证监会、财政部修订发布《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 "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025 [2][3] 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, now covering securities trading varieties that use multilateral net guarantee settlement methods, enhancing the inclusiveness of the rules [2] - The contribution ratios for the risk fund have been differentiated based on the risk levels of the trading varieties: for equity products, the ratio is reduced from 0.0003% to 0.00009%; for fixed income products, the ratio for cash transactions is reduced from 0.0001% to 0.00003%, while the ratio for pledged repurchase transactions remains unchanged [2] - The proportion of the risk fund extracted by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [2] Group 2: Risk Fund Scale and Dynamic Assessment - 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 [3] - A new clause for dynamic assessment of the fund's required scale has been added, mandating that securities registration and settlement institutions periodically evaluate and report the necessary scale to the CSRC and the Ministry of Finance [3] Group 3: Investment, Storage, and Usage Optimization - 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 the fund's bank deposit balance must not be less than 70% of the net asset total at the end of the previous month [3] - 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 matters [3] Group 4: Risk Prevention and Internal Management - 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 to effectively mitigate risks [3] - Additional details regarding the recovery and accountability arrangements for using the risk fund in cases of payment, compensation for default settlement losses, technical failures, and operational errors have been included [3] - 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 [3]