《资产管理信托管理办法》征求意见出炉

Core Viewpoint - The "Asset Management Trust Management Measures (Draft for Comments)" was released by the National Financial Supervision Administration, aiming to strengthen regulatory requirements for asset management trusts and delineate new red lines for various business practices [1][2]. Group 1: Background and Purpose - The current regulations for trust companies have been in place since 2007 and require adjustments to align with industry practices. The new measures are a response to previous regulations established in 2018 and 2023, aiming to enhance supervision and risk prevention in the trust industry [3]. - The draft aims to solidify the regulatory framework for the healthy development of asset management trusts [3]. Group 2: Structure and Content of the Measures - The draft consists of five chapters and 85 articles, covering general principles, product establishment, operational management, supervision, and definitions [4]. - It defines asset management trusts as private asset management products based on trust law, emphasizing the need for active management and adherence to market principles [5]. Group 3: Sales Requirements - Trust companies must clearly disclose risks to investors and cannot guarantee returns or obscure actual risk conditions. There are strict requirements for risk disclosure and sales management [7]. - Trust companies are required to assess the risk tolerance of individual investors and match them with appropriate products [7]. Group 4: Investment Management Requirements - Trust companies must manage trust assets legally and transparently, adhering to specified investment scopes and managing different asset categories distinctly [8]. - There are limits on the proportion of single asset investments within trust products [8]. Group 5: Risk Management and Information Disclosure - A comprehensive risk management system must be established, covering various types of risks, including operational, credit, market, and liquidity risks [9]. - Information disclosure requirements are detailed, ensuring transparency in trust asset management [9]. Group 6: Regulation of Key Business Areas - The draft prohibits channel business and fund pool operations, mandating that trust companies take active management responsibility for their products [10]. - It also sets strict guidelines for related party transactions, requiring accurate identification and regulation of such transactions [10]. Group 7: Rectification of Existing Trust Business - Trust companies are required to review existing asset management trust businesses against the new measures, develop rectification plans, and ensure orderly reduction of non-compliant business scales [11].