持有超一年免收销售服务费！事关公募销售，“补充说明”来了

Core Viewpoint - The article discusses the revised regulations on public fund sales fees in China, which will take effect on January 1, 2026, and outlines specific changes regarding the collection of subscription fees and service fees by fund managers and sales institutions [1]. Group 1: Sales Fee Regulations - Fund managers are prohibited from charging subscription fees and sales service fees starting January 1, 2027 [2]. - Sales institutions cannot continue to charge sales service fees for non-monetary market fund shares held for over one year, with a "pay first, refund later" approach for fees collected after January 1, 2027 [3]. - Fund sales subsidiaries selling funds managed by their parent companies must also adhere to the prohibition on charging subscription and sales service fees [2]. Group 2: Fee Structure Adjustments - The notification specifies that fund managers must adjust the fee structure for existing funds to comply with the new regulations within 12 months of implementation [4]. - Fund managers can modify fund contracts and legal documents without convening a fund holder meeting, provided they reach an agreement with the fund custodian [4]. - The notification emphasizes that existing funds, including those established before December 31, 2025, must comply with the new fee structure [4]. Group 3: Interest Payments and Fee Transparency - Fund managers must pay all interest generated from fund sales settlement funds to investors, minus reasonable fees, starting January 1, 2027 [4]. - Fund sales institutions are required to display fee information clearly at sales locations, including online platforms [4]. - The regulations prohibit fund managers from using various indirect methods to pay or collect sales fees, ensuring fair treatment of all investors [4].