禁止为托管产品垫付资金！银行托管业务迎新规

Core Viewpoint - The National Financial Regulatory Administration has officially released the "Supervision and Management Measures for Custody Business of Commercial Banks (Trial)" which clarifies requirements for custody products, non-standard asset custody, funding behavior, and risk capital provision in the banking custody business [1][2]. Group 1: Implementation and Transition - The measures will take effect on February 1, 2026, with a three-year transition period for existing businesses [2]. - Existing judicial practices are increasingly holding custodians to higher standards of fiduciary duty, emphasizing the protection of investors' interests [2]. Group 2: Responsibilities and Limitations - The measures specify thirteen responsibilities that commercial banks are prohibited from undertaking in custody business, including assuming credit and market risks of custody products, providing guarantees, and funding support [3]. - Notably, the measures explicitly prohibit banks from providing liquidity support or financing commitments for custody products [4]. Group 3: Non-standard Asset Custody - The measures introduce specific requirements for the custody of non-standard assets, mandating banks to assess their capabilities and service levels before engaging in such custody [4]. - Banks must evaluate the capital strength, governance, compliance management, risk control, and market influence of product managers, as well as the transaction structure and valuation methods of the products [5]. Group 4: Valuation Responsibilities - Commercial banks are required to undertake review responsibilities for asset valuation, with clear stipulations in custody contracts regarding valuation objects, principles, methods, and error handling [5]. - When using model valuations, banks must carefully determine model parameters and avoid arbitrary adjustments, ensuring alignment with legal disclosure requirements if discrepancies arise with product managers [5].