新修订的《证券结算风险基金管理办法》公布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the revised "Securities Settlement Risk Fund Management Measures," which will take effect on December 8. The revisions aim to enhance the management and utilization of the risk fund to better adapt to the evolving securities market and settlement risk prevention needs [1]. Group 1: Adjustments to Fund Collection and Proportions - The collection scope of the risk fund has been changed from a listing method to a conceptual approach, clarifying that it applies to securities trading varieties (business) using multilateral net guarantee settlement by securities registration and settlement institutions, thereby increasing regulatory inclusiveness [2]. - The contribution ratio for the risk fund has been differentiated based on the risk level of the trading varieties: for equity products, the ratio is reduced from 0.0003 to 0.00009 of the transaction amount; for fixed income products, the ratio for cash transactions is reduced from 0.0001 to 0.00003, while the ratio for pledged repurchase remains unchanged [2]. - The proportion of the risk fund collected by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [2]. Group 2: 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, with a new clause for dynamic assessment of the required scale [2]. - Securities registration and settlement institutions are now required to regularly assess and report the necessary scale of the risk fund to the CSRC and the Ministry of Finance [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 fall below 70% of the previous month's net asset total [2]. Group 3: Risk Prevention and Internal Management - The revisions include clear internal control requirements for settlement participants and securities registration and settlement institutions, mandating the establishment of effective risk prevention and internal control systems [3]. - Securities registration and settlement institutions must develop internal management systems that specify the collection, management, and use of the risk fund, and submit annual reports to the CSRC and the Ministry of Finance [3]. - The revisions also detail arrangements for recovery and accountability related to the use of the risk fund in cases of default, technical failures, or operational errors [3]. Group 4: Current Fund Status - The current net asset total of the risk fund has already exceeded 3 billion yuan, and participants who have contributed to the risk fund for over a year will not be required to make additional contributions due to these revisions [5].