《公开募集证券投资基金销售费用管理规定》（征求意见稿）点评：销售新规发布，行业生态重塑

Fee Structure Changes - The maximum subscription fee rates for equity funds, mixed funds, and bond funds have been reduced to 0.8%, 0.5%, and 0.3% respectively[2] - Sales service fee rates for equity and mixed funds, index funds, bond funds, and money market funds have been lowered, with no service fees for equity and mixed funds held for over one year[10] Redemption Fee Adjustments - Redemption fees will now be fully included in the fund property, with simplified rates based on holding periods: less than 7 days at 1.5%, 7 to 30 days at 1.0%, and 30 days to 6 months at 0.5%[13] - The new rules aim to increase costs for short-term holdings, encouraging long-term investment[13] Client Maintenance Fee Differentiation - The client maintenance fee for individual investors remains capped at 50%, while for institutional investors, it is maintained at 30% for equity and mixed funds, and reduced from 30% to 15% for other funds[18] Promotion of Direct Sales - The regulations support the establishment of a direct sales service platform for institutional investors, enhancing the efficiency of fund transactions[19] Impact on Fund Distribution Models - The new rules may pressure fund distribution institutions, potentially altering their business models, especially those relying on high turnover and subscription fees[21]