Core Viewpoint - The article discusses the newly announced "Securities Settlement Risk Fund Management Measures," which will take effect on December 8, 2025, aimed at preventing and mitigating risks in the securities market and ensuring the safe operation of the securities registration and settlement system [2][6]. Summary by Sections Introduction - The purpose of the management measures is to safeguard the securities registration and settlement system and manage the securities settlement risk fund effectively [2]. Fund Definition and Sources - The securities settlement risk fund is established to cover losses incurred by securities registration and settlement institutions due to defaults, technical failures, operational errors, or force majeure [2]. - The fund will be sourced from 9% of the business income and profits of the securities registration and settlement institutions, along with specific contributions from settlement participants based on transaction volumes [3][8]. Fund Management and Usage - The fund's net asset total must not be less than 3 billion yuan. If the fund exceeds this amount at the end of a fiscal year, contributions from existing participants will be suspended for the following year [3][4]. - The securities registration and settlement institutions are responsible for the daily management and usage of the fund, ensuring safety and liquidity [4][6]. Fund Operations - The fund's assets must be accounted for separately from the institution's assets, and the fund's income will belong to the fund itself [4]. - The minimum payout limit for the fund is set at 20 million yuan, and the institutions must report any fund usage to the China Securities Regulatory Commission (CSRC) and the Ministry of Finance [4][5]. Risk Mitigation and Recovery - In cases of defaults, the fund will be utilized in a specific order, starting with contributions from the defaulting participant, followed by contributions from other participants, and finally, the institution's own contributions [5]. - Institutions must establish internal management systems to minimize risk incidents and ensure compliance with relevant laws and regulations [5][6]. Amendments and Public Feedback - The management measures have been revised to enhance risk prevention capabilities and adapt to market developments. Key changes include adjustments to the contribution rates and the introduction of dynamic assessments of the fund's required scale [7][8]. - The public was invited to provide feedback on the revisions, which were generally well-received, indicating a positive outlook for the management of the risk fund [9].
中国证券监督管理委员会 财政部公告〔2025〕20号
蓝色柳林财税室·2025-11-07 13:19