The China Securities Regulatory Commission (CSRC) has revised and issued the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds." The Regulations stipulate that fund managers and fund sales institutions must strictly accrue client maintenance fees in accordance with fund sales agreements. For assets under management resulting from sales to individual investors, the ratio of client maintenance fees to fund management fees shall not exceed 50%. For assets under management resulting from sales to non-individual investors, the ratio of client maintenance fees derived from the sale of equity funds and hybrid funds to fund management fees shall not exceed 30%; the ratio of client maintenance fees derived from the sale of other funds to fund management fees shall not exceed 15%.