Group 1: Securities Settlement Risk Fund - The revised "Securities Settlement Risk Fund Management Measures" will take effect on December 8, 2025, aimed at enhancing the management system of the risk fund to adapt to market development and risk prevention needs [2] - The revision includes differentiated contribution ratios based on risk levels, with equity products' contribution rate reduced from 0.0003% to 0.00009% and fixed income products' contribution rate reduced from 0.0001% to 0.00003% [2] - The upper limit for the risk fund size has been adjusted from 3 billion to a net asset total of no less than 3 billion [2] Group 2: Anti-Money Laundering Regulations - The "Notice on Implementing the Supervision and Management Measures for Anti-Money Laundering and Anti-Terrorist Financing by Financial Institutions" will be effective from December 1, 2025, requiring financial institutions to submit annual anti-money laundering reports by the end of March each year [3] - The report must include an overview of the institution, overall anti-money laundering efforts, risk assessments, and major risk incidents [3] Group 3: Resource Tax Policy - The "Announcement on Clarifying the Execution of Resource Tax Policies" will be effective from December 1, 2025, detailing nine aspects of resource tax policy execution, including tax exemptions and tax base definitions [4] - The announcement clarifies definitions for contentious resources such as coal and rare earths, addressing common disputes in tax administration [4] Group 4: Individual Business Credit Financing - The "Credit Evaluation Indicators for Individual Businesses" standard will be implemented on December 1, 2025, aimed at enhancing credit evaluation for individual businesses [5][6] - The standard seeks to support financial institutions in developing tailored financial products for individual businesses, thereby increasing loan accessibility and precision [6] Group 5: Credit Repair System - The "Credit Repair Management Measures" will take effect on December 25, 2025, aimed at improving the credit repair system and encouraging proactive correction of credit violations [7][8] - The measures expand the scope of credit repair, refine the classification of violations, optimize processing times, and enhance data sharing between credit information systems [8]

Group 1 - The "Market Supervision Credit Repair Management Measures" will be implemented on December 25, expanding the scope of credit repair for restructured and reconciled enterprises, supporting their recovery and market participation [1] - The new regulations will enhance the classification of illegal and untrustworthy information, setting different public disclosure periods and repair conditions based on the principle of proportionality [1] - The process for credit repair will be optimized to shorten processing times and improve efficiency [1] Group 2 - The Ministry of Finance and the State Taxation Administration will implement new resource tax management regulations starting December 1, clarifying tax obligations for various entities [2] - The announcement specifies that certain resources, such as sand and clay used for construction projects, will not be subject to resource tax if extracted within approved areas [2] Group 3 - The revised "Securities Settlement Risk Fund Management Measures" will take effect on December 8, clarifying the scope of the risk fund and allowing for differentiated contribution rates based on the risk level of securities [3] - The upper limit for the risk fund has been adjusted from 3 billion yuan to a requirement of at least 3 billion yuan in net assets, with provisions for dynamic assessment of required fund size [3] Group 4 - Financial institutions are required to submit annual anti-money laundering reports by the end of March, detailing various aspects of their anti-money laundering efforts [4] - The report must include an overview of the institution, risk assessments, and updates on significant risk events [4] Group 5 - The Hainan Free Trade Port will officially start its full island closure operation on December 18, implementing liberalization policies [5] - Various supporting regulations will come into effect alongside the closure operation, focusing on customs management and tax policies [5] Group 6 - The revised "Food Safety Law" will be effective from December 1, establishing strict standards for the transportation of bulk liquid food [6] - The regulations require verification of transport operators' permits and the integrity of transport containers to ensure food safety [6] Group 7 - New regulations for the supervision of food safety in chain catering enterprises will be implemented on December 1, addressing issues related to food safety management at franchise locations [7][8] - The regulations mandate that chain enterprises must have a designated headquarters responsible for food safety management [8] Group 8 - The new national standard for electric bicycles will take effect on December 1, requiring all sold electric bicycles to comply with the updated safety technical specifications [9] - The old standard electric bicycles will be phased out, and consumers are advised to look for CCC certification when purchasing [9]

