《信托公司管理办法》点评：引导信托行业转型

Group 1: Regulatory Changes - The National Financial Supervision Administration revised the "Trust Company Management Measures," effective from January 1, 2026, to guide the transformation of the trust industry towards high-quality development[2] - The revised measures emphasize the role of trustees, focusing on core responsibilities and adjusting the business scope to include asset service trusts, asset management trusts, and charitable trusts[2][8] Group 2: Business Scope Adjustments - The new business scope reduces the previous five types of trusts to three, enhancing the focus on wealth management and administrative services while weakening the financing function of trust companies[9][10] - Trust companies are prohibited from guaranteeing the safety of trust assets or minimum returns, breaking the rigid repayment model[10] Group 3: Governance and Risk Management - Trust companies are required to strengthen corporate governance, integrating party building with governance, and establishing internal assessment and incentive mechanisms[11][12] - The minimum registered capital for trust companies is raised to 500 million RMB, enhancing capital and reserve management[12][13] Group 4: Strategic Development Directions - Trust companies can choose different strategic directions based on their strengths, including boutique private banking, multi-asset investment services, and administrative service providers[16][17][18] - The shift towards wealth management and asset management services allows trust companies to cater to high-net-worth clients and provide comprehensive financial services[19] Group 5: Risks and Challenges - There is a risk of trust companies being overly reliant on past business models, which may delay necessary transformations[20] - The pace of professionalization in the trust industry may not meet expectations, potentially leading to unsuccessful transitions[20]