On May 8, in order to regulate the development of the trust business of trust companies, the China Banking and Insurance Regulatory Commission formulated the “Interim Measures for the Management of Trust Funds of Trust Companies (Consultation Draft)” (hereinafter referred to as the “Measures”) to openly seek opinions from the public.

The “Measures”, in contrast to the requirements of the new asset management regulations, adhere to strict and strict regulatory guidance, control the scale of trust financing with shadow banking characteristics, and strictly restrict the channel business, Promote the return of capital trust business to its origin, develop fund trusts with direct financing characteristics, promote the protection of investors’ rights and interests, and promote the uniformity and orderly competition of regulatory standards in the asset management market. As of the end of 2019, the trust assets managed by 68 trust companies nationwide totaled 21.6 trillion yuan, of which the trust assets of funds managed totaled 17.94 trillion yuan.

Senior people in the industry told Peng Mei News that the “Measures”, based on the integration of the requirements of the new regulations on asset management, have formed part of the characteristics of the fund trust business. New regulations to promote equal competition between fund trusts and various asset management products. The new regulations as a whole are still strict, which will increase the pressure on trust companies to transform and require trust companies to achieve new breakthroughs in development.

The five main points of the “Measures” of the surging news are as follows:


First, the new regulations clarify the scope of application.

The “Measures” clearly mainly focus on financial trusts, but do not include service trusts and charitable trusts. The new regulations apply to property trusts for financing purposes. In addition, there has been no clear regulatory requirements for single fund trusts before, and this time it is also within the scope of fund trusts.

With the introduction of new regulations on asset management, under the influence of regulatory policies, the channel business based on a single trust is limited. In 2019, trust companies generally strengthened the construction of wealth channels, focused on the cultivation of active management capabilities, the proportion of collective fund trusts was further increased, and the trend of optimizing the structure of new trust asset sources was obvious.

However, the governor of the People ’s Bank of China Yi Gang also recently wrote that at the end of 2018, the size of specific purpose vehicles including valet financing, capital trusts, and securities investment funds 53.5 trillion yuan, with a ratio of 58.2% to GDP, an increase of 46.4 percentage points from the end of 2007. The development of asset management business to a certain extent meets the requirements of residents, enterprises and financial institutions for wealth preservation and appreciation and diversified asset allocation, but there are also problems such as multi-layer nesting of products, maturity mismatch, opaque information, evasion of supervision, rigid payment, etc.The problem is that some are actually “category loan” financing.


Second, it clarified the nature of the private equity management business of the fund trust.

The new regulations clarify the nature of the private placement business of fund trusts, requiring no more than 200 investors. In addition to the qualified foreign investors with clear capital management regulations, the new regulations Asset management products issued by various asset management institutions are also regarded as qualified investors, and the number of investors in other asset management products is not included in the level of fund trust.

Uiyi Trust Researcher Shuai Guorang Xiang Peng Pao News pointed out that compared with the “Administrative Measures for Trust Funds of Trust Funds of Trust Companies”, the number of individual qualified investors has been relaxed, and must not 50 to 200 people.

Sun Haibo of the Institute of Financial Supervision believes that this is similar to the requirements of the Securities Regulatory Commission on brokerage asset management and fund accounts. It is necessary to ensure that the single concentration of the investment target of the public offering products of the bank wealth manager cannot exceed 10%. The wealth manager belongs to the role of active management and asset allocation, and cannot be a channel. Previously, the most concerned point about whether trusts should strictly implement the new regulations on asset management is whether they can break through 200 people. Because the current regulatory documents allow the trust to not be restricted by 200 people under the condition that a single investor invests more than 3 million. Judging from the draft for comments, there is no room for bargaining for the trust to strictly implement the new regulations on asset management. It shows that the trust is positioned in the nature of private placement and the supervision attitude is firm.


Third, fund trust sales have stricter requirements.

The “Measures” requires the classification of capital trusts and sales to appropriate investors, and requires full disclosure of capital trust risks during the sales process. Operation and service compliance are monitored and incorporated into the evaluation system.

Specifically, the “Measures” emphasizes the need to perform the procedures for determining qualified investors, effectively identify investors, and fully understand the sources of funds, personal and family finance of investors In the case of assets, liabilities, etc., take the necessary means to verify and verify whether investors meet the qualified investor standards stipulated in these Measures, perform anti-money laundering obligations in accordance with the law, and respond to individual investors in accordance with the relevant regulations of the banking regulatory agency of the State Council Record audio and video during the sales process.

But Shuai Guorang also pointed out that Article 7 of Chapter 2 entrusts trust companies to other institutionsThe sale of collective fund trust schemes has been relaxed, and there is no clear point here that third-party financial institutions are not allowed to consign collective fund trust schemes. This may be good for some trust companies with weak fund raising capabilities.


