CSRC Seeks Comments on the Administrative Provisions on the Sales Fees of Publicly Offered Securities Investment Funds

Recently, the China Securities Regulatory Commission (CSRC) has issued the Administrative Provisions on the Sales Fees of Publicly Offered Securities Investment Funds (Draft for Comment) (the "Draft") and is now seeking public comments, with the deadline set for October 5, 2025.

The Draft consists of six chapters and 28 articles, with the following key points: (1) reasonably reducing the subscription fees, purchase fees, and sales service fee rates for publicly offered funds to lower costs for investors; (2) optimizing redemption arrangements and clarifying that redemption fees of publicly offered funds shall be fully credited to fund assets; (3) encouraging long-term holding and specifying that no sales service fee shall be charged for equity funds, hybrid funds, and bond funds held by investors for more than one year; (4) adhering to equity fund development orientation and setting differentiated caps on the proportion of trailing commission payments; (5) strengthening regulation of fund sales fees, and addressing issues such as the attribution of interest on settlement funds of fund sales and the problem of double-charging in fund advisory services; and (6) establishing a direct sales service platform for institutional investors and providing efficient, convenient, and secure services to support the development of direct sales business by fund managers.



(Source: http://www.csrc.gov.cn/csrc/c101981/c7581731/content.shtml)

Note: The link to the Chinese official website of the document is for your reference.