时隔19年大修！证监会联手财政部升级资本市场“安全网”

Core Viewpoint - The revised "Securities Settlement Risk Fund Management Measures" aims to enhance the stability of the settlement system in response to new risks arising from the rapid development of the securities market, with implementation set for December 8, 2025 [1] Group 1: Optimizations in Risk Fund Management - The new regulations optimize the collection mechanism for the risk fund, shifting from a listed approach to a conceptual definition that covers all securities trading varieties using multilateral netting settlement [2] - A differentiated contribution ratio based on the risk level of the securities is introduced, with equity trading contributions reduced from 0.0003% to 0.00009%, a 70% decrease, and fixed income trading contributions reduced from 0.001% to 0.0003%, also a 70% decrease [2] - The extraction ratio for securities registration and settlement institutions is lowered from 20% of business income to 9%, balancing risk coverage needs with market participants' burden [2] Group 2: Dynamic Assessment and Fund Utilization - A dynamic assessment mechanism is established, requiring securities registration and settlement institutions to regularly evaluate fund size needs, replacing the rigid "30 billion yuan cap" with a flexible requirement of "net assets not less than 30 billion yuan" [2] - The revised measures allow for investments in key term government bonds and other approved forms, improving the asset allocation structure of the risk fund while ensuring that bank deposits do not fall below 70% of the previous month's net assets [4] - The process for utilizing the risk fund is simplified from prior approval to post-reporting, enhancing the efficiency of risk response during settlement risk events [4] Group 3: Internal Control and Accountability - The new regulations specify internal control requirements for settlement participants, mandating the establishment of risk prevention and internal control systems, as well as investor suitability management systems [5] - A responsibility tracing mechanism is introduced for fund utilization, requiring recovery actions for losses due to defaults or technical failures, establishing a "whoever errs, whoever is responsible" governance mechanism [5] - The regulations ensure that the use of the fund does not affect the priority rights of the settlement institution against defaulting parties, providing a legal basis for recovery rights [5]