Fourth, the introduction of non-standard ratio restrictions for the first time.

The Measures stipulate that for each trust fund of a trust company to invest in a single listed company ’s stock, and the trust company ’s all funds trust holds a single listed stock All the collective fund plans of proportional trust companies, the proportion of non-standardized debt assets invested in the same financier, loans in collective fund trusts and the proportion of non-standard debt assets are all regulated to further prevent excessive risk exposure.

Specifically, the single concentration of non-standard trusts does not exceed 30% of the trust company ’s net assets; the total amount of non-standard investments of collective fund trusts does not exceed the size of the total collective trust plan 50%. Limit the proportion of investment in non-standard debt assets, making it clear that the total amount of all collective fund trust investments in non-standard debt assets shall not exceed 50% of the total collective trust trust of all collective fund trusts at any point in time.

Sun Haibo believes that a single trust is not counted here (of course, property rights trusts are not counted), and it is also more lenient than 35% such as bank wealth management and brokerage asset management. However, considering that trusts have traditionally had a higher non-standard share, many trust companies still face greater pressure on this indicator. The single fund trust itself has little room for survival, because after prohibiting multiple layers of nesting, public bank financing also needs to set up a double 10% concentration and cannot invest in a single trust. Bank self-operation is strictly regulated and the single trust channel business is basically blocked. Taking these factors into consideration, the 50% non-standard ratio limit for collective trusts is still a strong spell. Compared with current rules, trust loans do not exceed 30% of the paid-in balance of all trust schemes under management. The non-standard concept was formally introduced this time, and the trust was included in the scope of supervision in full caliber.


Fifth, require net worth management of fund trusts.

The “Measures” require trust companies to establish a fund trust net worth management system and information system to accurately and timely reflect the trust property management situation and make regular disclosures. Chapter II, Article 5, paragraph 6, stipulates, “It is necessary to calculate and disclose the net value of fund trusts according to law, and determine the participation and exit prices of fund trusts.” Net worth management is to break rigid paymentLay the foundation. The aforementioned industry insiders also pointed out that the difficulty of current net worth management lies in the valuation management of non-standard fund trusts. At the same time, with the acceleration of net worth management, it has provided conditions for breaking the just exchange.

At a seminar held at the end of April of the China Wealth Management 50 Forum, Lai Xiufu, director of the trust department of the China Banking Regulatory Commission pointed out that there are still some problems in the current transformation of the trust industry Common problems include the pressure of work on the rectification of memory products due to transition during the transition period, and the uneven implementation of net value management in the industry. He pointed out that the next step would be to guide trust companies to overcome difficulties, return to their origins, and continue to strictly promote the implementation of the new regulations on asset management: first, to continue to compress the channel business, and second, to consolidate the institutional guarantee for the trust industry to implement the new regulations on asset management.


Attachment: Interim Measures for Trust Management of Trust Companies ’Funds

(Draft for Comment)

Contents

Chapter 1 General Provisions

Chapter 2 Business Management

Chapter 3 Internal Control and Risk Management

Chapter 4 Supervision and Management

Chapter Five Supplementary Provisions

Chapter One General Provisions

Article 1 In order to regulate the trust business of trust companies ’funds and protect funds The legal rights and interests of trust investors are formulated in accordance with the “Trust Law of the People ’s Republic of China”, the “Law of the People ’s Republic of China on Banking Supervision and Administration”, “Guiding Opinions on Regulating the Asset Management Business of Financial Institutions” (hereinafter referred to as the “Guiding Opinions”) and related laws and regulations This approach.

Article 2 These Measures apply to trust companies established within the territory of the People ’s Republic of China to carry out fund trust business.

The fund trust business mentioned in these measures refers to the trust company as the trustee, according to the investor ’s wishes, with the value of the trust property preservation and appreciation to the main trust service content, the investment Management and use of funds delivered by, Disposal of trust business activities.

The “fund trust” mentioned in these Measures refers to the trust company accepting investors to establish trust with their legally owned funds, and managing and using the trust property in accordance with the provisions of the trust documents Or dispose of it, pay the trust benefits according to the actual investment income, and distribute the remaining assets of the trust assets at maturity. The fund trust shall be a self-benefit trust, and the principal and the beneficiary shall be the same person. These measures are collectively referred to as investors. Where there are legal changes in the beneficiary rights of the trust, such as transfer and inheritance, the investors will change accordingly.

Article 3 The management and use of trust funds by a trust company shall abide by laws, administrative regulations, supervision regulations of the banking supervision and administration agency of the State Council and the provisions of trust documents, and perform its duties and perform its duties The obligation of honesty, trustworthiness, prudence, and effective management, to handle trust affairs for the maximum benefit of investors ’legitimate interests, and to collect trust remuneration based on the trust services provided. The fund trust property is legally independent of the trust company ’s inherent property and other trust property managed by the trust company.

