重要调整！证监会、财政部最新发布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have announced the revised "Securities Settlement Risk Fund Management Measures," which will take effect on December 8, 2025, aimed at enhancing the management and utilization of the securities settlement risk fund to better adapt to market developments and risk prevention needs [1][3]. Summary by Sections Regulatory Framework - 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 events [3][6]. - The original management measures were established in 2000 and revised in 2006, serving as a regulatory framework for managing the risk fund and ensuring the safety of the securities settlement system [3]. Key Revisions - The scope of the risk fund collection has been adjusted to include securities transactions using multilateral netting guarantee settlement methods, enhancing the inclusivity of the rules [4]. - The contribution rates have been differentiated based on the risk levels of various securities types: - For equity securities, the rate is reduced from 0.0003% to 0.00009% of the transaction amount - For fixed-income securities, the rate is reduced from 0.001% to 0.0003% for spot transactions [4][8]. - The upper limit for the risk fund has been changed from a fixed amount of 3 billion yuan to a requirement that the net asset total of the fund must not be less than 3 billion yuan [4][9]. Fund Management and Utilization - 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][15]. - The fund's balance in banks must not be less than 70% of the net asset total at the end of the previous month [4][17]. - The procedures for utilizing the fund have been simplified, shifting from prior approval to post-reporting [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 utilization of the risk fund to the CSRC and the Ministry of Finance [5][24]. Transition and Implementation - The revised measures will replace the previous regulations established in 2006, with the new rules coming into effect on December 8, 2025 [1][24].