Core Viewpoint - The new regulations for the trust industry, effective from January 1, 2026, aim to reshape the business structure, governance, risk management, and regulatory mechanisms of trust companies, emphasizing a return to core responsibilities and risk-controlled development [1][2][7]. Business Scope Adjustment - The revised regulations reduce the five types of trust businesses to three: asset service trusts, asset management trusts, and public welfare trusts, while eliminating unrelated intermediary businesses [3][4]. - New provisions allow trust companies to apply for liquidity support from the trust industry guarantee fund and provide investment advisory and technical services for financial institutions [3][4]. Focus on Core Responsibilities - The regulations emphasize the role of trust companies as fiduciaries, moving away from channel arbitrage and off-balance-sheet financing, which is expected to enhance risk isolation and asset security [4][5]. - The shift towards a "trust management" model aims to foster innovation and high-quality development in areas such as wealth management and family trusts, while reducing leverage and hidden risks [4][5]. Enhanced Governance and Risk Management - The new regulations set a minimum registered capital requirement of 500 million RMB and mandate the establishment of a chief compliance officer to strengthen internal controls and compliance management [5][6]. - Trust companies are required to conduct annual external audits and improve risk management mechanisms to prevent systemic risks [6][7]. Transition and Rectification of Existing Businesses - Trust companies must identify and rectify existing non-compliant businesses according to the new regulations, with a focus on orderly reduction of problematic business scales [7][9]. - The industry is expected to undergo significant restructuring, with traditional high-leverage models facing pressure, while compliant and innovative companies may gain competitive advantages [7][8]. Industry Differentiation - There is a noticeable disparity in the compliance levels among trust companies, particularly regarding registered capital and information disclosure practices [8][9]. - Companies are encouraged to develop a scientific rectification roadmap and enhance transparency to protect beneficiary rights during the transition [9].

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].

本报讯 （记者刘琪）9月12日，国家金融监督管理总局（以下简称"金融监管总局"）发布消息，为贯彻落实中央金融工作 会议精神，推动信托行业坚持信托本源，深化改革转型，有效防控风险，金融监管总局修订发布了《信托公司管理办法》（以 下简称《办法》）。 二是坚持目标导向，强化公司治理。明确信托公司要深化党建与公司治理有机融合。加强股东行为和关联交易管理。建立 科学的内部考核机制和激励约束机制。推行受益人合法利益最大化的价值取向，加强信托文化建设。 三是加强风险防控，规范重点业务环节。督促信托公司以受托履职合规性管理和操作风险为重点加强全面风险管理。明确 信托业务全过程管理要求。 四是强化信托监管要求，明确风险处置机制。提高信托公司最低注册资本。强化信托公司资本和拨备管理。加强行为监管 和穿透监管。落实分级分类监管要求。提升风险处置和市场退出的约束力和操作性。 从主要修订内容来看： 一是聚焦主责主业，坚持信托本源。结合信托公司业务实践，突出信托主业，调整业务范围。明确立足受托人定位，规范 开展资产服务信托、资产管理信托和公益慈善信托业务。坚持"卖者尽责，买者自负；卖者失责，按责赔偿"，打破刚性兑付。 据金融监管总局有关 ...

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulation and risk management of the trust industry, effective from January 1, 2026, addressing the evolving needs of the sector after 18 years since the last revision [1][2]. Summary by Relevant Sections General Overview - The new measures consist of 8 chapters and 75 articles, focusing on the establishment and changes of institutions, corporate governance, internal control, risk management, business scope, supervision, risk disposal, and market exit [2]. Key Revisions - The revisions focus on four main areas: 1. Emphasizing the core responsibilities of trust companies and adjusting their business scope to include asset service trusts, asset management trusts, and charitable trusts, while breaking the rigid repayment model [3]. 2. Strengthening corporate governance by integrating party building with governance, enhancing shareholder behavior management, and promoting the maximization of beneficiaries' legitimate interests [3]. 3. Enhancing risk prevention measures and standardizing key business processes, with a focus on compliance and operational risk management [3]. 4. Clarifying regulatory requirements and risk disposal mechanisms, including increasing the minimum registered capital for trust companies and enhancing capital and provision management [3]. Adjustments to Business Scope - The revised measures reduce the business scope from five to three main categories: 1. Trust business, now limited to asset service trusts, asset management trusts, and charitable trusts [4]. 2. Proprietary asset liability business, allowing liquidity loans from shareholders and related parties, and clarifying support from the trust industry guarantee fund [4]. 3. Other business, which includes providing advisory and custodial services for financial institutions and asset management products [4]. Removal of Non-Core Activities - The revised measures eliminate four non-core activities that conflict with the main business of trust companies, such as investment fund management and consulting services [5]. Governance and Compliance - Detailed regulations on corporate governance are included, emphasizing shareholder behavior management, related party transaction management, and the establishment of a trust culture focused on integrity and compliance [6]. Transition and Compliance - Trust companies are required to identify and rectify existing business practices that do not comply with the new measures, with a structured plan for compliance and reduction of non-compliant business scales [6][7]. Implementation Timeline - The new measures will take effect on January 1, 2026, and the previous regulations will be abolished simultaneously, requiring all new business activities to align with the revised measures [7].

