Core Viewpoint - The introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission aims to establish a unified and efficient regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures consolidate the regulation of six types of financial infrastructure into a unified framework, addressing previous fragmented oversight and enhancing regulatory clarity [2][3]. - The measures define the responsibilities of regulatory bodies and emphasize risk management, corporate governance, and operational requirements [2][3]. Group 2: Systemic Importance - The concept of "systemically important financial infrastructure" is introduced, with clear criteria for its identification, enhancing centralized oversight by the People's Bank of China [2][3]. - This approach aims to maintain the stability of the financial system while ensuring effective management of significant financial infrastructure [2]. Group 3: Operational Compliance - Financial infrastructure operators are required to operate under licenses, preventing illegal establishment and operation of financial infrastructure services [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Group 4: Impact on Financial Markets - The implementation of these measures is expected to positively influence financial markets by upgrading core processes such as clearing, settlement, and registration, thereby enhancing market transparency and efficiency [2]. - In the long term, a well-structured and effectively governed financial infrastructure will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2].

Core Viewpoint - The introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission aims to establish a unified and efficient regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures consolidate the regulation of six types of financial infrastructure into a unified framework, addressing previous fragmented oversight and enhancing regulatory clarity [2][3]. - The measures define the responsibilities of regulatory bodies and emphasize risk management, corporate governance, and operational requirements [2][3]. Group 2: Systemic Importance - The measures introduce the concept of "systemically important financial infrastructure" and establish criteria for its identification, enhancing centralized oversight by the People's Bank of China [2][3]. - This approach aims to maintain the stability of the financial system while ensuring effective management of significant financial infrastructure [2]. Group 3: Operational Compliance - Financial infrastructure operators are required to operate under licenses, with strict prohibitions against illegal establishment and operation of financial infrastructure services [3]. - The measures outline comprehensive regulations from institutional entry to daily operations and supervision, ensuring compliance and stability in financial infrastructure operations [3]. Group 4: Long-term Impact - In the short term, the measures are expected to enhance the standardization of core processes such as clearing and settlement, improving market transparency and efficiency [2]. - In the long term, a well-structured and effective financial infrastructure system will support cross-border financial cooperation and the internationalization of the Renminbi, increasing China's influence in global financial rule-making [2].

Group 1 - The Shanghai Clearing House and the Agricultural Development Bank of China aim to enhance strategic collaboration focusing on policy banks and financial infrastructure responsibilities [1] - Both parties will concentrate on the "five major articles" of finance, deepening cooperation in issuance mechanisms and thematic financial bonds [1] - There is a commitment to promote the brand value of "Agricultural Development and Clearing" and build an ecological circle, while innovating in derivative products related to agricultural development bonds [1] Group 2 - The goal is to improve the efficiency of primary market issuance and the activity of the secondary market for agricultural development bonds [1] - The collaboration is positioned to support the high-quality development of the financial market [1]

Group 1 - The core viewpoint of the news is the implementation of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission, effective from October 1, 2025, to enhance the regulation of financial infrastructure [1][2] Group 2 - The "Measures" consist of six chapters and thirty-seven articles, focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [2] - The "Measures" establish standards for identifying systemically important financial infrastructure and macro-prudential management requirements, aiming to unify regulatory standards for financial infrastructure [2] - The People's Bank of China will continue to strengthen the construction and coordinated regulation of financial infrastructure, promoting a well-structured, effective governance, advanced, reliable, and resilient financial infrastructure system [2]

Core Viewpoint - The "Financial Infrastructure Supervision and Management Measures" has been approved and will take effect on October 1, 2025, aiming to enhance the regulatory framework for financial infrastructure in China [1][3]. Group 1: Definition and Importance of Financial Infrastructure - Financial infrastructure includes systems for asset registration, clearing and settlement, trading facilities, important payment systems, and credit systems, serving as a crucial backbone for financial market operations [2]. - The establishment of a robust financial infrastructure is essential for ensuring the safety and efficiency of financial markets, especially in the context of complex international environments and rapid financial technology advancements [2][9]. Group 2: Regulatory Framework - The management of financial infrastructure will follow the principle of "who approves, who supervises, who is responsible," ensuring alignment with national strategies and economic needs [4]. - The China Securities Regulatory Commission (CSRC) will oversee new financial infrastructures related to securities and futures, while the People's Bank of China (PBOC) will manage payment systems and credit systems [4][5]. Group 3: Entry Requirements for Financial Infrastructure Operators - Financial infrastructure operators must be legally established entities in China, with clear governance structures, adequate capital, and necessary operational facilities [8]. - Specific conditions include having a sound risk management framework and compliance with regulatory requirements, particularly for foreign entities providing cross-border services [8]. Group 4: Risk Management and Security - The measures emphasize the need for a robust risk management framework to identify, measure, and manage various risks, including credit and liquidity risks [9]. - While the establishment of a risk management committee is recommended, it is not mandatory for all operators, reflecting adjustments made after public consultations [9].

Group 1 - The core viewpoint of the news is the introduction of the "Financial Infrastructure Supervision and Management Measures" by the People's Bank of China and the China Securities Regulatory Commission, which will take effect on October 1, 2025 [1] - The measures focus on the regulation of financial infrastructure operations, risk management, and corporate governance, establishing standards for identifying systemically important financial infrastructure and macro-prudential management requirements [1][2] - The regulation aims to unify standards for financial infrastructure supervision, ensuring a safe, stable, and efficient operation of the financial market [1] Group 2 - The "Measures" consist of six chapters and thirty-seven articles, covering general principles, establishment, operational requirements, supervision and management, legal responsibilities, and supplementary provisions [2] - The People's Bank of China plans to continue strengthening the construction and coordinated supervision of financial infrastructure, promoting a well-structured, effective governance, advanced, reliable, and resilient financial infrastructure system [2]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have released the "Supervision and Management Measures for Financial Infrastructures," focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [1] Group 1: Regulatory Framework - The measures aim to establish a unified regulatory standard for financial infrastructures, ensuring the safe, stable, and efficient operation of financial markets [1] - The document consists of six chapters and thirty-seven articles, covering general principles, establishment, operational requirements, supervision and management, legal responsibilities, and supplementary provisions [1] Group 2: Key Objectives - The measures clarify the identification standards for systemically important financial infrastructures and macro-prudential management requirements [1] - The People's Bank of China will collaborate with the China Securities Regulatory Commission to enhance the construction and coordinated regulation of financial infrastructures [1] - The goal is to create a financial infrastructure system that is well-structured, effectively governed, advanced, reliable, and resilient, contributing to the construction of a strong financial nation [1]

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].

Core Points - The "Financial Infrastructure Supervision and Administration Measures" has been approved by the People's Bank of China during its 9th executive meeting on May 23, 2025, and has received consent from the China Securities Regulatory Commission [1] - The new measures will come into effect on October 1, 2025 [1]