Institutional and individual investment fund trusts shall bear their own investment risks and obtain trust benefits or bear losses. A trust company shall not promise investors in any way that the principal will not be lost or that it will promise a minimum return.

Trust companies are not allowed to provide channel services for clients or third parties engaging in illegal activities in handling fund trust business. The trust purpose as stipulated in the trust document shall be the true and complete expression of the client ’s intention. If the client conceals the purpose of the trust or the purpose of the trust violates laws, administrative regulations or harms the public interest, the trust company shall not establish a trust for it.

Article 4 The banking supervision and administration institution of the State Council and its dispatched institutions shall supervise and manage the trust business of trust companies according to law.

Chapter 2 Business Management

Article 5 As a trustee of a fund trust, a trust company shall perform the following Responsibilities:

(1) Conduct due diligence in accordance with law and issue a due diligence report.

(2) Handle the sales, registration and reporting of fund trusts according to law, prepare and sign trust documents with investors.

(3) Separately established for each fund trustThe special account of the trust property shall separately manage and keep separate accounts of the trust property of the trusts of different funds under management, and make investments in accordance with the provisions of the trust documents.

(4) Determine the trust benefit distribution plan in accordance with the provisions of the fund trust document, and distribute trust benefits to investors in a timely manner.

(5) Conduct fund trust accounting and prepare financial trust financial accounting reports.

(6) Calculate and disclose the net value of the fund trust according to law, and determine the participation and exit prices of the fund trust.

(VII) Handle information disclosure related to trust property management business activities.

(8) Keep records of trust property management business activities, books, statements and other relevant materials, except laws, administrative regulations, relevant regulations of the banking supervision and administration agency of the State Council or Except as stipulated in the trust documents, they shall not be provided to any institution or individual.

(9) In the name of the trustee, on behalf of the investors to exercise litigation rights or implement other legal actions.

(10) Laws, administrative regulations and other responsibilities prescribed by the banking regulatory agency of the State Council.

Article 6 A trust company shall classify and manage fund trusts in accordance with the “Guiding Opinions” and the relevant regulations of the banking regulatory agency of the State Council.

(1) Divided into single fund trust and collective fund trust scheme according to the number of investors.

(2) According to different operation methods, it is divided into closed-end fund trust and open-end fund trust.

(3) According to the nature of investment, it is divided into fixed income fund trust, equity fund trust, commodity and financial derivatives fund trust and mixed fund trust. The investment scope and proportion of various types of fund trusts shall comply with the provisions of the “Guiding Opinions”.

Article 7 A trust company shall sell its own collective fund trust plan or entrust other trust companies, commercial banks, insurance companies, insurance asset management companies, securities companies, fund management companies As well as other agencies recognized by the banking regulatory agency of the State CouncilManage the sale of collective fund trust plans. Trust companies and agency sales agencies shall sell collective fund trust plans through their business premises or their own electronic channels.

Where a trust company entrusts other institutions to sell collective fund trusts, it should clarify the admission standards and procedures of the agent sales institutions, formulate a perfect agent sales management standard, and select qualified ones The agency sales agency clearly defines the rights and obligations of both parties in the form of an agency sales contract, and clarifies the responsibility for related risks.

Article 8 Fund trusts are raised in a non-public way for qualified investors. The investment starting amount of each qualified investor shall comply with the “Guiding Opinions”. No unit or individual may break the standard of qualified investors or limit the number of persons in disguise by splitting trust shares or transferring share benefit rights. Except as otherwise provided by the banking regulatory agency of the State Council.

Qualified investors refer to natural persons, legal persons and other persons who have the corresponding risk identification and risk tolerance, invest in a single fund trust not less than a certain amount and meet the following conditions Organization:

(1) Have two or more years of investment experience, and meet the household financial net assets of not less than three million yuan, or the family financial assets are not It is less than 5 million yuan, or its annual average income is not less than 400,000 yuan in the past three years.

(2) Domestic legal persons or other organizations established according to law with net assets of not less than RMB 10 million at the end of the most recent year.

(3) Basic pension, social security fund, enterprise annuity and other pension funds, charity funds and other social welfare funds established according to law.

(4) Qualified Foreign Institutional Investor (QFII), RMB Qualified Foreign Institutional Investor (RQFII).

(5) Asset management products issued by institutions subject to supervision by the financial supervision and administration authority of the State Council.

(6) Other situations where the State Council ’s banking regulatory agency regards it as a qualified investor.

