Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have introduced the "Financial Infrastructure Supervision Management Measures" to enhance the regulatory framework for financial infrastructure, effective from October 1, 2023 [1][2]. Group 1: Regulatory Framework - The new measures aim to establish a unified and efficient regulatory framework for financial infrastructure, addressing the complexity and openness of the current financial system [1][2]. - The measures include 6 chapters and 37 articles, focusing on the regulation of financial infrastructure operations, risk management, and corporate governance [1][2]. - The introduction of the concept of "systemically important financial infrastructure" and its recognition standards is a significant aspect of the new regulations [2][3]. Group 2: Impact on Financial Market - The implementation of the measures is expected to positively impact the financial market by enhancing the transparency and efficiency of core processes such as clearing, settlement, and registration [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][3]. Group 3: Compliance and Enforcement - Financial infrastructure operators are required to operate with licenses, and illegal establishment or provision of financial infrastructure services is strictly prohibited [3]. - The measures emphasize a collaborative regulatory approach, ensuring compliance and stability in the operation of financial infrastructure [3]. - The ongoing efforts will focus on building a resilient financial infrastructure system that supports high-quality economic development [3].

Core Points - The People's Bank of China and the China Securities Regulatory Commission have issued the "Financial Infrastructure Supervision Management Measures," 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] - The regulations aim to unify supervision standards for financial infrastructure, ensuring a safe, stable, and efficient operation of the financial market [1] Summary by Sections - **General Principles**: The measures consist of six chapters and 37 articles, covering general principles, establishment, operational requirements, supervision management, legal responsibilities, and supplementary provisions [1] - **Operational Requirements**: The measures enhance the operational and risk management frameworks for financial infrastructure, aiming for a robust and resilient financial system [1] - **Supervision and Management**: The People's Bank of China will continue to strengthen the construction and coordinated supervision of financial infrastructure, promoting a well-structured and effective governance system [1]