Core Viewpoint - The China Securities Regulatory Commission and the Ministry of Finance have jointly released the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025, aimed at enhancing the safety of the securities registration and settlement system and mitigating market risks [1][2]. Group 1: Key Adjustments in the Management Measures - The revised measures establish a risk governance system that combines precise risk prevention with efficient adaptation to market innovations [1]. - The calculation scope has shifted from a listed approach to a conceptual one, covering various types of multilateral net guarantee calculations to meet market innovation needs [1]. - A differentiated payment mechanism for risk funds has been implemented, avoiding a one-size-fits-all approach [1]. - The fund's scale has transitioned from a fixed upper limit to a dynamic baseline, balancing safety and flexibility [1]. - The fund's utilization and operational processes have been optimized to enhance fund usage efficiency and response speed [1]. Group 2: Impact on Market Participants - The adjustment of the payment ratio for the risk fund reflects a precise understanding of risk characteristics across different securities, reducing costs for market institutions such as securities companies and fund management companies [2]. - The fund's scale regulation has been modified from a fixed limit of 3 billion yuan to a requirement that the net asset total of the fund be no less than 3 billion yuan, with the addition of a dynamic assessment clause [2]. - This adjustment signifies a more scientific, precise, and proactive regulatory approach, ensuring that risk reserves align with actual market risks [2]. - The improvements in fund management and recovery mechanisms strengthen the trading safety framework for investors, while the enhanced inclusivity of rules expands institutional space for innovative business [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Settlement Risk Fund Management Measures" to enhance the management of settlement risk funds in response to market developments and risk prevention needs [1][2]. Group 1: Adjustments to Risk Fund Management - The revised measures change the collection scope of the risk fund from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties using multilateral netting guarantee settlement methods [1]. - The contribution ratio for the risk fund has been differentiated based on the risk level of the trading varieties, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income products reduced from 0.001% to 0.0003% [1]. - The proportion of the risk fund that securities registration and settlement institutions can withdraw has been adjusted from 20% of business income to 9% [1]. Group 2: Risk Fund Scale and Investment - 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 be no less than 3 billion yuan, with a dynamic assessment clause added [2]. - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other forms approved by the CSRC and the Ministry of Finance, with a requirement that bank deposits must not be less than 70% of the previous month's net asset total [2]. - The process for utilizing the risk fund has been simplified, shifting from prior approval to post-reporting [2]. Group 3: Internal Control and Reporting Requirements - The measures require settlement participants to establish comprehensive risk prevention and internal control systems to effectively mitigate risks [2]. - Securities registration and settlement institutions must develop internal management systems that clearly outline the collection, management, and use of the risk fund, and report annual status to the CSRC and the Ministry of Finance [2]. - The CSRC has confirmed that the net asset total of the risk fund has already exceeded 3 billion yuan, and participants who have contributed for over a year will not be required to make additional contributions due to these revisions [2].

Core Viewpoint - The revised "Securities Settlement Risk Fund Management Measures" aims to enhance the management of the securities settlement risk fund to adapt to market developments and risk prevention needs [1][2]. Group 1: Adjustments to Risk Fund Management - The scope of the risk fund collection has been changed from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties using multilateral netting settlement methods [1]. - The contribution ratios for the risk fund have been adjusted based on the risk levels of different trading varieties, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income products reduced from 0.001% to 0.0003% [1]. - The proportion of the risk fund that securities registration and settlement institutions can withdraw has been changed from 20% of business income to 9% [1]. Group 2: Risk Fund Scale and Investment - The upper limit for the risk fund scale has been revised 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, with a dynamic assessment clause added [1][2]. - The investment scope of the risk fund has been expanded from only bank deposits to include key maturity government bonds and other forms approved by the CSRC and the Ministry of Finance, with a requirement that bank deposits must not be less than 70% of the previous month's net asset total [2]. Group 3: Internal Control and Reporting Requirements - The management measures require settlement participants to establish comprehensive risk prevention and internal control systems to effectively mitigate risks [2]. - Securities registration and settlement institutions are mandated to develop internal management systems that clearly outline the collection, management, and use of the risk fund, and to report annual status to the CSRC and the Ministry of Finance [2]. - Provisions for recovery and accountability related to the use of the risk fund in cases of default, technical failures, and operational errors have been added [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Settlement Risk Fund Management Measures" to enhance the management of settlement risk funds