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] Summary by Sections Adjustments to Collection Scope and Payment Ratio - The collection scope of the risk fund has been changed from a listed format to a conceptual one, now covering securities trading varieties using multilateral netting guarantee settlement methods, enhancing the inclusivity of the rules [2] - The payment ratio for the risk fund has been adjusted based on the risk level of different varieties: for equity products, the ratio is reduced from 0.0003% to 0.00009%; for fixed income products, the ratio for current bond trading is reduced from 0.001% to 0.0003%, while the ratio for pledged repurchase 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] Improvement of Risk Fund Scale Regulations - The previously set upper limit of 3 billion yuan for the fund size has been changed 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] Optimization of Risk Fund Investment, Storage, and Use - 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 [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 arrangements to cancel administrative approval matters [2] Addition of Risk Prevention and Internal Management Regulations - 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 [3] - Detailed arrangements for recovery and accountability related to the use of the risk fund in cases of advance payment, compensation for default settlement losses, technical failures, and operational errors have been supplemented [3] - Currently, the net asset total of the risk fund exceeds 3 billion yuan, and settlement participants who have paid the risk fund for over a year will not be required to make additional payments due to this revision [3]

Core Points - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025 [1] - The new measures emphasize risk prevention, internal management regulations, and accountability arrangements [1] Group 1: Risk Management - Settlement participants and securities registration and settlement institutions are required to establish comprehensive risk prevention and internal control systems to effectively mitigate risks [1] - Securities registration and settlement institutions must develop internal management systems that clarify the collection, management, and use of the risk fund, and report annual status to the CSRC and the Ministry of Finance [1] Group 2: Accountability and Fund Management - The measures provide detailed arrangements for accountability in cases of fund utilization due to default settlement losses, technical failures, or operational errors [1] - The current net asset total of the risk fund has exceeded 3 billion yuan, and settlement participants who have paid the risk fund for over a year will not be required to make additional payments due to this revision [1]