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 the Management of Sales Fees for Publicly Offered Securities Investment Funds" to lower investor costs and enhance market order, effective from January 1, 2026 [2][3]. Summary by Sections Key Changes in Regulations - The regulations will reduce subscription fees and sales service fee rates for publicly offered funds to lower investor costs [2]. - Redemption fee arrangements will be simplified, with all redemption fees being included in the fund's assets [2]. - No sales service fees will be charged for fund shares held for over one year (excluding money market funds), encouraging long-term holding [2]. - A cap on the payment ratio of customer maintenance fees will be established to promote the development of equity funds [2]. - The regulations will strengthen the norms around sales fees, ensuring that interest from fund sales settlement funds belongs to investors and prohibiting double charging in fund advisory services [2]. - A direct sales service platform for institutional investors in the fund industry will be established to facilitate efficient and secure direct sales by fund managers [2]. Implementation and Feedback - The CSRC has solicited public opinions on the regulations and has made modifications based on feedback, indicating broad support for the direction and content of the revisions [2]. - The CSRC will prioritize investor interests in the implementation of the regulations and will steadily work to reduce costs for fund investors [3].