证券结算风险基金规则发布，多个品种计收比例大幅下调

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Settlement Risk Fund Management Measures" to enhance the management of settlement risk funds in response to market developments and risk prevention needs [1][2]. Group 1: Adjustments to Risk Fund Management - The revised measures change the collection scope of the risk fund from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties using multilateral netting guarantee settlement methods [1]. - The contribution ratio for the risk fund has been differentiated based on the risk level of the trading varieties, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income products reduced from 0.001% to 0.0003% [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 - 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 of the fund be no less than 3 billion yuan, with a dynamic assessment clause added [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 bank deposits must not be less than 70% of the previous month's net asset total [2]. - The process for utilizing the risk fund has been simplified, shifting from prior approval to post-reporting [2]. Group 3: Internal Control and Reporting Requirements - The measures require settlement participants to establish comprehensive risk prevention and internal control systems to effectively mitigate risks [2]. - Securities registration and settlement institutions must develop internal management systems that clearly outline the collection, management, and use of the risk fund, and report annual status to the CSRC and the Ministry of Finance [2]. - The CSRC has confirmed that the net asset total of the risk fund has already exceeded 3 billion yuan, and participants who have contributed for over a year will not be required to make additional contributions due to these revisions [2].