Core Viewpoint - The "Financial Infrastructure Supervision and Management Measures" has been approved and will take effect on October 1, 2025, aiming to strengthen the regulation and construction of 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," with specific regulatory responsibilities assigned to the China Securities Regulatory Commission and the People's Bank of China [4][5]. - The new measures will integrate financial infrastructure regulation into a macro-prudential regulatory framework, enhancing collaboration among regulatory bodies [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]. - Foreign financial infrastructure providers must meet specific conditions, including a minimum of three years of operational experience and compliance with regulatory standards in their home countries [8]. Group 4: Risk Management - The measures emphasize the need for a robust risk management framework to identify, measure, monitor, and manage various risks associated with financial infrastructure operations [9]. - Financial infrastructure operators are encouraged to establish risk management committees based on relevant principles, allowing flexibility in their governance structures [9].