金融监管总局，发布重要新规

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulatory framework for trust companies in China, focusing on risk prevention, capital requirements, and business scope adjustments, effective from January 1, 2026 [2]. Summary by Sections Minimum Capital Requirements and Business Restrictions - The minimum registered capital for trust companies is raised from 300 million RMB to 500 million RMB, requiring a one-time cash payment [5]. - Trust companies must focus on their core responsibilities and adhere to the principle of "seller's responsibility, buyer's risk" while breaking the rigid repayment model [5]. - Several business red lines are established, including prohibitions on guaranteeing asset safety or minimum returns, misleading investors, and engaging in regulatory evasion [5]. Business Structure Reconstruction - The business scope of trust companies is redefined to include only asset service trusts, asset management trusts, and public welfare trusts [8]. - New provisions allow trust companies to apply for liquidity loans from shareholders and the trust industry guarantee fund, while prohibiting external guarantees [8]. - Additional services such as investment consulting and technical services for financial institutions are permitted, while unrelated intermediary services are eliminated [8][9]. Corporate Governance Reforms - The establishment of a specialized committee for the protection of client rights is mandated, led by independent directors [12]. - Trust companies are required to conduct regular evaluations of shareholders and report any violations [12]. - Enhanced management of related party transactions and salary structures is emphasized, including conditions for deferred payments and clawbacks [12]. Risk Management and Compliance - Trust companies must strengthen internal controls and risk management, focusing on compliance and operational risks [13]. - A comprehensive management process for trust business is outlined, covering documentation, legality, risk disclosure, and asset management [13]. - Annual external audits are mandated to ensure compliance across all business areas [13].