Core Points - The China Securities Regulatory Commission (CSRC) announced the implementation of the Securities Settlement Risk Fund Management Measures, effective from December 8, 2025, aimed at mitigating risks in the securities market [1][12] - The fund is established to cover losses incurred by securities registration and settlement institutions due to defaults, technical failures, operational errors, or force majeure events [3][12] Fund Structure and Management - The fund's net asset total must be no less than 3 billion yuan [5] - The fund will be sourced from 9% of the business income of securities registration and settlement institutions and daily contributions from settlement participants based on transaction amounts [4][5] - The fund's management will be the responsibility of the securities registration and settlement institutions, which must adhere to principles of safety and stability [7][8] Contribution and Usage - Contributions to the fund will vary based on the type of securities traded, with specific rates outlined for equity and fixed-income transactions [4] - If the fund's net assets exceed 3 billion yuan at the end of a fiscal year, contributions from existing participants will be suspended for the following year [5][6] - The fund can be utilized in a specific order to cover losses from defaults, starting with contributions from the defaulting participant [10][11] Reporting and Compliance - Securities registration and settlement institutions are required to regularly assess the fund's necessary scale and report to the CSRC and the Ministry of Finance [6] - Institutions must establish internal management systems for the fund, ensuring proper record-keeping and annual reporting to regulatory bodies [12]