in response to market development and risk prevention needs [1][2]. Group 1: Adjustments to Risk Fund Management - The revised measures change the collection scope of the risk fund from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties using multilateral netting guarantee settlement methods [1]. - The contribution ratio for the risk fund has been adjusted based on the risk level of different trading varieties, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income securities trading reduced from 0.001% to 0.0003% [1]. - The proportion of the risk fund that securities registration and settlement institutions can withdraw has been changed from 20% of business income to 9% [1]. Group 2: Risk Fund Scale and Dynamic Assessment - The upper limit for the risk fund scale has been revised 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 [2]. - A dynamic assessment clause has been added, requiring securities registration and settlement institutions to periodically evaluate the necessary scale of the risk fund and report to the CSRC and the Ministry of Finance [2]. Group 3: Investment and Usage of Risk Fund - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other forms approved by the CSRC and the Ministry of Finance, with a requirement that bank deposits must not be less than 70% of the previous month's net asset total [2]. - The procedure for using the risk fund has been simplified, changing from prior approval to post-reporting, in line with the State Council's directive to eliminate administrative approval items [2]. Group 4: Internal Control and Reporting Requirements - The measures specify internal control requirements for settlement participants and securities registration and settlement institutions, mandating the establishment of risk prevention and internal control systems [2]. - Securities registration and settlement institutions are required to report annual status updates on the management and use of the risk fund to the CSRC and the Ministry of Finance [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025, which includes significant adjustments to the risk fund collection and usage policies [1]. Summary by Relevant Sections Adjustments to Risk Fund Collection - The scope of the risk fund collection has been changed from a listed approach to a conceptual one, clarifying that it applies to securities trading varieties (business) using multilateral net guarantee settlement methods by securities registration and settlement institutions, enhancing the inclusiveness of the rules [1]. - The contribution ratio of the risk fund will be differentiated based on the risk level of the trading varieties (business). For equity products, the contribution will decrease from 0.0003% to 0.00009% of the transaction amount, while for fixed income products, the contribution for cash transactions will drop from 0.001% to 0.0003%. The contribution ratio for pledged repurchase business will remain unchanged [1]. - The proportion of the risk fund extracted by securities registration and settlement institutions will be adjusted from 20% of business income and profits to 9% [1]. Optimization of Risk Fund Investment, Storage, and Usage - The investment scope of the risk fund has been expanded from only bank deposits to include key term government bonds and other forms of fund utilization approved by the CSRC and the Ministry of Finance. Additionally, the risk fund's bank deposit balance must not be less than 70% of the total net assets at the end of the previous month [1]. - The procedures for utilizing the risk fund have been simplified, transitioning from prior approval to post-reporting, in line with the State Council's directive to eliminate administrative approval items [1].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Settlement Risk Fund Management Measures" to enhance the management and operational efficiency of the securities settlement risk fund, which is designed to cover losses incurred by securities registration and settlement institutions due to defaults, technical failures, operational errors, or force majeure events [1]. Summary by Sections Adjustments to Contribution Scope and Proportions - The contribution scope of the risk fund has been changed from a listed format to a conceptual one, clarifying that it applies to securities trading varieties (businesses) using multilateral netting guarantee settlement methods, thereby increasing the inclusivity of the rules [2]. - A differentiated adjustment to the contribution ratio based on the risk level of the trading varieties has been implemented: for equity products, the contribution ratio has been reduced from 0.0003% to 0.00009% of the transaction amount; for fixed income products, the ratio for current bond transactions has been lowered from 0.001% to 0.0003%, while the ratio for pledged repos remains unchanged [2]. Improvement of Risk Fund Scale Regulations - The previously set upper limit of 3 billion yuan for the risk fund has been revised to require that the net asset total of the fund be no less than 3 billion yuan [4]. - A dynamic assessment clause has been added, mandating that securities registration and settlement institutions regularly evaluate the required scale of the risk fund and report to the CSRC and the Ministry of Finance [4]. Optimization of Investment, Storage, and Use of the Risk Fund - The investment scope of the risk fund has been expanded from only bank deposits to include key maturity government bonds and other forms of fund utilization approved by the CSRC and the Ministry of Finance, with a requirement that the fund's bank deposit balance must not be