国家金融监督管理总局发布《资产管理信托管理办法(公开征求意见稿)》

Core Viewpoint - The National Financial Supervision Administration has released the "Asset Management Trust Management Measures," emphasizing the responsibilities of trust companies to manage trust products with integrity and caution, prohibiting them from promising capital protection or minimum returns [1][5]. Group 1: Regulatory Framework - The measures aim to strengthen regulation, prevent risks, and standardize the operational behavior of trust companies in asset management trust business [3]. - Trust companies must establish a good corporate governance structure and complete internal control, risk management, and compliance management systems [7]. - Trust products must be initiated by trust companies and managed in accordance with the "Guiding Opinions" on asset management products [3][4]. Group 2: Trust Product Management - Trust companies are prohibited from promising investors that their principal will not be lost or guaranteeing minimum returns [5][14]. - Trust products must be managed actively by the trust company and cannot delegate management responsibilities to other entities [5][19]. - Trust companies must ensure that the management of trust products adheres to market trading and fair trading principles, avoiding illegal profit transfers [5][19]. Group 3: Investor Qualifications - Trust products are to be issued to qualified investors through non-public means, with a maximum of 200 investors per product [8][9]. - Qualified investors must meet specific financial criteria, such as having a net asset of at least 3 million RMB or equivalent [9][10]. - Individual investors cannot invest more than 50% of the trust product's actual trust scale, while institutional investors and their affiliates cannot exceed 80% [10]. Group 4: Risk Management and Compliance - Trust companies must establish a risk management system that covers various risks, including credit, market, liquidity, operational, and reputational risks [57]. - Trust companies are required to conduct due diligence on the feasibility, legality, and risk assessment of trust products before establishment [19]. - Trust companies must ensure that the investment of trust product funds complies with legal regulations and does not involve prohibited industries [46].