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 fund shares held by investors for less than seven days, a redemption fee of no less than 1.5% of the redemption amount shall be charged; for fund shares held by investors for a period of seven days or more but less than thirty days, a redemption fee of no less than 1% of the redemption amount shall be charged; and for fund shares held by investors for a period of thirty days or more but less than one hundred and eighty days, a redemption fee of no less than 0.5% of the redemption amount shall be charged.