事关ETF！刚刚，沪深交易所修订发布

Core Viewpoint - The article discusses the recent revision of the ETF risk management guidelines by the Shanghai and Shenzhen Stock Exchanges, aimed at enhancing risk management and protecting investors' rights in the context of the rapid development of the ETF market in China [1][7]. Group 1: ETF Risk Management Guidelines - The revised guidelines emphasize the need for fund managers to strengthen risk prevention measures in ETF operations, including better management of the subscription and redemption lists and improving internal control systems [1][4]. - Fund managers are required to establish a dedicated process for significant adjustments to the subscription and redemption list parameters, which may arise from events such as equity distributions, index component adjustments, and major corporate actions [3][4]. - Specific requirements for stock ETFs include that the cash substitute guarantee ratio for subscriptions must not be lower than the cumulative price increase limit of the substituted securities over three consecutive trading days, and the cash substitute ratio cap must not exceed 50% [3]. Group 2: Member Client Risk Management - The guidelines mandate that members enhance their management systems and processes, focusing on client classification management and monitoring of ETF trading behaviors to mitigate risks [4]. - Fund managers must develop standardized ETF investment operations and establish an ETF investment management system that quantifies and parameterizes operational norms to prevent unreasonable trading risks [4][5]. Group 3: Risk Monitoring and Reporting - Fund managers are required to implement a risk monitoring system with automatic alert functions to track the normal status of ETF subscriptions, redemptions, and trading activities [5]. - In case of any abnormal situations, fund managers must promptly report to the risk management team and may need to initiate emergency plans, including potentially halting subscriptions and redemptions [6]. Group 4: Future Developments - The Shanghai and Shenzhen Stock Exchanges plan to strengthen self-regulation of ETFs and continue to optimize ETF institutional mechanisms in line with the unified deployment of the China Securities Regulatory Commission [7].