The fund trust accepts the participation of other asset management products and does not calculate the number of investors of other asset management products, but it should effectively identify the actual investorsThe ultimate source of funding. If an asset management product participates in a fund trust, the manager shall provide the trust company with the actual investor qualifications of the asset management product.

Article 9: A trust company or sales agency that promotes and sells a fund trust shall classify the risk level of the fund trust, assess the risk identification and affordability of individual investors and evaluate Divide the risk tolerance level, and it is forbidden to sell to investors funds trusts with a risk level higher than their risk tolerance level. Individual investors who have not conducted risk identification and tolerance assessments for more than two years or that may affect their own risk tolerance should re-assess their risk tolerance assessments when reinvesting in fund trusts.

A trust company or sales agency that promotes and sells a fund trust through its business premises or its own electronic channels should perform the procedures for determining qualified investors, effectively identify the investor ’s identity, and fully Understand the investor’s funding sources, personal and family financial assets, liabilities, etc., take the necessary means to verify and verify, check whether the investor meets the qualified investor standards stipulated in these Measures, perform anti-money laundering obligations in accordance with the law, and follow the State Council’s banking supervision The relevant regulations of the management agency shall record the sales process to individual investors.

Article 10: Trust companies recommending and selling capital trusts shall have standardized and detailed information disclosure materials, indicating the type and risk level of capital trusts, and fully revealing the risk returns of capital trusts The characteristics and the investor ’s own risk-taking principle remind investors to identify, manage, and bear investment risks, and must not use misleading statements that may affect investors ’independent risk judgment. The sales agency shall use the sales materials produced by the trust company, and shall not modify or increase or decrease the materials without authorization.

Trust companies and sales agencies should require sales staff to fully disclose the trust risk of funds, keep relevant sales records of sales staff, and conduct ethics and service compliance with sales staff Supervise the quality of services, etc., and include the complaints of investors, misleading sales, and other illegal sales behaviors of sales personnel into the internal assessment system.

The trust company should ensure that the investor can review and copy all the trust documents, confirm that the investor has carefully read the entire contents of the trust documents before subscribing to the fund trust, and declare to know The following:

(1) Capital trusts have investment risks and do not promise to guarantee the principal and minimum return.

(2) Investors should useFunds that have been legally owned must not participate in fund trusts with non-own funds raised by borrowing funds, issuance of bonds, or other funds that have been illegally collected.

(3) The trust purpose as stipulated in the trust document should be the true and complete expression of the investor ’s intention, and there is no case of concealing the purpose of the trust.

(4) Investors should truly and completely enjoy the beneficial rights of the trust, and there is no situation of holding the beneficial rights of the trust on behalf of others.

(5) The risks arising from the trust company managing trust property in accordance with the trust documents shall be borne by the trust property. If a trust company violates laws, administrative regulations and trust documents and causes loss of trust property, the trust company shall compensate for the inherent property according to law.

(6) The historical performance of trust companies, trust managers and other related institutions and personnel does not represent the actual effect of the future operation of the fund trust.

(7) Investors have carefully read and understood all trust documents, understand the risk-return characteristics and risk levels of fund trusts, and are willing to assume corresponding legal responsibilities and Trust investment risk.

Article 11 The trust fund for collective funds should employ a custodian for trusteeship. The single fund trust can be agreed in the trust documents according to the investor’s wishes. Where a single-fund trust stipulates not to hire a custodian, the trust documents shall clearly specify measures and dispute resolution mechanisms to guarantee trust property security.

Article 12 The management and use of funds and trust property by a trust company shall meet the following requirements:

(1) The investment scope and investment ratio of the fund trust shall be stipulated in the trust documents. If the trust funds are actually invested to exceed the investment scope or investment ratio stipulated in the trust documents, the trust company shall obtain the written consent of all investors in advance or be approved by the beneficiary meeting.

(2) Fund trusts shall not directly invest in the credit assets of commercial banks, and shall not directly or indirectly invest in industries and fields where debtor rights or equity investments are prohibited by laws, regulations and national policies.

(3) The market value of the shares issued by a single listed company held by each collective fund trust plan shall not exceed 25% of the net assets of the trust fund Each structured fund trustThe maximum market value of shares held by a single listed company shall not exceed 20% of the net assets of the trust fund, unless approved by the banking regulatory authority of the State Council. All investors are qualified investors who meet the requirements of items (1), (2), (3), and (4) of Article 8, paragraph 2 of these Measures and the investment amount of a single investor is not less than RMB 10 million The closed-end collective fund trust plan is not subject to the proportion restrictions set forth in this paragraph.

