中国证监会公布《证券结算风险基金管理办法》，自12月8日起施行

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the revision of the "Securities Settlement Risk Fund Management Measures" to enhance the risk prevention capabilities of the securities registration and settlement system, effective from December 8, 2025 [3]. Group 1: Revision Details - The risk fund is established to cover losses incurred by securities registration and settlement institutions due to defaults, technical failures, operational errors, or force majeure [3]. - The original management measures were established in 2000 and revised in 2006, necessitating updates to align with market developments and risk prevention needs [3]. Group 2: Key Changes in the Management Measures - The collection scope and payment ratio of the risk fund have been adjusted from a listed to a conceptual approach, with differentiated payment ratios based on the risk level of the business types [4]. - The payment ratio for equity products has been reduced from 0.0003% to 0.00009%, while the ratio for fixed income products has been lowered from 0.0001% to 0.00003% [4]. - The upper limit for the risk fund has been changed from a fixed 3 billion yuan to a requirement that the net asset total of the fund must not be less than 3 billion yuan [4]. Group 3: Investment 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 [4]. - The requirement for the fund's bank deposit balance has been set to not be less than 70% of the net asset total at the end of the previous month [4]. - The process for utilizing the risk fund has been simplified, changing from prior approval to post-reporting [4]. Group 4: Risk Prevention and Internal Management - New internal control requirements have been established for settlement participants and securities registration and settlement institutions to effectively prevent risks [5]. - Institutions are required to report annual updates on the management and usage of the risk fund to the CSRC and the Ministry of Finance [5]. - Provisions for recovery and accountability related to the use of the risk fund in cases of defaults and operational failures have been added [5].