Core Viewpoint - The regulatory penalties imposed on trust companies indicate a trend towards "normalization of strict regulation" in the industry, highlighting the need for improved compliance management as a foundation for the ongoing transformation of the trust sector [1][5][6]. Summary by Sections Regulatory Penalties - Jilin Trust was fined 300,000 yuan by the local financial regulatory bureau for charging trust fees under the guise of financial advisory fees without disclosing this to beneficiaries [2][3]. - In total, six trust companies have been penalized this year, with fines amounting to 16.15 million yuan, the largest being 6.6 million yuan against Zhongcheng Trust for multiple violations [2][3]. Compliance Issues - The penalties reflect issues such as business violations, personnel misconduct, and inadequate information disclosure, indicating weaknesses in internal control mechanisms and compliance processes within trust companies [4][5]. - Experts emphasize that the compliance gaps are rooted in the industry's historical focus on business over compliance during its transformation phase [4][5]. Trends in Regulatory Actions - The nature of violations has evolved from simple sales misconduct to more complex issues related to business risks, such as improper asset classification and non-compliant financing practices [5]. - The regulatory approach has shifted from institutional penalties to individual accountability, with fines imposed on responsible personnel, thereby enhancing accountability [5][6]. Importance of Compliance Management - Enhancing compliance management is crucial for the trust industry's transformation, as it helps mitigate risks, builds market confidence, and aligns with regulatory expectations [7][8]. - Effective compliance management can prevent adverse events that could disrupt the transition from non-standard financing to wealth management services [7][8]. Regulatory Measures and Recommendations - New regulatory measures focus on strengthening corporate governance, refining risk management rules, and improving transparency in information disclosure [8][9]. - Experts suggest that differentiated regulatory approaches based on company size and the introduction of compliance incentives could enhance overall compliance levels in the industry [8][9].

Core Viewpoint - The insurance asset management industry is entering a phase of "strict regulatory normalization," with increased transparency and regularity in enforcement actions [1][3]. Regulatory Actions - Recent penalties have been imposed on several insurance asset management companies, including China Merchants Insurance Asset Management Co. and Pacific Asset Management Co., totaling 1.259 million yuan in fines this year [2][3]. - Specific violations include non-compliance in investment operations related to trust plans and debt investment plans, with multiple responsible individuals also facing penalties [2][5]. Industry Trends - The insurance asset management sector has seen a significant increase in regulatory penalties, with 42 individuals penalized across four institutions this year alone [3]. - The shift from a "principle-oriented" to a "rule-oriented" regulatory approach indicates a tightening of oversight, reflecting a need for the industry to transition from rapid expansion to standardized development [3][6]. Areas of Concern - Violations are primarily concentrated in alternative investment areas such as debt investment plans and trust plans, which are characterized by their complexity and lack of transparency [5][6]. - The industry's pressure to deliver stable returns in a low-interest environment has led to a misalignment between risk appetite and compliance requirements [6]. Governance Issues - There is a notable correlation between the violations of insurance asset management companies and their parent insurance companies, often due to governance structure flaws and lack of independent decision-making [7][8]. - The dependence on parent companies for business and funding can lead to compromised compliance and risk management practices [8][9]. Recommendations for Future Regulation - Future regulatory focus should not only address operational violations but also strengthen governance structures to prevent parent company interference in asset management decisions [9].