct careful investigation and risk assessment on fund managers and fund products, fully understand the investment scope, investment strategy and risk-return characteristics of products, set up product access committees or special groups, and implement centralized and unified management on the access of products sold.
12. If the relevant arrangements during the transition period do not conform to the new regulations, they shall be rectified within a time limit.
In order to promote the smooth implementation of the regulations, the Implementation Regulations gave a full transition period to some normative matters after the implementation of the rules. The first is to give the fund sales organization a transition period of 1 year for staffing, information technology system transformation or sales document adjustment. The second is to give a two-year transition period to the normative matters such as the business scope of the exclusive marketing agency. Among them, if the exclusive marketing agency engages in the sales business of products other than those stipulated by law, it will reduce the sales and retention scale of related products in an orderly manner during the transition period.