新规来了！为加强ETF风险管理，沪深交易所出手

Core Viewpoint - The recent revisions to the ETF risk management guidelines by the Shanghai and Shenzhen Stock Exchanges aim to enhance risk management, protect investor rights, and maintain market order, reflecting the commitment to high-quality development in index investment [1][2][4]. Group 1: Regulatory Changes - The Shanghai Stock Exchange revised its guidelines for ETF risk management, originally issued in April 2012, while the Shenzhen Stock Exchange updated its guidelines from September 2010 [2]. - The revised guidelines include 42 articles across 8 chapters for the Shanghai Stock Exchange and 40 articles across 7 chapters for the Shenzhen Stock Exchange [2]. Group 2: Key Provisions - The revisions emphasize the need for fund managers to strengthen risk control in ETF operations, including better management of subscription and redemption lists and internal control systems [2][3]. - Member firms are required to enhance their risk management processes for client ETF trading behaviors, including establishing monitoring mechanisms and categorizing clients [2][3]. Group 3: Impact on Fund Managers and Investors - The new guidelines are expected to help fund managers better identify and respond to risks, thereby reducing potential losses from mismanagement or unforeseen events [4][5]. - The revisions aim to bolster investor confidence in the ETF market by clarifying risk management responsibilities and ensuring a more secure trading environment [5]. Group 4: Market Development - The ETF market has seen rapid growth, surpassing 4 trillion yuan in total scale by mid-year, playing a crucial role in wealth management and market stability [1]. - The revisions are anticipated to promote the overall high-quality development of the ETF market, benefiting fund companies and expanding business opportunities [5].