11万亿资产管理信托新增红线，通道、资金池业务再迎禁令

Core Viewpoint - The recent release of the "Asset Management Trust Management Measures (Draft for Comments)" marks a significant regulatory update in the trust industry, following the major revision of the "Trust Company Management Measures" after 18 years, aiming to enhance the supervision of asset management trusts and address various regulatory gaps in the sector [1][2]. Regulatory Background - The current regulations have been in place since 2007 and require adjustments to align with the evolving practices in the trust industry [2]. - The introduction of the new draft is a response to previous regulations, including the 2018 Asset Management New Regulations and the 2023 Three Classification New Regulations, which clarified the boundaries of different types of trusts [2]. Positioning of Asset Management Trusts - The draft positions asset management trusts as private asset management products based on trust law, emphasizing three main characteristics: serving the maximum legal interests of investors, being privately placed to qualified investors with a cap of 200 participants, and adhering to strict investor standards [3]. Industry Transition - The trust industry is transitioning from traditional non-standard financing to a more diversified and professional model, balancing asset service trusts and asset management trusts [4]. Enhanced Management Requirements - The new regulations emphasize comprehensive management of trust products and introduce multiple red lines across key operational areas [5]. Investor Concentration and Transparency - New rules tighten investor concentration requirements, limiting individual investments to 50% of the trust's actual scale and institutional investments to 80% [6]. - The draft mandates transparency in identifying actual investors and funding sources, particularly when other asset management products invest in trust products [6]. Investment Thresholds and Performance Fees - The draft sets minimum investment thresholds for different types of trust products, with specific amounts for fixed income, mixed, equity, and non-standard asset products [7]. - It also establishes a cap on performance fees, which should align with the product's duration and characteristics, not exceeding 60% of the defined investment returns [7]. Asset Concentration Limits - The regulations impose limits on the concentration of investments in single assets, capping it at 25% of the trust's actual scale, with certain exemptions for specific asset types [8]. Sales and Operational Restrictions - The draft outlines strict sales requirements, prohibiting channel and fund pool businesses, and emphasizes the need for clear risk disclosures to investors [9][10]. - Trust companies must manage their sales processes rigorously, ensuring compliance with the new regulations and maintaining accountability in their operations [10]. Rectification of Existing Trust Business - Trust companies are required to review and rectify existing asset management trust businesses in accordance with the new regulations, with progress monitored by the financial regulatory authority [11].