【金融政策】中国证监会修订发布《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 protect their rights, effective January 1, 2026 [1][2][4] Summary by Sections Regulation Overview - The revised regulation is named "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" and consists of 6 chapters and 29 articles [1][2] Key Changes - The regulation aims to reasonably reduce subscription fees and sales service fee rates for public funds to effectively lower investor costs [1][2] - Redemption fee arrangements have been simplified, with all redemption fees being included in the fund's assets [1][2] - For fund shares held for over one year (excluding money market funds), no sales service fees will be charged, encouraging long-term holding [1][2] - A differentiated upper limit on customer maintenance fee payment ratios has been established to promote the development of equity funds [1][2] - The regulation strengthens 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][2] - 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 [1][2] Public Feedback - Prior to the revision, the CSRC solicited public opinions on the regulations, receiving overall support for the direction and content of the changes, which were carefully considered and incorporated into the final version [3]