[China Securities Regulatory Commission: Encouraging Long-Term Holding, Waiving Sales Service Fees for Stock Funds, Mixed Funds, and Bond Funds Held for Over One Year] According to a report by Jinse Finance, the China Securities Regulatory Commission (CSRC) has drafted regulations on the management of sales fees for publicly offered securities investment funds. The regulations consist of six chapters and 28 articles, with the main points as follows: 1. Reasonably reduce subscription fees, purchase fees, and sales service fee rates for public funds to lower investor costs. 2. Optimize redemption arrangements, specifying that all redemption fees for public funds will be fully included in the fund's assets. 3. Encourage long-term holding by clarifying that no sales service fees will be charged for stock funds, mixed funds, and bond funds held by investors for more than one year. 4. Adhere to the development orientation of equity funds by setting differentiated upper limits on trailing commission payment ratios. 5. Strengthen the regulation of fund sales fees, addressing issues such as the allocation of interest from fund sales settlement funds and double charging in fund advisory services. 6. Establish a direct sales service platform for institutional investors in the fund industry, providing efficient, convenient, and secure services to support the development of direct sales by fund managers.