Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" to lower investor costs and promote high-quality development in the public fund industry [1][2]. Summary by Relevant Sections - The regulations consist of six chapters and 28 articles, focusing on reducing costs for investors by adjusting subscription fees, application fees, and sales service fee rates [2]. - The redemption arrangements are optimized, with the full amount of the redemption fee being allocated to the fund's assets [2]. - Long-term holding is encouraged, with no sales service fees applied for investors holding stock, mixed, or bond funds for over one year [2]. - The regulations maintain a development orientation for equity funds by setting differentiated upper limits on trailing commission payment ratios [2]. - There is a reinforcement of sales expense regulations, addressing issues such as the allocation of interest from fund sales settlement funds and dual charging in fund advisory services [2]. - A direct sales service platform for institutional investors in the fund industry will be established to provide efficient, convenient, and secure services for fund managers [2].

央视网消息：据中国证券监督管理委员会网站消息，为落实《推动公募基金高质量发展行动方案》，进 一步降低基金投资者成本，规范公募基金销售市场秩序，保护基金投资者合法权益，推动公募基金行业 高质量发展，中国证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公开募 集证券投资基金销售费用管理规定》（以下简称《规定》），现向社会公开征求意见。 《规定》共六章28条，主要内容如下：一是合理调降公募基金认购费、申购费、销售服务费率水平，降 低投资者成本。二是优化赎回安排，明确公募基金赎回费全额计入基金财产。三是鼓励长期持有，明确 对投资者持有期限超过一年的股票型基金、混合型基金、债券型基金，不再计提销售服务费。四是坚持 权益类基金发展导向，设置差异化的尾随佣金支付比例上限。五是强化基金销售费用规范，统筹解决基 金销售结算资金利息归属、基金投顾业务双重收费等问题。六是建立基金行业机构投资者直销服务平 台，为基金管理人直销业务发展提供高效、便捷、安全服务。 欢迎社会各界对《规定》提出宝贵意见，中国证监会将根据公开征求意见情况，进一步加以完善并履行 相关程序后发布实施。 ...