重要调整！证监会、财政部最新发布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have announced the revised "Securities Settlement Risk Fund Management Measures," which will take effect on December 8, 2025, aimed at enhancing the management and utilization of the securities settlement risk fund to better safeguard the securities registration and settlement system and mitigate market risks [1]. Summary by Sections Adjustments to Collection Scope and Contribution Ratio - The revised measures clarify the collection scope of the risk fund, now explicitly including securities trading varieties that utilize multilateral netting guarantee settlement methods, thereby increasing the inclusivity of the rules [2]. - The contribution ratios have been differentiated based on the risk levels of various trading types: for equity products, the ratio is reduced from 0.0003% to 0.00009% of the transaction amount; for fixed income products, the ratio is lowered from 0.001% to 0.0003% for cash transactions, while the ratio for pledged repos remains unchanged. The proportion of the risk fund extracted by the securities registration and settlement institutions is adjusted from 20% of business income to 9% [2]. Fund Scale and Dynamic Assessment - 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 must not be less than 3 billion yuan. Additionally, a dynamic assessment clause has been added, requiring institutions to regularly evaluate the necessary scale of the risk fund and report to the CSRC and the Ministry of Finance [2]. Investment and Usage Optimization - The investment scope of the risk fund has been expanded from solely bank deposits to include key-term government bonds and other forms approved by the CSRC and the Ministry of Finance. Furthermore, the fund's bank deposit balance must not be less than 70% of the net asset total at the end of the previous month. The procedures for utilizing the fund have been simplified, shifting from prior approval to post-reporting [2]. Risk Prevention and Internal Management - New provisions have been added for risk prevention and internal management, mandating that settlement participants establish comprehensive risk prevention and internal control systems. Securities registration and settlement institutions are required to develop internal management systems and submit annual reports to the CSRC and the Ministry of Finance [3]. Fund Utilization and Liability Recovery - The measures specify the order of fund utilization in case of defaults, starting with the funds contributed by the defaulting settlement participant, followed by contributions from other participants, and finally the extracted funds. Institutions must also establish recovery procedures for losses incurred due to defaults or technical failures [3][15]. Implementation Timeline - The revised management measures will come into effect on December 8, 2025, replacing the previous version established in 2006 [19].