37万亿市场，新消息！

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" aims to lower investor costs, standardize the public fund sales market, protect the legal rights of fund holders, and promote high-quality development in the public fund industry [2][12]. Group 1: Key Regulations - Fund managers will not be allowed to charge subscription fees or sales service fees for the funds they manage starting from January 1, 2027, with a "pay first, refund later" model for sales service fees [3][13]. - The notification clarifies the starting point for the refund of sales service fees for existing funds [1][3]. - Fund managers must not unfairly treat different investors by setting differentiated fee rates through exclusive shares at specific sales institutions, and must complete the consolidation of shares and adjustment to the same fee rate by January 1, 2027 [1][7]. Group 2: Fee Standards for Specific Fund Types - The notification specifies fee standards for various fund types, including Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds, which will be based on their respective product characteristics [4][14]. - For FOFs, different subscription and sales service fee standards will be set according to their asset allocation limits compared to actively managed equity funds, mixed funds, and bond funds [4][15]. - From January 1, 2027, sales institutions will not be allowed to charge sales service fees for non-monetary market fund shares held for more than one year, with fees collected under the "pay first, refund later" model [5][15]. Group 3: Compliance and Operational Guidelines - The notification states that the fees for Hong Kong mutual recognition funds will continue to follow the regulations set by the Hong Kong Securities and Futures Commission [6][16]. - Fund managers must rectify any differentiated fee structures for the same fund by consolidating shares and adjusting to the same fee rate by January 1, 2027 [7][17]. - The definition of "sales venues" now includes online sales platforms of fund sales institutions, and fund managers and sales institutions are prohibited from disguising sales fees through various means [8][18]. Group 4: Administrative Procedures - Fund managers can modify and announce changes to the fund sales fee structure and rate levels in collaboration with fund custodians without needing to convene a fund holder meeting [9][19]. - Fund managers are required to pay all interest generated from fund sales settlement funds to investors or include it in the fund property, with sales institutions required to prioritize interest payments at rates not lower than the current bank deposit rates starting January 1, 2027 [9][19].