(4) All fund trusts managed by the same trust company holding stocks issued by a single listed company shall not exceed 30% of the market value of the listed company ’s tradable shares , Except as otherwise provided by the banking regulatory agency of the State Council. Fund trusts that conduct securities investment in full accordance with the composition ratio of the relevant index are not subject to the restrictions set forth in this paragraph and the preceding paragraph. The trust company shall adjust to meet the requirements within ten trading days when the liquidity restricted assets can be sold, transferred or resumed unless the subjective factors of the trust company lead to the breakthrough of the restrictions on the proportion of this paragraph and the preceding paragraph.

(5) Fund trusts that accept the participation of other asset management products shall not reinvest in other asset management products other than public securities investment funds. A fund trust may reinvest a layer of asset management products, but the invested asset management products may not reinvest in asset management products other than public securities investment funds. Where a fund trust invests in other asset management products, the trust company shall penetrate and identify the underlying assets. The proportion of investment in the same or similar assets calculated by the merger of fund trusts in accordance with the principle of penetration shall comply with the relevant regulations of the banking regulatory agency of the State Council.

(6) The total amount of all collective fund trust schemes managed by the trust company invested in the non-standardized debt assets of the same financier and its related parties shall not exceed the trust company ’s net Thirty percent of assets. The total amount of loans provided by other trust funds managed by the trust company to others or the investment in other non-standardized debt assets shall not exceed 50% of the total trusts of the total trust funds of the total trust funds at any point in time. Except as otherwise provided by the banking regulatory agency of the State Council.

Article 13 If a trust company manages funds and the trust involves the company ’s inherent property and related parties, it shall be conducted at a fair market price, and the transaction price shall not be better than that of The prices of similar transactions carried out by related parties shall comply with the following regulations:

(1) According to the laws, administrative regulations, the State Council ’s banking supervision agency and enterprise accounting standards, comprehensive Accurately identify the related parties of the trust company, according to the principle of penetration, the main shareholders and the main shareholders ’controlling shareholders, actual controllers, related parties, and concerted actionPeople and ultimate beneficiaries are managed as related parties.

(2) Improper transactions, illegal interest transfers, insider trading and market manipulation with related parties shall not be conducted with trust funds, including but not limited to investing in related party ’s false projects, Jointly acquire listed companies with related parties, inject capital into the institution, etc.

(3) The trust company uses the trust funds directly or indirectly to provide financing to the company and its related parties or to invest in securities issued by the company and its related parties, Other assets held shall be explained to all investors in advance about the counterparty, the subject matter of the transaction and the trading conditions, obtain the written consent of all investors, and inform the investors and custodian afterwards. The trust company shall conduct the information disclosure in accordance with the provisions of this paragraph when conducting transactions with collective fund trust plan property and inherent property. The trust company shall obtain the written consent of the investor to conduct transactions with single-fund trust property and inherent property.

(4) The amount of the trust company ’s direct or indirect use of trust funds for the company and its related parties ’single entity shall not exceed 10% of the company ’s net assets, The total amount used directly or indirectly for the company and its related parties shall not exceed 30% of the company’s net assets. The trust company shall directly or indirectly use the trust funds of the collective fund trust plan for the total amount of the company and its related parties shall not exceed 15% of the company’s net assets.

Article 14 The investment cooperation institution of a fund trust shall be professionally qualified, comply with laws, administrative regulations and relevant regulations of the financial supervision and administration institution of the State Council and be subject to the financial supervision and administration of the State Council Institutions supervised by law. Investment cooperation institutions include, but are not limited to, issuers of asset management products invested by treasury trusts, and investment consultants related to treasury trust investment management.

A trust company that selects an investment cooperation institution that meets the requirements of a private equity fund manager as a fund trust should meet the following conditions:

div> (1) Private equity investment fund managers who have registered with the China Securities Investment Fund Association for one year and have no record of major violations of laws and regulations.

(2) Whoever acts as a securities investment fund trust and investment cooperation institution shall be a private equity investment fund manager.

(3) Whoever acts as a private equity investment fund trust and investment cooperation institution shall be a manager of private equity and venture capital funds.

(4) Other conditions stipulated by the financial supervision and administration institution of the State Council.

The investment cooperation institutions of trust companies entrusted with overseas wealth management fund trusts shall meet the requirements of the State Council Bank The relevant regulations of the industry supervision and administration agency on the entrusted overseas wealth management trust business.

Article 15 The trust company carries out the trust business of fixed income securities investment funds, as agreed in the trust documents or All investors agree in writing that they can integrate funds by carrying out standardized debt asset repurchase on the open market or other methods approved by the banking regulatory agency of the State Council, and should meet the following requirements:

(1) The total assets of each structured collective fund trust plan shall not exceed 140% of its net assets.

(2) Each Only the total assets of unstructured fund trusts cannot exceed 200% of their net assets.

