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].