The “Provisions on the Administration of Sales Expenses of Publicly Raised Securities Investment Funds” were revised and officially released, and will take effect on January 1, 2026. This is not only a comprehensive upgrade of regulations from more than ten years ago, but also a key step in implementing the new “Nine National Rules” and promoting the high-quality development of the public fund industry. The public offering rate reform is an important institutional innovation in the development of China's capital market. It is also a vivid practice of implementing the “investor-oriented” supervision concept. It marks that China's public equity industry has fully entered a new stage with investors' interests as the core and high-quality development as the goal. Since the rate reform work began in July 2023, the Securities Regulatory Commission has promoted the reform in stages using the “fund manager - securities company - sales agency” path. The first two stages have achieved remarkable results, laying a solid foundation for the implementation of the third phase of sales rate reform. The introduction of this sales rate reform plan, as the final step in rate reform, marks the steady implementation of rate reform in China's public offering industry. The “Regulations” consist of 6 chapters and 29 articles. The core revolves around six major measures to actually benefit investors.

The “Provisions on the Administration of Sales Expenses of Publicly Raised Securities Investment Funds” were revised and officially released, and will take effect on January 1, 2026. This is not only a comprehensive upgrade of regulations from more than ten years ago, but also a key step in implementing the new “Nine National Rules” and promoting the high-quality development of the public fund industry. The public offering rate reform is an important institutional innovation in the development of China's capital market. It is also a vivid practice of implementing the “investor-oriented” supervision concept. It marks that China's public equity industry has fully entered a new stage with investors' interests as the core and high-quality development as the goal. Since the rate reform work began in July 2023, the Securities Regulatory Commission has promoted the reform in stages using the “fund manager - securities company - sales agency” path. The first two stages have achieved remarkable results, laying a solid foundation for the implementation of the third phase of sales rate reform. The introduction of this sales rate reform plan, as the final step in rate reform, marks the steady implementation of rate reform in China's public offering industry. The “Regulations” consist of 6 chapters and 29 articles. The core revolves around six major measures to actually benefit investors.