信托公司管理办法18年来首修 信托业市场格局将加速重塑

Core Viewpoint - The revised "Trust Company Management Measures" aims to drive the trust industry back to its core responsibility of "acting on behalf of others and managing finances," enhancing the industry's ability to serve the real economy and promoting high-quality development [1][2][3]. Trust System Construction - The regulatory framework for the trust industry is evolving rapidly, with the new measures set to take effect on January 1, 2026, following a public consultation that began in April 2023 [2][3]. - The revised measures emphasize the need for trust companies to focus on their core business areas, moving away from homogenized competition towards differentiated and specialized development [2][3]. Risk Management - The new regulations introduce stricter capital constraints and risk management mechanisms, aiming to enhance the overall risk resistance of the industry [2][3][6]. - Key measures include raising the minimum registered capital requirements, appointing chief risk compliance officers, and prohibiting high-risk practices such as fund pooling and channel business [6][7]. Focus on Beneficiary Rights - The revised measures highlight the importance of maximizing the legal rights of beneficiaries, requiring trust companies to adhere to their fiduciary duties and manage trust affairs in the best interest of beneficiaries [4][5]. - A specialized committee for the protection of beneficiary rights will be established within trust companies, ensuring that beneficiary interests are prioritized in case of conflicts [5]. Industry Evolution - The new regulations are expected to accelerate the elimination of weaker players in the trust industry, concentrating resources among stronger institutions capable of meeting the new requirements [7]. - Companies that adapt to the new compliance and innovation-focused environment will likely gain a competitive edge, while those relying on traditional high-leverage models may face significant challenges [7].