Core Points - The China Securities Regulatory Commission (CSRC) announced the revised "Securities Settlement Risk Fund Management Measures," effective from December 8, aimed at enhancing risk management in the securities market [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 traded under a multilateral net settlement method [1]. - The contribution ratio for the risk fund will be differentiated based on the risk level of the securities, with equity products reduced from 0.0003% to 0.00009% of transaction amounts, and fixed income securities reduced from 0.0001% to 0.00003% [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: Fund Scale and Investment Requirements - 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 must not be less than 3 billion yuan, with a dynamic assessment of the required scale mandated [2]. - 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 fall below 70% of the previous month's net asset total [2]. Group 3: Internal Management and Accountability - The revised measures require settlement participants to establish comprehensive risk prevention and internal control systems to mitigate risks effectively [2]. - Securities registration and settlement institutions must create internal management systems detailing the collection, management, and use of the risk fund, and submit annual reports to the CSRC and the Ministry of Finance [2]. - The revisions also clarify accountability measures for 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 exceeds 3 billion yuan, and participants who have contributed 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 revision of 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 [3]. Group 1: Revision Details - 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 [3]. - The original management measures were established in 2000 and revised in 2006, necessitating updates to align with market developments and risk prevention needs [3]. Group 2: Key Changes in the Management Measures - The collection scope and payment ratio of the risk fund have been adjusted from a listed to a conceptual approach, with differentiated payment ratios based on the risk level of the business types [4]. - The payment ratio for equity products has been reduced from 0.0003% to 0.00009%, while the ratio for fixed income products has been lowered from 0.0001% to 0.00003% [4]. - The upper limit for the risk fund has been changed 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 [4]. Group 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 forms approved by the CSRC and the Ministry of Finance [4]. - The requirement for the fund's bank deposit balance has been set to not be less than 70% of the net asset total at the end of the previous month [4]. - The process for utilizing the risk fund has been simplified, changing from prior approval to post-reporting [4]. Group 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 usage of the risk fund to the CSRC and the Ministry of Finance [5]. - Provisions for recovery and accountability related to the use of the risk fund in cases of defaults and operational failures have been added [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have drafted a revised management approach for the Securities Settlement Risk Fund, aimed at enhancing risk prevention capabilities and improving the management of the settlement risk fund system [1][2]. Group 1: Adjustments to the Management Approach - The revised management approach includes adaptive adjustments to the collection scope, lowering the collection ratio, and enhancing regulations related to the scale of the risk fund [1]. - The collection scope is now defined to include securities transactions using multilateral netting guarantee settlement methods, covering equity and fixed income securities transactions as well as pledged repurchase transactions [1]. Group 2: Collection Ratio and Fund Scale - The collection ratio for equity and fixed income securities transactions has been reduced to 30% of the previous standard, while the ratio for pledged repurchase transactions remains unchanged [2]. - The risk fund's net asset total must be no less than 3 billion yuan; once this threshold is reached, no further contributions will be required from participants who have paid for over a year [2]. Group 3: Investment Management and Usage Procedures - The management approach specifies that the risk fund's investments are limited to bank deposits, key-term government bonds, and other forms approved by the CSRC and the Ministry of Finance [2]. - The usage procedure has been modified to require that settlement institutions report to the CSRC and the Ministry of Finance after utilizing the fund, rather than seeking prior approval [2]. Group 4: Enhanced Management Measures - The revised approach mandates annual reporting by settlement institutions and requires participants to establish internal management systems and disaster recovery mechanisms to mitigate risks [3]. - It clarifies accountability in cases of loss recovery and outlines the responsibilities related to the use of the risk fund in scenarios of technical failures or operational errors [3].