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Core Viewpoint - The implementation of the "Regulations on the Management of Sales Fees 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 the high-quality development of the public fund industry [3]. Group 1: Key Regulations - From January 1, 2027, fund managers will not be allowed to charge subscription fees or sales service fees for the funds they manage [4][5]. - Fund managers must return all sales service fees collected after January 1, 2027, to investors upon redemption or termination of the fund contract [5]. - The "first collect, then return" model for sales service fees has been established as the only acceptable method for fund managers [6]. Group 2: Fee Standards for Specific Fund Types - The notification clarifies fee standards for various fund types, including Fund of Funds (FOF), commodity funds, and index-enhanced funds [8][10]. - FOFs will have different subscription and sales service fee standards based on their asset allocation limits compared to actively managed equity funds, mixed funds, and bond funds [10]. - For non-money market funds held for over one year, sales service fees will not be charged from January 1, 2027, and will also follow the "first collect, then return" model [10]. Group 3: Differentiated Fee Rates and Compliance - Fund managers must rectify any differentiated fee rates for the same fund by merging shares and adjusting to the same fee rate by January 1, 2027 [13][15]. - The notification specifies that sales venues include online sales platforms of fund sales institutions [17]. Group 4: Operational Adjustments - Fund managers can adjust the sales fee structure and rate levels without convening a shareholder meeting, provided they reach an agreement with the fund custodian [20]. - Fund sales institutions must prioritize paying interest on sales settlement funds to investors at rates not lower than the current commercial bank's demand deposit rate starting January 1, 2027 [20].