金融监管总局就资管信托业务征求意见：坚持私募定位

Core Viewpoint - The National Financial Regulatory Administration has released a draft for public consultation on the "Asset Management Trust Management Measures," aiming to standardize the development of asset management trust businesses in line with the central financial work conference's directives [1] Group 1: Asset Management Trust Positioning - The draft positions asset management trusts as private asset management products based on trust legal relationships, emphasizing their alignment with the essence of asset management [1] - Trust companies are required to prioritize the legitimate interests of investors, adhering to the principle of "seller's responsibility, buyer's risk; seller's negligence, legal compensation" [1] - Comprehensive management practices must be implemented, including suitability management, sales management, investment management, asset custody, net value management, and information disclosure [1] Group 2: Private Placement and Investor Standards - The draft maintains a private placement orientation, stating that trust products are to be issued non-publicly to qualified investors, with a maximum of 200 participants [1] - Stricter investor standards are to be enforced for high-risk trust products, building on the asset management new regulations regarding investor qualifications and minimum investment amounts [1] - Trust companies must adhere to suitability management procedures during the sales and transfer of trust products [1]