《证券结算风险基金管理办法》修订发布 投资范围新增购买关键期限国债

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised 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 [1] Group 1: Adjustments to Risk Fund Management - The scope and contribution ratio of the risk fund have been adjusted, with a shift from a listed to a conceptual description for the types of securities transactions covered [1] - The contribution ratio for equity securities has been reduced from 0.0003 to 0.00009 of the transaction amount, while the ratio for fixed income securities has been lowered from 0.0001 to 0.00003, with the ratio for pledged repurchase transactions remaining unchanged [1] - 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 Investment Regulations - The upper limit for the risk fund scale has been changed from a fixed 3 billion to a requirement that the net asset total of the fund must not be less than 3 billion [2] - A dynamic assessment clause has been added, requiring regular evaluations of the necessary scale of the risk fund by securities registration and settlement institutions, with reports to the CSRC and the Ministry of Finance [2] - The investment scope of the risk fund has been expanded to include key term government bonds and other forms approved by the CSRC and the Ministry of Finance, while maintaining a minimum bank deposit balance of 70% of the previous month's net asset total [2] Group 3: Internal Management and Accountability - New internal control requirements have been established for settlement participants and securities registration and settlement institutions to effectively prevent risks [2] - Institutions are required to develop internal management systems for the collection, management, and use of the risk fund, with annual reports submitted to the CSRC and the Ministry of Finance [2] - Provisions for accountability and recovery in cases of default, technical failures, or operational errors involving the use of the risk fund have been detailed [2] Group 4: Current Status of the Risk Fund - The net asset total of the risk fund has already exceeded 3 billion, and participants who have contributed to the risk fund for over a year will not be required to make additional contributions due to this revision [3]