37万亿市场，新消息

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to reduce investor costs, standardize the public fund sales market, protect the rights of fund shareholders, and promote high-quality development in the public fund industry [1][2]. Group 1: Key Regulations - From January 1, 2027, fund managers are prohibited from charging subscription fees and sales service fees for the funds they manage [2]. - Fund managers must return any sales service fees collected after January 1, 2027, to investors upon redemption or termination of the fund contract [2]. - The "first collect, then return" model for sales service fees is now the only approved method [2]. Group 2: Fee Standards for Specific Fund Types - The fee standards for Fund of Funds (FOF), commodity funds, public REITs, and enhanced index funds have been clarified, with different standards based on the type of underlying assets [3]. - For non-monetary market fund shares held for over one year, sales service fees cannot be charged from January 1, 2027, and must follow the "first collect, then return" model [3]. Group 3: Rectification of Differential Fee Rates - Fund managers must rectify any differential fee rates for the same fund by merging shares and adjusting to the same fee rate by January 1, 2027 [5]. - The previous practice of setting different share classes with varying fee rates, such as "Class D" and "Class E," must be addressed through share mergers [5]. Group 4: Sales Channels and Fee Payment - The definition of "sales venues" now includes online sales platforms of fund sales institutions [6]. - Fund managers and sales institutions are prohibited from indirectly paying or collecting sales fees through various means such as conference fees or advertising fees [6]. Group 5: Modification of Fund Documents - Fund managers can modify fund contracts and prospectuses in agreement with fund custodians without needing to convene a fund holder meeting [7]. - Fund sales settlement funds must be credited with interest at no less than the current bank deposit rate from January 1, 2027, unless there are difficulties, in which case it may be included in fund assets [7].