Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the revised "Securities Settlement Risk Fund Management Measures," which will take effect on December 8. The revisions aim to enhance the management and utilization of the risk fund to better adapt to the evolving securities market and settlement risk prevention needs [1]. Group 1: Adjustments to Fund Collection and Proportions - The collection scope of the risk fund has been changed from a listing method to a conceptual approach, clarifying that it applies to securities trading varieties (business) using multilateral net guarantee settlement by securities registration and settlement institutions, thereby increasing regulatory inclusiveness [2]. - The contribution ratio for the risk fund has been differentiated based on the risk level of the trading varieties: for equity products, the ratio is reduced from 0.0003 to 0.00009 of the transaction amount; for fixed income products, the ratio for cash transactions is reduced from 0.0001 to 0.00003, while the ratio for pledged repurchase remains unchanged [2]. - The proportion of the risk fund collected by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [2]. Group 2: Fund Scale and Investment Requirements - 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 new clause for dynamic assessment of the required scale [2]. - Securities registration and settlement institutions are now required to regularly assess and report the necessary scale of the risk fund to the CSRC and the Ministry of Finance [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 fall below 70% of the previous month's net asset total [2]. Group 3: Risk Prevention and Internal Management - The revisions include clear internal control requirements for settlement participants and securities registration and settlement institutions, mandating the establishment of effective risk prevention and internal control systems [3]. - Securities registration and settlement institutions must develop internal management systems that specify the collection, management, and use of the risk fund, and submit annual reports to the CSRC and the Ministry of Finance [3]. - The revisions also detail arrangements for recovery and accountability related to the use of the risk fund in cases of default, technical failures, or operational errors [3]. Group 4: Current Fund Status - The current net asset total of the risk fund has already exceeded 3 billion yuan, and participants who have contributed to the risk fund for over a year will not be required to make additional contributions due to these revisions [5].

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the revised "Securities Settlement Risk Fund Management Measures," effective from December 8, aimed at enhancing the management and utilization of the risk fund to ensure the safety of the securities registration and settlement system and mitigate market risks [1][2]. Group 1: Adjustments to Risk Fund Management - The revised measures change the collection scope from a listed approach to a conceptual one, clarifying that the risk fund applies to securities transactions using multilateral netting guarantee settlement methods, thereby increasing the inclusivity of the rules [1]. - The contribution ratio for the risk fund will be differentiated based on the risk level of the securities. For equity products, the contribution rate is reduced from 0.0003% to 0.00009% of the transaction amount, while for fixed income products, the rate for current bond transactions is lowered from 0.0001% to 0.00003%, with the rate for pledged repurchase transactions remaining unchanged [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 Requirements - 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, along with a new clause for dynamic assessment of the required scale [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 the bank deposit balance must not be less than 70% of the net asset total at the end of the previous month [2]. - 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 [2]. Group 3: Internal Management and Accountability - The revised measures specify internal control requirements for settlement participants and securities registration and settlement institutions, mandating the establishment of comprehensive risk prevention and internal control systems [2]. - Securities registration and settlement institutions are required to develop internal management systems that clearly outline the collection, management, and use of the risk fund, and to submit annual reports to the CSRC and the Ministry of Finance [2]. - Additional provisions have been included to detail the accountability and recovery arrangements related to the use of the risk fund in cases of default, technical failures, or operational errors [2]. Group 4: Existing Fund Status - Currently, the 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 [3].

Core Points - The China Securities Regulatory Commission (CSRC) announced the implementation of the "Securities Settlement Risk Fund Management Measures" starting December 8, 2025, which includes adjustments to the collection scope and contribution ratios of the risk fund [1][2] Group 1: Adjustments to Risk Fund Collection - The collection scope of the risk fund has been changed from a listed format to a conceptual one, enhancing the inclusivity of the rules for securities trading varieties using multilateral net settlement [1] - The contribution ratios for the risk fund will be differentiated based on the risk levels of the trading varieties, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income products' current bond trading reduced from 0.0001% to 0.00003% [1] - The proportion of the risk fund extracted by securities registration and settlement institutions has been adjusted from 20% of business income to 9% [1] Group 2: Risk Fund Scale and Management - 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 [2] - Securities registration and settlement institutions are required to periodically assess the necessary scale of the risk fund and report to the CSRC and the Ministry of Finance [2] Group 3: Investment and Usage Optimization - 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 deposit balances must not be less than 70% of the previous month's net asset total [2] - The procedure for utilizing the risk fund has been simplified, changing from prior approval to post-reporting in line with the State Council's arrangements to eliminate administrative approval items [2] Group 4: Internal Management and Accountability - Clear internal control requirements have been established for settlement participants and securities registration and settlement institutions, mandating the development of risk prevention and internal control systems [2] - Detailed arrangements for accountability and recovery in cases of advance payments, compensation for default settlement losses, technical failures, and operational errors have been added [2] - It is noted that the current net asset total of the risk fund has exceeded 3 billion yuan, and settlement participants who have contributed for over a year will not be required to make additional contributions due to these revisions [2]

