CSRC and MOF Seek Comments on Revising Administrative Measures for the Securities Settlement Risk Fund

Recently, the China Securities Regulatory Commission (CSRC) and the Ministry of Finance (MOF) have jointly drafted the Administrative Measures for the Securities Settlement Risk Fund (Draft Revision for Comment) (the "Draft") to solicit public feedback. The deadline for submitting comments is June 7, 2025.

The Draft introduces several key revisions, including: (1) adjusting the scope of collection to improve adaptability; (2) lowering the contribution rates; (3) improving provisions related to the size of the risk fund; (4) optimizing investment management and deposit arrangements; (5) streamlining procedures for the use of the fund; and (6) enhancing administrative measures and rules. Notably, the Draft introduces a differentiated adjustment of contribution ratios of the risk fund based on the settlement risk profile of different business types. For spot transactions in equity and fixed-income securities, the contribution rate for settlement participants will be reduced to 30% of the original standard, while the rate for pledged repurchase transactions will remain unchanged. The Draft also stipulates that the net asset value of the risk fund shall not be less than CNY 3 billion. Once this threshold is met or exceeded, the securities depository and clearing institutions will cease further collections.



(Source: http://www.csrc.gov.cn/csrc/c101981/c7556637/content.shtml)

Note: The link to the Chinese official website of the document is for your reference.