两部门修订发布《证券结算风险基金管理办法》

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025 [1][2] Group 1: Adjustments to Risk Fund Collection and Proportions - The scope of the risk fund collection has been changed from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties (business) using multilateral net settlement methods [1] - The contribution ratios for the risk fund have been adjusted based on the risk levels of different varieties (businesses), with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income products' current bond trading reduced from 0.0001% to 0.00003% [1] - The proportion of the risk fund collected by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [1] Group 2: Enhancements to Risk Fund Scale Regulations - The previously set upper limit of 3 billion yuan for the risk fund has been revised to require that the net asset total of the fund be no less than 3 billion yuan [2] - A dynamic assessment clause has been added, requiring securities registration and settlement institutions to periodically evaluate the necessary scale of the risk fund and report to the CSRC and the Ministry of Finance [2] Group 3: Optimization of Risk Fund Investment and Usage - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other forms approved by the CSRC and the Ministry of Finance, with a requirement that bank deposits must not be less than 70% of the net asset total at the end of the previous month [2] - The procedures for using the risk fund have been simplified, changing from prior approval to post-reporting in line with the State Council's arrangements to eliminate administrative approval items [2] Group 4: Risk Prevention and Internal Management Regulations - Clear internal control requirements have been established for settlement participants and securities registration and settlement institutions, mandating the development of risk prevention and internal control systems [2] - Additional provisions have been included regarding the recovery and accountability arrangements for using the risk fund in cases of payment defaults, technical failures, or operational errors [2] - It is noted that the current net asset total of the risk fund has already exceeded 3 billion yuan, and settlement participants who have paid the risk fund for over a year will not be required to make additional contributions due to these revisions [2]