Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulatory framework for trust companies, focusing on business scope, shareholder responsibilities, and risk management, effective from January 1, 2026 [1][2][3]. Summary by Sections Business Structure Adjustment - The revised measures reduce the business scope of trust companies from 11 categories to three: trust business, proprietary asset-liability business, and other business [2][3]. - Trust business is further categorized into asset service trusts, asset management trusts, and public welfare trusts [3]. Regulatory Enhancements - The minimum registered capital for trust companies is raised from 300 million to 500 million yuan [6]. - New governance requirements include establishing a specialized committee for the protection of client rights and enhancing shareholder behavior management [6]. Risk Management - Trust companies are required to implement a recovery and disposal plan mechanism, which must be updated regularly and approved by regulatory authorities [8]. - The measures specify that investments in non-standard debt assets must not exceed 30% of the company's net asset balance [7]. Prohibited Practices - Trust companies are explicitly prohibited from promising that trust assets will not incur losses or guaranteeing minimum returns [3]. - The revised measures ban channel services and fund pool operations that circumvent financial regulations [3]. Transition and Compliance - Trust companies must identify and rectify non-compliant businesses, lock in their scale, and implement a timeline for orderly reduction [9][10].

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulation and risk management of the trust industry, focusing on the core responsibilities of trust companies and promoting high-quality development [1][3]. Group 1: Overview of the Revised Measures - The revised measures consist of 8 chapters and 75 articles, addressing various aspects such as company governance, risk management, and business scope [3][4]. - The previous measures were established in 2007 and have been in effect for 18 years, necessitating updates to align with recent regulatory changes and industry practices [2][3]. Group 2: Key Revisions - The revisions focus on four main areas: emphasizing core responsibilities, enhancing corporate governance, strengthening risk prevention, and clarifying regulatory requirements [5]. - Trust companies are required to adhere to the principle of "seller responsibility, buyer risk," breaking the rigid repayment structure [5]. Group 3: Adjustments to Business Scope - The revised measures reduce the business scope from five categories to three: asset service trusts, asset management trusts, and public welfare trusts [7]. - New provisions allow trust companies to provide liquidity support loans to shareholders and related parties, while eliminating certain unrelated intermediary services [8]. Group 4: Corporate Governance Enhancements - Trust companies must integrate party leadership with corporate governance, strengthen shareholder behavior management, and establish effective internal assessment and incentive mechanisms [10][27]. - The measures emphasize the protection of beneficiary rights and the establishment of a trust culture that prioritizes integrity and compliance [10][26]. Group 5: Risk Management and Regulatory Requirements - Trust companies are mandated to enhance comprehensive risk management, focusing on compliance and operational risks throughout the trust business process [29][30]. - The minimum registered capital for trust companies will be increased, and stricter capital and provisioning management will be enforced [5][10]. Group 6: Implementation Timeline - The revised measures will take effect on January 1, 2026, with existing trust companies required to develop rectification plans for non-compliant businesses [11][12].

Core Viewpoint - The news highlights the importance of the trust industry in China's financial system and its role in serving the real economy and improving people's lives, emphasizing the need for high-quality development and regulatory compliance in the sector [1][2][3]. Group 1: Regulatory Framework and Industry Direction - The State Council's issuance of the "Opinions" document marks a significant regulatory guideline for the trust industry, aiming to enhance risk prevention and promote high-quality development [1]. - The trust industry is recognized as a crucial component of China's financial system, with a clear mandate to support the real economy and contribute to societal well-being [1][2]. - The "Opinions" document reinforces the need for trust companies to prioritize risk management as a fundamental theme, establishing a comprehensive risk management framework [3]. Group 2: Company Strategy and Development - The company is committed to transforming its business model while adhering to the new regulatory requirements, focusing on risk compliance and management [3]. - Middle Trust aims to enhance its service offerings by developing asset service trusts, asset management trusts, and charitable trusts, with a target of exceeding 520 billion yuan in new policy-related business by 2024 [2][5]. - The company is actively pursuing innovation in financial services, including green finance and pension finance, to meet diverse market demands [6]. Group 3: Brand and Market Positioning - The trust industry is transitioning from a focus on licensing advantages to a competitive landscape centered on capabilities, where brand reputation plays a critical role in risk pricing and resource acquisition [7]. - The company emphasizes the importance of maintaining a strong brand image to ensure it is seen as a trustworthy partner by investors and collaborators [7].

Core Viewpoint - The formulation and implementation of the "15th Five-Year Plan" is crucial for advancing China's modernization and fulfilling the strategic deployments of the 20th National Congress of the Communist Party of China [4]. Group 1: Planning and Decision-Making - Emphasis on scientific, democratic, and legal decision-making processes in the planning of the "15th Five-Year Plan" [3][4]. - The need for top-level design and public consultation to gather diverse opinions and experiences from the populace [4]. Group 2: Economic Context and Challenges - The "15th Five-Year Plan" period is seen as a critical transitional phase for achieving socialist modernization by 2035, facing both strategic opportunities and risks [7][8]. - Key economic issues to consider during planning include growth, demand, and supply [7]. Group 3: High-Quality Development - The importance of high-quality development and the need to upgrade supply, demand, and efficiency structures to achieve effective qualitative and reasonable quantitative economic growth [8][9]. - The role of technological innovation and new industries, such as AI and biotechnology, in driving future growth [8]. Group 4: Urban-Rural Integration - Urban-rural integration is highlighted as a necessary requirement for modernization, aiming to enhance planning, construction, and governance at both urban and rural levels [9]. Group 5: Macroeconomic Governance - The necessity for improved macroeconomic governance and policy consistency in response to changing external conditions and internal economic demands [11][12]. - The ongoing evolution of fiscal policy since 2008, with a focus on optimizing its effectiveness for growth and risk management [12]. Group 6: Trust Industry Development - The trust industry is encouraged to focus on high-quality development paths and align its strategies with the broader goals of China's modernization [13].

近日，金融监管总局发布《信托公司管理办法（修订征求意见稿）》（以下简称《办法》），修订多项 内容，旨在推动信托行业回归信托本源，深化改革转型，有效防控风险。 据《金融时报》记者初步梳理，《办法》主要修订了四方面内容，包括结合信托公司业务实践，突出信 托主业，调整业务范围；明确信托公司要加强党的建设，明确信托公司要加强党的建设；督促信托公司 建立以受托履职合规性管理和操作风险为重点的全面风险管理体系；提高信托公司最低注册资本，明确 风险处置机制。 用益信托研究员帅国让告诉《金融时报》记者，《办法》是前期信托业务三分类新规、信托业高质量发 展等监管规定的进一步细化，强化规范信托公司经营行为，加强股东行为和关联交易管理，强化行为约 束，提升风险处置和市场退出的约束力及操作性，对于构建信托行业高质量发展的长效机制具有重要的 现实意义。 与时俱进 实施18年后迎来修订 原银监会发布的《信托公司管理办法》自2007年3月1日起施行，是规范信托公司功能定位和经营管理的 基础性规章，至今已实施18年。 金融监管总局有关部门负责人表示，自发布以来，现行《办法》在明确信托公司功能定位、规范信托公 司经营行为等方面发挥了重要作用。 ...