Core Points - The "Financial Infrastructure Supervision and Management Measures" has been approved by the People's Bank of China and will be implemented starting October 1, 2025 [1][25] - The measures aim to strengthen the overall supervision and construction planning of financial infrastructure to ensure the safe and efficient operation of the financial system [2][3] Chapter Summaries Chapter 1: General Principles - The measures are based on various laws including the People's Bank of China Law and the Securities Law, among others [2] - Financial infrastructure refers to systems such as asset registration, clearing and settlement systems, trading facilities, important payment systems, and credit systems [2][3] - The management departments for financial infrastructure include the People's Bank of China and the China Securities Regulatory Commission [3] Chapter 2: Establishment - Establishing financial infrastructure in China must comply with relevant laws and regulations, with specific responsibilities assigned to the People's Bank of China and the China Securities Regulatory Commission [5] - No entity or individual may illegally establish or operate financial infrastructure [6] Chapter 3: Operational Requirements - Financial infrastructure operators must establish a clear governance structure and accountability mechanisms [9] - Operators are required to have a robust risk management framework to identify, measure, monitor, and manage risks [12] - Data security management is crucial, with operators responsible for protecting data from damage, theft, or illegal use [14] Chapter 4: Supervision and Management - Financial infrastructure operators must report significant operational changes and incidents to the relevant management departments [17] - The People's Bank of China and the China Securities Regulatory Commission are responsible for inspecting and supervising different types of financial infrastructure [28][21] Chapter 5: Legal Responsibilities - Violations of the measures can lead to penalties, including fines and potential criminal charges for responsible individuals [22][24] - The measures outline specific conditions under which financial infrastructure operators may face sanctions for non-compliance [23] Chapter 6: Supplementary Provisions - The measures will take effect on October 1, 2025, marking a significant regulatory change in the management of financial infrastructure in China [25]

Core Viewpoint - The central bank and the China Securities Regulatory Commission have released the "Financial Infrastructure Supervision and Management Measures," emphasizing the need for a modernized financial infrastructure system that prioritizes public interest and operational efficiency [1]. Group 1: Financial Infrastructure Management - Financial infrastructure management departments are required to enhance planning and guidance to promote orderly interconnectivity among financial infrastructures [1]. - The measures call for continuous optimization of the financial infrastructure layout based on safety and efficiency principles [1]. - There is a focus on strengthening the governance system of financial infrastructures to ensure that operational institutions prioritize public interest over profit maximization and risk-taking [1]. Group 2: Regulatory and Operational Guidelines - The guidelines advocate for a balanced approach that supports both market services and regulatory oversight [1]. - New financial infrastructure projects should be cautiously undertaken, particularly those that impact national financial security and have significant externalities, ensuring absolute national control [1].

（文章来源：第一财经） 据央行消息，《金融基础设施监督管理办法》已经2025年5月23日中国人民银行第9次行务会议审议通 过，并经中国证券监督管理委员会同意，现予公布，自2025年10月1日起施行。 ...