即将实施！金融基础设施迎来新规：落实“谁审批、谁监管、谁负责”

Core Viewpoint - The implementation of the "Financial Infrastructure Supervision and Management Measures" marks a significant improvement in China's financial infrastructure regulatory system, emphasizing centralized regulation, safety prioritization, and international benchmarking [1][2]. Regulatory Framework Reconstruction - The Measures, jointly issued by the People's Bank of China and the China Securities Regulatory Commission, represent the first comprehensive departmental regulation covering financial infrastructure supervision in China [2][3]. - The Measures establish a dual-head regulatory system led by the central bank and the securities regulator, moving away from the previous multi-department governance model [3]. Operational Compliance Adjustments - The Measures require operational institutions to establish clear governance structures and effective accountability mechanisms, including a risk management committee [4]. - Institutions must enhance their risk management frameworks, ensuring robust identification, measurement, monitoring, and management of various risks, alongside stringent data security management [4]. - The scope of data localization has been narrowed from "all data" to "personal information and important data," with disaster recovery centers required to be located within China [4]. Impact on Financial Institutions - The Measures are expected to increase compliance costs and management capabilities for operational institutions, indirectly affecting participants in the financial infrastructure [5]. - Financial institutions, as core participants, will face stricter compliance and risk management standards, as well as more refined operational coordination and settlement efficiency requirements [5].