证券结算风险基金管理办法公布

Core Points - The China Securities Regulatory Commission (CSRC) announced the revised "Securities Settlement Risk Fund Management Measures," effective from December 8, aimed at enhancing risk management in the securities market [1][2]. Group 1: Adjustments to Risk Fund Management - The revised measures change the collection scope from a listed approach to a conceptual one, clarifying that the risk fund applies to securities traded under a multilateral net settlement method [1]. - The contribution ratio for the risk fund will be differentiated based on the risk level of the securities, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income securities reduced from 0.0001% to 0.00003% [1]. - The proportion of the risk fund that securities registration and settlement institutions can withdraw has been adjusted from 20% of business income to 9% [1]. Group 2: Fund Scale and Investment Requirements - The upper limit for the risk fund scale has been changed from a fixed 3 billion yuan to a requirement that the net asset total must not be less than 3 billion yuan, with a dynamic assessment of the required scale mandated [2]. - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other approved investment forms, with a requirement that bank deposits must not fall below 70% of the previous month's net asset total [2]. Group 3: Internal Management and Accountability - The revised measures require settlement participants to establish comprehensive risk prevention and internal control systems to mitigate risks effectively [2]. - Securities registration and settlement institutions must create internal management systems detailing the collection, management, and use of the risk fund, and submit annual reports to the CSRC and the Ministry of Finance [2]. - The revisions also clarify accountability measures for the use of the risk fund in cases of default, technical failures, or operational errors [2]. Group 4: Existing Fund Status - Currently, the net asset total of the risk fund exceeds 3 billion yuan, and participants who have contributed for over a year will not be required to make additional contributions due to these revisions [3].