公募销售费用改革方案出台！除货基外，持有期超一年不再收销售服务费

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" to lower investment costs for fund investors and enhance market order, effective January 1, 2026 [1] Summary by Sections Section 1: Fee Reductions - The regulations aim to reasonably reduce the subscription fees and sales service fee rates for publicly offered funds to effectively lower investor costs [1] Section 2: Redemption Fee Simplification - The arrangement for redemption fees has been simplified, with all redemption fees being allocated to the fund's assets [1] 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 [1] Section 4: Customer Maintenance Fee - A differentiated upper limit on customer maintenance fee payment ratios has been established to promote the development of equity funds [1] Section 5: Sales Fee Regulations - The regulations strengthen the norms for fund sales fees, clarifying that interest from fund sales settlement funds belongs to investors and prohibiting double charging in fund advisory services [1] Section 6: Direct Sales Service 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 [1]