证监会修订发布《公开募集证券投资基金销售费用管理规定》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the regulations on public fund sales fees to lower investor costs and enhance market order, effective January 1, 2026 [1] Summary by Sections Section 1: Fee Adjustments - The regulations aim to reasonably reduce the subscription fees and sales service fee rates for public funds, effectively lowering investor costs [2] Section 2: Redemption Fee Simplification - The redemption fee structure has been simplified, with all redemption fees now being included in the fund's assets [2] Section 3: Long-term Holding Incentives - For fund shares held for more than one year (excluding money market funds), no sales service fees will be charged, encouraging long-term holding [2] Section 4: Customer Maintenance Fee - A cap on the payment ratio of differentiated customer maintenance fees has been established to promote the development of equity funds [2] Section 5: Sales Fee Regulations - The regulations strengthen the norms around fund sales fees, clarifying that interest from fund sales settlement funds belongs to investors and prohibiting double charging in fund advisory services [2] Section 6: Direct Sales Platform - A direct sales service platform for institutional investors in the fund industry will be established to provide efficient, convenient, and secure services for fund managers' direct sales operations [2]