less than 70% of the net asset total at the end of the previous month [5]. - The procedures for utilizing the risk fund have been simplified, changing from prior approval to post-reporting in line with the State Council's directive to eliminate administrative approval items [5]. Addition of Risk Prevention, Internal Management Regulations, and Accountability Arrangements - Clear internal control requirements have been established for settlement participants and securities registration and settlement institutions, mandating the development of comprehensive risk prevention and internal control systems to effectively mitigate risks [6]. - Detailed arrangements for accountability and recovery related to the use of the risk fund in cases of default, technical failures, or operational errors have been supplemented and refined [6]. - It is noted that the current net asset total of the risk fund has already exceeded 3 billion yuan, and settlement participants who have contributed to the risk fund for over a year will not be required to make additional contributions due to this revision [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the "Securities Settlement Risk Fund Management Measures" to enhance the risk prevention capabilities of the securities registration and settlement system, effective from December 8, 2025 [1] Group 1: Adjustments to Risk Fund Management - The scope and contribution ratio of the risk fund have been adjusted, with a shift from a listed to a conceptual description for the types of securities transactions covered [1] - The contribution ratio for equity securities has been reduced from 0.0003 to 0.00009 of the transaction amount, while the ratio for fixed income securities has been lowered from 0.0001 to 0.00003, with the ratio for pledged repurchase transactions remaining unchanged [1] - The proportion of the risk fund extracted by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [2] Group 2: Risk Fund Scale and Investment Regulations - The upper limit for the risk fund scale has been changed from a fixed 3 billion to a requirement that the net asset total of the fund must not be less than 3 billion [2] - A dynamic assessment clause has been added, requiring regular evaluations of the necessary scale of the risk fund by securities registration and settlement institutions, with reports to the CSRC and the Ministry of Finance [2] - The investment scope of the risk fund has been expanded to include key term government bonds and other forms approved by the CSRC and the Ministry of Finance, while maintaining a minimum bank deposit balance of 70% of the previous month's net asset total [2] Group 3: Internal Management and Accountability - New internal control requirements have been established for settlement participants and securities registration and settlement institutions to effectively prevent risks [2] - Institutions are required to develop internal management systems for the collection, management, and use of the risk fund, with annual reports submitted to the CSRC and the Ministry of Finance [2] - Provisions for accountability and recovery in cases of default, technical failures, or operational errors involving the use of the risk fund have been detailed [2] Group 4: Current Status of the Risk Fund - The net asset total of the risk fund has already exceeded 3 billion, and participants who have contributed to the risk fund for over a year will not be required to make additional contributions due to this revision [3]

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 adapt to market developments and risk prevention needs [1][3]. Summary by Sections Regulatory Framework - The risk 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][6]. - The original management measures were established in 2000 and revised in 2006, serving as a regulatory framework for managing the risk fund and ensuring the safety of the securities settlement system [3]. Key Revisions - The scope of the risk fund collection has been adjusted to include securities transactions using multilateral netting guarantee settlement methods, enhancing the inclusivity of the rules [4]. - The contribution rates have been differentiated based on the risk levels of various securities types: - For equity securities, the rate is reduced from 0.0003% to 0.00009% of the transaction amount - For fixed-income securities, the rate is reduced from 0.001% to 0.0003% for spot transactions [4][8]. - The upper limit for the risk fund has been changed from a fixed amount of 3 billion yuan to a requirement that the net asset total of the fund must not be less than 3 billion yuan [4][9]. Fund Management and Utilization - The investment scope of the risk fund has been expanded from only bank deposits to include key-term government bonds and other forms approved by the CSRC and the Ministry of Finance [4][15]. - The fund's balance in banks must not be less than 70% of the net asset total at the end of the previous month [4][17]. - The procedures for utilizing the fund have been simplified, shifting from prior approval to post-reporting [4]. Risk Prevention and Internal Management - New internal control requirements have been established for settlement participants and securities registration and settlement institutions to effectively prevent risks [5]. - Institutions are required to report annual updates on the management and utilization of the risk fund to the CSRC and the Ministry of Finance [5][24]. Transition and Implementation - The revised measures will replace the previous regulations established in 2006, with the new rules coming into effect on December 8, 2025 [1][24].