为金融市场安全稳健高效运行提供基础保障 我国金融基础设施监督管理将更完善

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have issued the "Financial Infrastructure Supervision Management Measures," which focus on the regulation of financial infrastructure operations, risk management, and corporate governance, aiming for unified regulatory standards in the financial market. The measures will take effect on October 1, 2025 [1][2]. Group 1: Regulatory Framework - The measures consist of six chapters and thirty-seven articles, establishing a comprehensive regulatory framework for financial infrastructure, including operational, risk management, and governance rules [2]. - Financial infrastructure is defined to include systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems. Illegal establishment or operation of financial infrastructure is prohibited [2][3]. - The introduction of these measures is seen as timely, providing a detailed institutional framework for the standardized development of financial infrastructure in response to the increasing complexity and risks in the financial market [2][4]. Group 2: Risk Management and Oversight - The measures aim to enhance risk management and oversight by establishing clear standards for identifying systemically important financial infrastructure and macro-prudential management requirements [4][5]. - The framework includes provisions for inspections, penalties, recovery, and exit strategies, ensuring a complete regulatory loop from entry to operation to exit [4]. - The measures shift risk monitoring from reactive to proactive, allowing for early warnings and reducing the space for regulatory arbitrage, thereby fostering a fair and transparent market environment [4][5]. Group 3: International Alignment and Competitiveness - The measures emphasize the need for financial infrastructure to align with international standards, such as the "Principles for Financial Market Infrastructures (PFMI)," while considering China's specific circumstances [6][7]. - The implementation of these measures is expected to enhance the safety, stability, and efficiency of financial infrastructure, ultimately supporting the development of the real economy and improving China's competitiveness in the international financial market [7][8].