证监会：根据品种风险程度，对风险基金的交纳比例实行差异化调整

Core Points - The China Securities Regulatory Commission (CSRC) announced the implementation of the "Securities Settlement Risk Fund Management Measures" starting December 8, 2025, which includes adjustments to the collection scope and contribution ratios of the risk fund [1][2] Group 1: Adjustments to Risk Fund Collection - The collection scope of the risk fund has been changed from a listed format to a conceptual one, enhancing the inclusivity of the rules for securities trading varieties using multilateral net settlement [1] - The contribution ratios for the risk fund will be differentiated based on the risk levels of the trading varieties, 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 extracted by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [1] Group 2: Risk Fund Scale and Management - The upper limit for the risk fund scale has been revised 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, with a dynamic assessment clause added [2] - Securities registration and settlement institutions are required to periodically assess the necessary scale of the risk fund and report to the CSRC and the Ministry of Finance [2] Group 3: Investment and Usage Optimization - The investment scope of the risk fund has been expanded from only bank deposits to include key maturity government bonds and other forms approved by the CSRC and the Ministry of Finance, with a requirement that bank deposit balances must not be less than 70% of the previous month's net asset total [2] - The procedure for utilizing the risk fund has 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: Internal Management and Accountability - 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] - Detailed arrangements for accountability and recovery in cases of advance payments, compensation for default settlement losses, technical failures, and operational errors have been added [2] - It is noted that the current net asset total of the risk fund has exceeded 3 billion yuan, and settlement participants who have contributed for over a year will not be required to make additional contributions due to these revisions [2]