定位私募、严管非标 资产管理信托管理办法公开征求意见

Core Viewpoint - The recent release of the "Asset Management Trust Management Measures (Draft for Comments)" by the National Financial Supervision Administration aims to enhance regulation and risk prevention in the trust industry, marking a significant shift towards quality development and true asset management functions [1][2]. Regulatory Framework - The new measures consist of five chapters and eighty-five articles, clearly defining asset management trusts as private asset management products based on trust law relationships [1]. - The principles of "seller responsibility, buyer self-responsibility" are emphasized, prohibiting channel business, fund pool operations, and rigid repayment [1][2]. - The measures align with previous regulations, such as the "Asset Management New Regulations," to eliminate rigid repayment, multi-layered nesting, and introduce independent custody mechanisms [3]. Investor Standards and Sales Management - The measures significantly upgrade the standards for qualified investors, raising the investment threshold for individual investors and introducing requirements for institutional investors [2][3]. - Sales management is more stringent, with clear regulations on sales methods, documents, and institutions, and a prohibition on any form of capital preservation promises [3][4]. Investment Management Requirements - The measures outline strict management of trust assets, requiring clear legal relationships and adherence to specified investment ranges [4]. - Different asset categories must be managed distinctly, and investment cooperation institutions must meet specific qualifications [4]. Business Model Transformation - The new regulations signify a shift from a financing-driven model to an investment-driven model, requiring trust companies to focus on professional investment management capabilities [5][6]. - Revenue models will transition from fixed expected returns to net value fluctuations, compelling trust companies to enhance their investment research capabilities [5][6]. Industry Dynamics - The introduction of these measures is expected to lead to increased competition, with leading institutions leveraging research and resource advantages to capture market share [6]. - Smaller institutions may need to focus on niche areas or face consolidation or market exit, leading to higher industry concentration [6].