11万亿资产管理信托新增红线

Core Viewpoint - The article discusses the recent release of the "Asset Management Trust Management Measures (Draft for Comments)" which aims to enhance the regulatory framework for the trust industry in China, following previous regulations and reforms in the asset management sector [3][5]. Summary by Sections Background of the New Regulations - The current regulations have been in place for 18 years and require updates to align with industry practices. The new draft is a response to the evolving landscape of asset management, particularly after the introduction of the asset management new regulations in 2018 and the three-category regulations in 2023 [5][6]. Positioning of Asset Management Trusts - The draft positions asset management trusts as private asset management products based on trust law, emphasizing three main characteristics: serving the maximum legal interests of investors, being privately placed to qualified investors with a cap of 200 participants, and adhering to strict investor standards [6][7]. Industry Transition - The trust industry is transitioning from traditional non-standard financing to a more diversified model that balances asset service trusts and asset management trusts. In 2023, over 30,000 trust products were established, with a total scale of approximately 4.33 trillion yuan, where asset service trusts accounted for about 57% and asset management trusts for 43% [7]. Enhanced Management and Regulatory Requirements - The new regulations emphasize comprehensive management of trust products and introduce multiple red lines across key areas. For instance, the concentration of investors is restricted, with limits on the amount a single investor can contribute to a trust product [9][10]. Investor Concentration and Reporting - The draft specifies that a single investor's contribution cannot exceed 50% of the trust's total scale, while institutional investors and their affiliates are limited to 80%. Additionally, there are requirements for transparency regarding the actual investors and funding sources [10][11]. Performance Fees and Investment Limits - The regulations set a cap on performance fees, which cannot exceed 60% of the investment returns above the benchmark specified in the trust documents. Furthermore, investments in the same asset are limited to 25% of the trust's total scale, with certain exemptions [12]. Sales and Prohibited Activities - The draft outlines strict sales requirements, prohibiting channel and fund pool businesses. Trust companies must clearly disclose risks to investors and cannot guarantee returns or obscure actual risk conditions [13][14]. Rectification of Existing Trust Business - Trust companies are required to review and rectify existing asset management trust businesses in accordance with the new regulations, with progress monitored by the financial regulatory authority [15].