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have announced the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025 [2][3] Group 1: Adjustments to Risk Fund Collection and Proportions - The scope of the risk fund collection has been changed from a listed approach to a conceptual one, now covering securities trading varieties that use multilateral net guarantee settlement methods, enhancing the inclusiveness of the rules [2] - The contribution ratios for the risk fund have been differentiated based on the risk levels of the trading varieties: for equity products, the ratio is reduced from 0.0003% to 0.00009%; for fixed income products, the ratio for cash transactions is reduced from 0.0001% to 0.00003%, while the ratio for pledged repurchase transactions remains unchanged [2] - 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 Dynamic Assessment - 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 [3] - A new clause for dynamic assessment of the fund's required scale has been added, mandating that securities registration and settlement institutions periodically evaluate and report the necessary scale to the CSRC and the Ministry of Finance [3] Group 3: Investment, Storage, 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 forms 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 [3] - The procedures for using the risk fund have been simplified, changing from prior approval to post-reporting in line with the State Council's arrangements to eliminate administrative approval matters [3] Group 4: Risk Prevention and Internal Management - Clear internal control requirements have been established for settlement participants and securities registration and settlement institutions, mandating the development of risk prevention and internal control systems to effectively mitigate risks [3] - Additional details regarding the recovery and accountability arrangements for using the risk fund in cases of payment, compensation for default settlement losses, technical failures, and operational errors have been included [3] - It is noted that the current net asset total of the risk fund has already exceeded 3 billion yuan, and settlement participants who have paid the risk fund for over a year will not be required to make additional contributions due to these revisions [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025, which aims to enhance the inclusivity of rules regarding the risk fund collection scope [1] Group 1: Adjustments to Risk Fund Collection - The management measures shift the description of the risk fund collection scope from a listing format to a conceptual format, clarifying that it applies to securities trading varieties (businesses) using multilateral net guarantee settlement methods [1] - A differentiated adjustment of the risk fund contribution ratio will be implemented based on the risk level of the varieties (businesses) [1] Group 2: Specific Changes in Contribution Ratios - For equity products, the contribution ratio is reduced from 0.0003% (three ten-thousandths) of the transaction amount to 0.00009% (nine millionths) [1] - For fixed income products, the contribution ratio for cash transactions is decreased from 0.001% (one thousandth) to 0.0003% (three millionths) [1] - The contribution ratio for pledged repurchase transactions remains unchanged [1]

Group 1 - The core viewpoint of the article is the announcement of the "Securities Settlement Risk Fund Management Measures," which will be implemented starting December 8, 2025 [3][4]. - The announcement is made by the China Securities Regulatory Commission and the Ministry of Finance, indicating a regulatory update in the financial sector [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have drafted a revised consultation draft for the "Securities Settlement Risk Fund Management Measures," seeking public feedback on the proposed regulations [1] Group 1: Risk Fund Regulations - The proposed regulations aim to improve the provisions related to the scale of the risk fund, specifying that the net asset total of the risk fund must not be less than 3 billion yuan [1] - Once the risk fund reaches or exceeds the specified scale, securities registration and settlement institutions will no longer need to contribute, and those who have paid the risk fund for over a year will not continue to contribute [1] - If the risk fund's scale is below 3 billion yuan, contributions will resume starting the next fiscal year [1] Group 2: Dynamic Assessment - A new dynamic assessment clause has been introduced, requiring securities registration and settlement institutions to regularly evaluate the necessary scale of the fund and report to the CSRC and the Ministry of Finance [1]