11万亿资产管理信托新增红线

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. This new regulation aims to enhance the supervision of asset management trusts and address various compliance issues within the industry [1][2]. Regulatory Background - The current regulations have been in place since 2007 and require updates to align with the evolving practices in the trust industry. The introduction of the asset management new regulations in 2018 and the three-category regulations in 2023 set the stage for this new draft [2]. - The new draft consists of five chapters and 85 articles, focusing on product positioning, sales management, and investment management, thereby reinforcing regulatory requirements [1][2]. Asset Management Trust Positioning - The draft defines asset management trusts as private asset management products based on trust law, emphasizing three main characteristics: serving the maximum legal interests of investors, maintaining a private placement status, and adhering to strict investor standards [3]. Industry Trends - The trust industry is transitioning from traditional non-standard financing to a more diversified model that balances asset service trusts and asset management trusts. As of June to December 2023, over 30,000 trust products were established, with a total scale of approximately 4.33 trillion yuan, where asset service trusts accounted for about 57% and asset management trusts for about 43% [4]. Enhanced Management Requirements - The new regulations emphasize comprehensive management of trust products and introduce several critical restrictions, including tighter investor concentration requirements and the need for transparency in identifying actual investors [7][9]. - Specific limits are set on the amount a single investor can contribute to a trust product, with a maximum of 50% of the trust's total size for individual investors and 80% for institutional investors [7]. Sales and Investment Restrictions - The draft outlines six key prohibitions regarding the use of trust product assets, including restrictions on direct investments in bank credit assets and providing services that circumvent regulatory requirements [10]. - It also mandates that trust companies must clearly identify related parties and regulate related transactions, ensuring compliance with the new sales management requirements [11]. Compliance and Rectification - Trust companies are required to review their existing asset management trust businesses and develop rectification plans to align with the new regulations. The progress of these rectifications will be monitored as part of the classification supervision [12].