32万亿信托业迎新规！三条“红线”开启资管信托真私募时代

Core Viewpoint - The introduction of the new regulatory framework for asset management trusts marks a significant shift in the trust industry, emphasizing a transition from a financing intermediary to a true asset management institution, enhancing compliance and operational standards [1][11][12]. Group 1: Regulatory Framework - The National Financial Regulatory Administration has released a draft for the "Asset Management Trust Management Measures," which is open for public feedback until December 1, 2025 [1]. - The new measures require trust companies to strengthen comprehensive management and clearly define regulations for key business areas such as channel services, fund pools, and related transactions [5][6]. - The measures establish three key "red lines" for asset management trusts: adherence to the essence of asset management, maintaining a private placement position, and setting a minimum net asset requirement of 3 million yuan for investors [1][10]. Group 2: Operational Management - The draft consists of five chapters and eighty-five articles, detailing the establishment, modification, and termination of asset management trust products, as well as standards for qualified investors and risk assessment [5]. - Trust companies are mandated to enhance the management of asset management trust products throughout their lifecycle, including strict regulations on product establishment, sales, and risk management [5][8]. - The measures prohibit trust companies from promising investors against capital loss or minimum returns, and from engaging in certain high-risk financing activities [7][10]. Group 3: Investor Standards - Asset management trusts are defined as private asset management products based on trust law, with strict investor qualifications and a cap of 200 investors per product [9][10]. - Qualified individual investors must meet specific criteria, such as having a family financial net worth of at least 3 million yuan or an average annual income of 400,000 yuan over the past three years [10]. - The tightening of investor standards is seen as a crucial step in transforming the trust industry, focusing on high-net-worth clients and reducing disputes [10][11]. Group 4: Industry Impact - The new measures are expected to accelerate the elimination of weaker players in the industry, pushing trust companies to invest in research, risk control, and financial technology to build core competitiveness [8][11]. - The regulatory changes are anticipated to lead to a significant transformation in the trust industry, moving from traditional financing roles to investment and service-oriented functions [11][12]. - The overall trust asset management scale is projected to exceed 30 trillion yuan, with asset management trusts becoming a dominant force in driving industry growth [13].