信托业重磅新规

Core Viewpoint - The new regulatory framework for the trust industry in China requires individual investors to have an average annual income of no less than 400,000 RMB over the past three years, aiming to strengthen risk prevention and ensure the healthy development of asset management trusts [1][3]. Regulatory Background - The current regulations, established in 2007, have been in place for 18 years and require updates to align with industry practices [3]. - Recent regulatory changes include the 2018 guidelines from the People's Bank of China and other ministries, which set unified standards for asset management businesses [3]. - The 2023 notification clarified the boundaries of different types of trusts, indicating that previous classification methods no longer match the industry's development [3]. - The new regulations are part of a broader effort to enhance supervision and risk management in the trust sector [3]. Structure of the New Regulations - The draft regulation consists of 5 chapters and 85 articles, covering general provisions, establishment and termination of trust products, operational management, supervision, and appendices [4]. - The operational management section includes 7 sections detailing management systems, sales, asset custody, investment management, risk management, information disclosure, and beneficiary meetings [4]. - Asset management trusts are categorized into four types: fixed income trusts, equity trusts, commodity and financial derivative trusts, and mixed trusts [4]. Investment Management Requirements - Trust products must involve clear legal relationships and be based on legitimate assets, including various types of bonds, bank deposits, and other approved assets [6]. - Investment in securities must specify stop-loss measures in trust documents, and holdings in a single company's stock cannot exceed 30% of its market value [6]. - Trust companies must track the flow of funds in non-standardized debt assets and ensure compliance with regulations [6]. - Investments in asset management products are allowed, but these products cannot invest in other asset management products, except for public securities investment funds [6]. - The investment amount in a single asset cannot exceed 25% of the trust's actual capital, with exceptions for certain government securities [6]. Investor Eligibility Criteria - Individual investors must meet specific criteria, including having at least two years of investment experience and a family financial net worth of no less than 3 million RMB, or financial assets of at least 5 million RMB, or an average annual income of no less than 400,000 RMB over the past three years [7].