Securities Supervision Commission: Encourage long-term holdings, and clarify that sales service fees will no longer be charged for stock funds, hybrid funds, and bond funds held by investors for more than one year

The Securities Supervision Commission drafts regulations on the management of sales expenses for publicly offered securities investment funds. The Provisions consist of six chapters and 28 articles, the main contents of which are as follows: First, reasonably reduce the level of subscription fees, subscription fees, and sales service fees for public funds, and reduce the cost for investors. Second, optimize the redemption arrangements, and make it clear that the redemption fees for public funds are fully included in the fund property. Third, encourage long-term holdings, and make it clear that sales service fees will no longer be charged for stock funds, hybrid funds, and bond funds that investors hold for more than one year. Fourth, adhere to the development orientation of equity funds, and set a differentiated upper limit on the proportion of trailing commission payments. Fifth, strengthen the standardization of fund sales expenses, and coordinate and solve the problems of fund sales settlement fund interest attribution and fund investment advisory business double charges. Sixth, establish a direct selling service platform for institutional investors in the fund industry to provide efficient, convenient and safe services for the development of fund managers' direct selling business.