证券结算风险基金管理办法公布 调整计收范围和交纳比例

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the revised "Securities Settlement Risk Fund Management Measures," effective from December 8, aimed at enhancing the management and utilization of the risk fund to ensure the safety of the securities registration and settlement system and mitigate market risks [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 transactions using multilateral netting guarantee settlement methods, thereby increasing the inclusivity of the rules [1]. - The contribution ratio for the risk fund will be differentiated based on the risk level of the securities. For equity products, the contribution rate is reduced from 0.0003% to 0.00009% of the transaction amount, while for fixed income products, the rate for current bond transactions is lowered from 0.0001% to 0.00003%, with the rate for pledged repurchase transactions remaining unchanged [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: Risk Fund Scale and Investment Requirements - The upper limit for the risk fund scale has been revised from a fixed 3 billion yuan to a requirement that the net asset total of the fund must not be less than 3 billion yuan, along with a new clause for dynamic assessment of the required scale [2]. - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other forms approved by the CSRC and the Ministry of Finance, with a requirement that the bank deposit balance must not be less than 70% of the net asset total at the end of the previous month [2]. - 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 [2]. Group 3: Internal Management and Accountability - The revised measures specify internal control requirements for settlement participants and securities registration and settlement institutions, mandating the establishment of comprehensive risk prevention and internal control systems [2]. - Securities registration and settlement institutions are required to develop internal management systems that clearly outline the collection, management, and use of the risk fund, and to submit annual reports to the CSRC and the Ministry of Finance [2]. - Additional provisions have been included to detail the accountability and recovery arrangements related to 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 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 [3].