When calculating the total assets of fund trusts, trust companies should follow the original Calculate the total assets of the asset management products invested by the capital trust.

Trust companies conducting trust business of funds other than fixed income securities investment capital trust business shall not use trust The property shall provide guarantee to the outside world, and the trust property shall not be used in the form of sale and repurchase, nor shall it be incorporated into or disguised into funds, except as otherwise provided by the banking regulatory authority of the State Council.

Article 16 The ratio of the priority of the structured fund trust to the inferior level shall match the risk level of the underlying assets and meet the following requirements:

(1) Fixed The ratio of income fund trust priority to inferior grade should not exceed three to one.

(2) The ratio of equity fund trust priority to inferior grade should not exceed One-to-one.

(3) The ratio of priority and inferior level of trusts of commodities and financial derivatives and mixed funds shall not exceed two to one.
< div class = "contheight"> Structured capital Middle-class share of the trust should be included in the priority Structured Capital Trust not to invest in other asset management products classification.

Article 17 The trust company shall implement the establishment, management, accounting, accounting and liquidation of each fund trust separately, and shall not carry out or participate in the fund pool business with rolling issuance, collective operation and separate pricing features. The trust property of different fund trust products managed by the company shall not be traded.

The trust company should reasonably determine the duration of the assets invested in the fund trust, strengthen the management of maturity mismatch, and meet the following requirements:

(1) The term of closed-end fund trust shall not be less than 90 days. The liquidity of the assets invested by the open-end fund trust should match the investor’s redemption needs, and ensure that sufficient cash, demand deposits, government bonds, central bank bills, and policy financial bonds are held.

(2) A capital trust that directly or indirectly invests in non-standardized debt assets should be a closed-end fund trust. The termination date of non-standardized debt assets shall not be later than the maturity date of the closed-end fund trust.

(3) If a capital trust directly or indirectly invests in the equity of an unlisted company and its benefit (receipt), it should be a closed-end fund trust and clarify the equity and Withdrawal arrangements for its right to receive (receive) benefits. The withdrawal date of the equity of unlisted enterprises and their right to receive (collect) benefits shall not be later than the expiration date of the closed-end fund trust.

Article 18: Trust companies that carry out fund trust business shall abide by the relevant regulations on the valuation and accounting of financial instruments, such as the “Accounting Standards for Enterprises” and “Guiding Opinions,” in accordance with The method and frequency agreed in the trust documents confirm and measure the net value of the fund trust.

The trust company should establish a capital trust net worth management system and information system to ensure that the valuation personnel have the capability, resources and independence of net worth measurement and reflect it in a timely, accurate and complete manner And supervise the management of trust property.

Article 19 The trust company shall stipulate the content, method, channel, frequency, and responsibilities of all parties in the fund trust documents, in accordance with laws, administrative regulations, and the State Council The relevant regulations of the banking supervision and administration agency and the trust documents stipulate the timely, accurate and complete disclosure of information to ensure that investors can consult and copy the disclosed information according to law.

Article 20 If the fund trust document should stipulate that the investor transfers the beneficiary right of the trust, the beneficiary right transfer procedure shall be completed through the trust company, but the beneficiary right transfer shall not be done.In case of formalities, investors shall bear corresponding legal responsibilities.

The trust company should go through the formalities for the transfer of beneficiary rights, and confirm the compliance of the assignee ’s qualified investor status and risk tolerance level, and perform the risk to the assignee The obligation to inform is that the assignee carefully reads the entire contents of the trust documents and declares to be aware of the matters listed in paragraph 3 of Article 10 of these Measures. After the transfer, the number of qualified investors of the fund trust shall comply with the provisions of these Measures, and the investor ’s risk tolerance level shall match the risk level of the fund trust.

The trust company shall make a liquidation report on the handling of trust affairs within ten working days after the termination of the fund trust and disclose it to the investors after the audit. If the trust documents stipulate that the liquidation report does not require auditing, the trust company may submit an unaudited liquidation report. The remaining trust property after liquidation shall be distributed in accordance with the trust documents. The trust company shall properly keep all the materials for managing the fund trust for a period of not less than fifteen years from the date of termination of the fund trust.

Chapter 3 Internal Control and Risk Management

Article 21 Board of Trustees and Senior Management It should fully understand the fund trust business and the various risks it faces, determine the overall strategy and policy for the fund trust business, establish a management system, internal control system and investor protection mechanism suitable for it, and have the required business processing system , Accounting and accounting systems and management information systems and other human and material resources.

Trust companies engaged in fund trust business should establish trust fund utilization, information processing and other departments, and be equipped with professionals who are suitable for the nature of fund trust business and risk management requirements. Each fund trust is equipped with at least one trust manager.

