Administrative Measures for the Securities Settlement Risk Fund (Revised in 2025)
Administrative Measures for the Securities Settlement Risk Fund (Revised in 2025)
Administrative Measures for the Securities Settlement Risk Fund (Revised in 2025)
Announcement of the China Securities Regulatory Commission and the Ministry of Finance [2025] No. 20
November 1, 2025
The Administrative Measures for the Securities Settlement Risk Fund are hereby issued and shall take effect on December 8, 2025.
Attachment 1: Administrative Measures for the Securities Clearing Risk Fund (Revised in 2025)
Article 1 These Measure are formulated in accordance with the relevant provisions of the Securities Law of the People's Republic of China, the Administrative Measures for the Registration and Settlement of Securities and other relevant regulations to prevent and resolve risks in the securities market, ensure the safe operation of the securities registration and clearing system, and properly manage and use the securities clearing risk fund.
Article 2 The securities clearing risk fund (hereinafter referred to as "the Fund") as mentioned in these Measures refers to a dedicated fund established by a securities registration and clearing institution to cover or compensate for losses incurred by the institution due to settlement default, technical failures, operational errors, or force majeure.
Article 3 The Fund shall be sourced from:
(1) 9% set aside as provision from business revenue and profits of the securities registration and clearing institution;
(2) Contributions by clearing participants in securities transactions with the securities registration and clearing institution using the clearing method of guaranteed multilateral netting, at the following daily rates:
1. For equity products, 0.0009% of the transaction amount;
2. For spot transactions in fixed income products: 0.0003% of the transaction amount;
3.
......
Announcement of the China Securities Regulatory Commission and the Ministry of Finance [2025] No. 20
November 1, 2025
The Administrative Measures for the Securities Settlement Risk Fund are hereby issued and shall take effect on December 8, 2025.
Attachment 1: Administrative Measures for the Securities Clearing Risk Fund (Revised in 2025)
Article 1 These Measure are formulated in accordance with the relevant provisions of the Securities Law of the People's Republic of China, the Administrative Measures for the Registration and Settlement of Securities and other relevant regulations to prevent and resolve risks in the securities market, ensure the safe operation of the securities registration and clearing system, and properly manage and use the securities clearing risk fund.
Article 2 The securities clearing risk fund (hereinafter referred to as "the Fund") as mentioned in these Measures refers to a dedicated fund established by a securities registration and clearing institution to cover or compensate for losses incurred by the institution due to settlement default, technical failures, operational errors, or force majeure.
Article 3 The Fund shall be sourced from:
(1) 9% set aside as provision from business revenue and profits of the securities registration and clearing institution;
(2) Contributions by clearing participants in securities transactions with the securities registration and clearing institution using the clearing method of guaranteed multilateral netting, at the following daily rates:
1. For equity products, 0.0009% of the transaction amount;
2. For spot transactions in fixed income products: 0.0003% of the transaction amount;
3.
......