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Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," marking a significant milestone in the reform of fund sales fees, effective from January 1, 2026. This reform is seen as a crucial step towards promoting high-quality development in the public fund industry and upgrading regulations established over a decade ago [1][2]. Summary by Sections Sales Fee Rate Adjustments - The new regulations aim to address high subscription fee rates, complex redemption fee structures, and lack of effective regulation on sales service fees. The maximum subscription fee rates for various fund types have been reduced: equity funds to 0.8%, mixed funds to 0.5%, index funds to 0.3%, and bond funds to 0.3% [4]. Simplification of Redemption Fees - The redemption fee structure has been simplified from four tiers to three, with all fees now included in the fund's assets. The fee for redemptions held for more than 7 days but less than 30 days has increased from 0.75% to 1%, aimed at discouraging short-term trading [5]. Long-term Holding Incentives - For fund shares held for over one year (excluding money market funds), no sales service fees will be charged, encouraging long-term investment. The maximum sales service fee for equity and mixed funds has been reduced to 0.4% per year, and for index and bond funds to 0.2% per year. Money market funds can still charge a reduced fee of 0.15% per year for holdings over one year [6]. Changes in Commission Structures - The regulations lower the trailing commission for institutional clients on non-equity funds from 30% to 15%, while maintaining the 30% rate for equity and mixed funds. This aims to promote the development of equity funds [6]. Support for Direct Sales Platforms - The regulations support the establishment of a Fund Industry Service Platform (FISP), providing a legal basis and functional positioning for direct sales services to institutional investors, encouraging them to use this platform for fund transactions [6]. Additional Provisions - Other revisions include stipulations on interest from idle funds being paid to investors or returned to the fund, enhanced integrity requirements, and prohibitions on dual charging for fund advisory services. Specific redemption fee exemptions are provided for individual investors in index and bond funds after 7 days and for institutional investors after 30 days [7]. Cost Savings for Investors - The overall reduction in sales fees is expected to save investors approximately 30 billion yuan annually, with a total estimated annual savings of 51 billion yuan once all reforms are fully implemented. The comprehensive fee level in the public fund industry is projected to decrease by nearly 20% [8][12]. Phased Implementation of Fee Reforms - The fee reform is structured in three phases: the first phase focused on reducing management and custody fees, saving investors about 14 billion yuan annually; the second phase targeted reductions in trading commissions, saving around 7 billion yuan; and the final phase, which includes the current sales fee adjustments, is expected to save an additional 30 billion yuan [11].