证券结算风险基金管理新规公布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Settlement Risk Fund Management Measures" to enhance the management and operational efficiency of the securities settlement risk fund, which is designed to cover losses incurred by securities registration and settlement institutions due to defaults, technical failures, operational errors, or force majeure events [1]. Summary by Sections Adjustments to Contribution Scope and Proportions - The contribution scope of the risk fund has been changed from a listed format to a conceptual one, clarifying that it applies to securities trading varieties (businesses) using multilateral netting guarantee settlement methods, thereby increasing the inclusivity of the rules [2]. - A differentiated adjustment to the contribution ratio based on the risk level of the trading varieties has been implemented: for equity products, the contribution ratio has been reduced from 0.0003% to 0.00009% of the transaction amount; for fixed income products, the ratio for current bond transactions has been lowered from 0.001% to 0.0003%, while the ratio for pledged repos remains unchanged [2]. Improvement of Risk Fund Scale Regulations - 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 [4]. - A dynamic assessment clause has been added, mandating that securities registration and settlement institutions regularly evaluate the required scale of the risk fund and report to the CSRC and the Ministry of Finance [4]. Optimization of Investment, Storage, and Use of the Risk Fund - The investment scope of the risk fund has been expanded from only bank deposits to include key maturity government bonds and other forms of fund utilization 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 [5]. - The procedures for utilizing the risk fund have been simplified, changing from prior approval to post-reporting in line with the State Council's directive to eliminate administrative approval items [5]. Addition of Risk Prevention, Internal Management Regulations, and Accountability Arrangements - Clear internal control requirements have been established for settlement participants and securities registration and settlement institutions, mandating the development of comprehensive risk prevention and internal control systems to effectively mitigate risks [6]. - Detailed arrangements for accountability and recovery related to the use of the risk fund in cases of default, technical failures, or operational errors have been supplemented and refined [6]. - It is noted that the current net asset total of the risk fund has already exceeded 3 billion yuan, and settlement participants who have contributed to the risk fund for over a year will not be required to make additional contributions due to this revision [6].