证监会、财政部，联合发布！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the "Securities Settlement Risk Fund Management Measures," effective December 8, 2025, to enhance risk prevention capabilities in the securities settlement system and adjust the contribution ratios of the risk fund [1][2]. Summary by Sections Revision Overview - The revision aims to improve the management of the risk fund, which was originally established in 2000 and last revised in 2006, to adapt to the evolving securities market and settlement risk prevention needs [2][3]. Key Changes - The contribution ratio for equity products has been reduced from 0.0003% to 0.00009% of the transaction amount, while the ratio for fixed income products has been adjusted from 0.0001% to 0.00003% for cash transactions, with the ratio for pledged repurchase transactions remaining unchanged [3]. - The proportion of the risk fund that securities registration and settlement institutions can extract has been adjusted from 20% of business income to 9% [3]. Fund Scale Regulations - The previous cap of 3 billion yuan on the fund size has been changed to require that the net asset total of the fund be no less than 3 billion yuan [3]. - A new dynamic assessment clause has been added, mandating regular evaluations of the required scale of the risk fund by securities registration and settlement institutions, with reports to be submitted to the CSRC and the Ministry of Finance [3]. Investment and Usage Optimization - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other approved investment forms, with a requirement that bank deposits must not be less than 70% of the previous month's net asset total [4]. - The process for utilizing the risk fund has been simplified, changing from prior approval to post-reporting [4]. Risk Prevention and Internal Management - Clear internal control requirements have been established for settlement participants and securities registration and settlement institutions, including the development of risk prevention and internal control systems [4]. - Additional provisions have been included for recovery and accountability in cases of default, technical failures, or operational errors involving the use of the risk fund [4].