两部门公布证券结算风险基金管理办法

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025, which includes significant adjustments to the risk fund collection and usage policies [1]. Summary by Relevant Sections Adjustments to Risk Fund Collection - The scope of the risk fund collection has been changed from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties (business) using multilateral net guarantee settlement methods by securities registration and settlement institutions, enhancing the inclusiveness of the rules [1]. - The contribution ratio of the risk fund will be differentiated based on the risk level of the trading varieties (business). For equity products, the contribution will decrease from 0.0003% to 0.00009% of the transaction amount, while for fixed income products, the contribution for cash transactions will drop from 0.001% to 0.0003%. The contribution ratio for pledged repurchase business will remain unchanged [1]. - The proportion of the risk fund extracted by securities registration and settlement institutions will be adjusted from 20% of business income and profits to 9% [1]. Optimization of Risk Fund Investment, Storage, and Usage - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other forms of fund utilization approved by the CSRC and the Ministry of Finance. Additionally, the risk fund's bank deposit balance must not be less than 70% of the total net assets at the end of the previous month [1]. - The procedures for utilizing the risk fund have been simplified, transitioning from prior approval to post-reporting, in line with the State Council's directive to eliminate administrative approval items [1].