The China Securities Regulatory Commission has revised and issued the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds." The Regulations stipulate that for equity funds and hybrid funds, the sales service fee charged shall not exceed 0.4% of the fund’s assets per year; for index funds and bond funds, the sales service fee charged shall not exceed 0.2% of the fund’s assets per year; for money market funds, the sales service fee charged shall not exceed 0.15% of the fund’s assets per year; for other funds, the fee standard may be agreed upon with reference to the aforementioned rates. Except for money market funds and other funds recognized by the CSRC, no sales service fees may be charged for fund shares held by investors for more than one year.