Core Viewpoint - The National Financial Supervision Administration has revised the "Trust Company Management Measures" to promote the trust industry in adhering to its core functions, deepening reform and transformation, and effectively preventing risks [1][4]. Group 1: Key Revisions - The revised measures focus on the core responsibilities of trust companies, emphasizing their role as trustees and adjusting their business scope to include asset service trusts, asset management trusts, and public welfare trusts [9][10]. - The measures aim to strengthen corporate governance by integrating party building with corporate governance, enhancing shareholder behavior management, and establishing internal assessment and incentive mechanisms [9][11]. - Risk prevention is emphasized, with requirements for comprehensive risk management and compliance in the performance of trustee duties, as well as clear management requirements throughout the trust business process [9][12]. Group 2: Regulatory Enhancements - The minimum registered capital for trust companies will be increased, and there will be enhanced capital and reserve management, along with stricter behavioral and penetrative supervision [9][12]. - The measures outline a clear risk disposal mechanism and enhance the operationality of market exit strategies [9][12]. - The administration will strengthen guidance and supervision to ensure trust companies effectively implement the revised measures [2][4]. Group 3: Business Scope Adjustments - The business scope of trust companies has been streamlined to three main areas: trust business, inherent asset liability business, and other services, with specific prohibitions on unrelated intermediary businesses [10][12]. - Trust companies are now allowed to apply for liquidity support loans from the Trust Industry Guarantee Fund Company and can issue bonds directed at shareholders and their affiliates [10][12]. Group 4: Corporate Governance Requirements - Trust companies are required to establish a specialized committee for the protection of the rights and interests of clients and beneficiaries, led by independent directors [11]. - There are enhanced requirements for managing shareholder behavior and related party transactions, including regular evaluations and reporting of violations [11]. - Trust companies must cultivate a culture of integrity and compliance, promoting values such as honesty and prudent management [11].

Core Viewpoint - The revision of the "Trust Company Management Measures" aims to enhance risk prevention, transformation development, and effective regulation of trust companies, aligning with recent asset management regulations and improving the regulatory framework for high-quality development in the trust industry [2]. Group 1: Major Revisions - The revised measures consist of 8 chapters and 77 articles, focusing on four main areas: returning to the core responsibilities of trust companies, strengthening corporate governance, enhancing risk prevention, and clarifying regulatory requirements [3][4]. - Emphasis is placed on the core business of trust companies, adjusting the business scope to include asset service trusts, asset management trusts, and public welfare trusts, while breaking the rigid repayment model [3][6]. Group 2: Corporate Governance Enhancements - The revised measures require trust companies to strengthen party building and governance mechanisms, ensuring that shareholder behavior and related transactions are managed effectively [3][8]. - A dedicated committee for the protection of the rights of clients and beneficiaries must be established within the board of directors, enhancing oversight and accountability [8][9]. Group 3: Risk Management and Compliance - Trust companies are mandated to establish a comprehensive risk management system focusing on compliance and operational risks, with specific requirements for trust documents, legality of trust purposes, and risk disclosures [3][14]. - The measures also prohibit various high-risk activities, including guarantees and improper transactions, to ensure the integrity of trust operations [14]. Group 4: Business Scope Adjustments - The business scope of trust companies has been revised to include three main categories: trust business, asset-liability business, and other services, with specific prohibitions on unrelated intermediary activities [6][14]. - The measures allow trust companies to apply for liquidity loans and issue bonds under certain conditions, while also enhancing the management of inherent liabilities [6][13]. Group 5: Strengthening Risk Disposal Mechanisms - The revised measures increase the minimum registered capital for trust companies and enhance capital and provision management, ensuring stricter behavior and penetration regulation [4][12]. - The operational effectiveness of recovery and disposal plans is improved, with clear requirements for shareholder dividends and the involvement of the trust industry guarantee fund in risk disposal [12][13].