Article 22 A trust company shall establish and improve a management system for fund trust business based on the nature and risk characteristics of the fund trust business, including investor appropriate management and access management , Investment decision-making, risk management, compliance management, personnel and authorization management, sales management, investment cooperation agency management, custody, valuation, accounting and information disclosure, etc.

Trust companies should formulate and implement various types of capital trust business risk management policies and procedures to effectively identify, monitor and control the credit risk, liquidity risk and market of capital trusts Risks and other types of risks. The trust company shall establish and improve the internal control system of the fund trust business as an integral part of the trust company ’s overall internal control system. The trust company should conduct an internal audit of the fund trust business at least once a year, and an external audit of the internal control of the fund trust business at least once a year. Conduct an external audit. The trust company shall submit the external audit report of the fund trust business to the banking supervision and management institution in a timely manner.

Article 23 The trust company shall ensure that the fund trust business is separated from the inherent business, and from other trust businesses, and between fund trusts, and the fund trust business Operations are separated from other business operations.

The total share of a trust company participating in a collective fund trust plan managed by a single company with its own funds shall not exceed 20% of the trust ’s total share . The amount of the trust company’s own funds directly or indirectly participating in the collective fund trust plan managed by the company shall not exceed 50% of the trust company’s net assets. If the aforementioned ratio is exceeded due to changes in the scale of the collective fund trust plan and other factors, the trust company shall adjust it to meet the requirements within 30 trading days in accordance with the regulations of the banking regulatory agency of the State Council and the trust documents.

Trust companies conducting capital trust business should abide by the principles of market-based trading and fair trading, and maximize the legitimate rights and interests of investors, and may not invest between or between capital trusts The transfer of benefits between investors or between fund trust investors and other market entities.

Trust companies should establish an effective investor complaint handling mechanism, clarify the channels, procedures and methods for accepting and handling investor complaints, according to laws, administrative regulations, the State Council ’s banking industry The relevant regulations of the supervisory authority and the trust documents stipulate that investor complaints shall be properly handled.

Article 24 A trust company shall dynamically monitor and control the credit risk of each fund trust. The trust company shall strengthen the asset quality management of the trust assets of funds that bear credit risks, confirm the book value of assets in accordance with the principle of prudence, and at least quarterly refer to the relevant regulations of the banking regulatory authority of the State Council on the classification of loan risks.

The trust company should effectively identify, monitor and control the liquidity risk of each fund trust, incorporate the fund trust business into the normalized stress test mechanism, develop and continuously update the liquidity emergency plan.

Trust companies should establish coverage fund establishment, registration, and sales, Investment and information disclosure, and other operational links to prevent and control operational risks, and perform fiduciary management responsibilities in accordance with law.

Trust companies should objectively judge the possibility of risk losses being transmitted to the table based on the quality of the assets invested in the fund trust, and confirm the estimated liabilities in accordance with the accounting standards of enterprises. When a trust company carries out a fund trust business, it shall measure the risk capital in accordance with the regulations of the banking supervision and administration institution of the State Council on the supervision of trust company capital management.


Chapter IV Supervision and Management

Article 25 Trust companies engaged in fund trust business shall follow Provisions for performing trust registration and reporting obligations:

(1) The trust registration shall be handled in accordance with the relevant regulations of the banking supervision and administration institution of the State Council.

(2) The trust company uses the trust funds directly or indirectly to provide financing to the company and its related parties or to invest in securities issued by the company and its related parties, Other assets held shall be reported to the banking supervision and management institution one by one ten working days in advance. If a trust company and its related parties transfer the trust benefits of funds managed by the company to the outside, the trust company shall report to the banking supervision and management institution one by one ten working days in advance. A trust company that deals with inherent property and capital trust property shall report in advance in accordance with the provisions of this paragraph.

(3) The trust company shall report to the banking supervision and management institution one-time related party transactions, Inherent property and trust property transactions, inherent funds or trust funds participating in the company ’s management of fund trust reports, including but not limited to related transactions in the quarter, transaction lists, and other quarters other than property custody, account opening, and fund supervision Description of related transactions one by one.

Article 26 The banking supervision and administration institution shall implement off-site supervision and on-site inspection of the trust company ’s fund trust business in accordance with law.

The trust company shall submit the financial and accounting statements, statistical reports, external audit reports and requirements of the banking supervision and management institution to the banking supervision and management institution in accordance with the regulations. Other materials, promptly report to the banking supervision and management agency the major issues that may have an adverse effect on the trust company or investors and the proposed response measures.

Banking supervision and management institutions may conduct supervision and management talks with directors and senior management personnel of trust companies, and meet with supervisors and other staff of trust companies in accordance with the needs of performing their duties. During the meeting, relevant personnel were requested to explain the major matters of the fund trust business and risk management carried out by the trust company.

Article 27 Where a trust company engages in capital trust business activities that violate the law and regulations, the banking regulatory agency shall comply with the Law of the People ’s Republic of China on Banking Supervision and Administration Ordered to make corrections within a time limit. If the trust company fails to make corrections within the time limit, or its behavior seriously endangers the stable operation of the trust company or damages the legitimate rights and interests of other trust parties, the banking supervision and administration institution shall have the right to take supervision in accordance with Article 37 of the Law of the People ’s Republic of China on Banking Supervision and Administration Measures.

Banking supervision and management institutions have the right to order trusts if they find that there are illegal acts of funds trust investors, agency sales agencies, custodians, financiers, investment cooperation agencies, etc. The company takes countermeasures and notifies relevant financial management departments of relevant violations of laws and regulations.

Article 28 If a trust company engages in capital trust business activities that violate the law and regulations, the banking supervision and administration agency shall comply with the Law of the People ’s Republic of China on Banking Supervision and Administration And other laws and regulations. Banking supervision and administration institutions may deal with directly responsible directors, senior management personnel and other directly responsible personnel in accordance with Article 48 of the “Banking Supervision and Administration Law of the People ’s Republic of China” and the “Penalty Measures for Financial Violations” ; Anyone suspected of committing a crime shall be transferred to the judicial organ according to law.

Chapter 5 Supplementary Provisions

Article 29 The meaning of the following terms in these measures:

A single fund trust refers to a fund trust in which a single investor participates with its legally owned funds.

Collective fund trust plan refers to a fund trust in which two or more investors participate with their legally owned funds.

Closed-end fund trust refers to a fund trust that has a definite termination date and that from the establishment date to the termination date, investors may not subscribe or redeem.

Open fund trust meansFrom the date of establishment to the date of termination, the total amount of fund trust trust units is not fixed, and investors can subscribe or redeem capital trusts on the opening day and corresponding venues as agreed in the trust documents.

Structured fund trust refers to the trust company dividing the fund trust into different grades of shares and different grades of shares according to the order in which the principal and trust benefits are paid. The distribution of trust benefits is not calculated according to the proportion of shares, but is a fund trust that is separately stipulated in the contract, and the distribution of trust benefits is carried out according to the priority and inferior benefit rights share arrangement. Trust beneficiaries who enjoy priority beneficiary rights are called priority beneficiaries, and trust beneficiaries who enjoy beneficiary rights are called beneficiaries.

Securities investment fund trust refers to a fund trust that invests in securities that are publicly issued in accordance with the law and that are publicly traded on a trading venue that complies with the law.

Standardized debt assets refer to debt assets that meet the definition of Article 11 of the Guiding Opinions. Debt assets other than standardized debt assets are all non-standardized debt assets.

The service trust business does not belong to the fund trust mentioned in these Measures, and the provisions of these Measures are not applicable. Service trust business refers to the trust company using its system advantages and service capabilities in account management, property independence, risk isolation, etc. to provide asset transfer, capital settlement, property supervision, guarantee, and inheritance to the principal in addition to asset management services. , Distribution and other fiduciary trust services.

The public welfare (charity) trust business does not belong to the fund trust mentioned in these Measures, and the provisions of these Measures are not applicable. Public welfare (charitable) trust business refers to the trust company managing and disposing of trust property in accordance with the “People’s Republic of China Trust Law”, “People’s Republic of China Charity Law” and “Charitable Trust Management Measures” and other relevant provisions, in accordance with the law of the client Carry out the trust business of public welfare (charity) activities.

Article 30 These Measures shall be implemented as of the year, month, and day.

Notice of the China Banking Regulatory Commission on Printing and Distributing (Yinjian Fa [2008] No. 83) Notice on Strengthening the Risk Management of Banking and Credit Cooperative Wealth Management Business of Trust Companies (Yinjianbanfa [2008] No. 297), “Circular of China Banking Regulatory Commission on Further Regulating the Matters Related to Banking and Credit Cooperation” (Yinjianfa [2009] No. 111), “Circular of China Banking Regulatory Commission on Regulating Matters Related to Banking and Credit Wealth Management Cooperation” (Banking Regulatory Commission[2010] No. 72), “Circular of the China Banking Regulatory Commission on Further Regulating the Bank ’s Financial Cooperation Business” (Yinjianfa [2011] No. 7), “Circular of the China Banking Regulatory Commission General Office on Relevant Matters Related to Bill Trust Business of Trust Companies (Yinjianbanfa [2012] No. 70) Abolished at the same time.

If the regulations and normative documents published before the implementation of this method are inconsistent with the provisions of this method, this method shall prevail. These measures shall be interpreted by the banking regulatory agency of the State Council.