Core Viewpoint - The National Financial Supervision Administration has revised the "Management Measures for Trust Companies" to promote the trust industry's adherence to its core functions, deepen reform and transformation, and effectively prevent risks [1] Group 1: Business Scope and Practices - The revised measures emphasize the core business of trust companies, adjusting their business scope to focus on trustee roles and regulating asset service trusts, asset management trusts, and public welfare trusts [1] - The principle of "seller responsibility, buyer self-reliance; seller negligence, liability compensation" is established, breaking the rigid payment structure [1] Group 2: Governance and Internal Management - The measures aim to integrate party building with corporate governance, enhance shareholder behavior and related transaction management, and establish a scientific internal assessment and incentive mechanism [1] - There is a focus on maximizing the legitimate interests of beneficiaries and strengthening trust culture [1] Group 3: Risk Management and Regulatory Requirements - Trust companies are urged to enhance comprehensive risk management, focusing on compliance management and operational risks, with clear requirements for the entire trust business process [1] - The measures increase the minimum registered capital for trust companies, strengthen capital and provision management, and enhance behavioral and penetrative supervision to improve risk disposal and market exit mechanisms [1]

Core Viewpoint - The Financial Regulatory Administration has revised the "Trust Company Management Measures" to enhance the trust industry's core functions, promote reform and transformation, and effectively manage risks [1][2] Summary by Sections Business Scope - The revised measures outline three main business areas for trust companies: trust business, inherent asset liability business, and other services [1] - Trust business is now categorized into asset service trusts, asset management trusts, and public welfare trusts, reducing the previous five categories to three [1] - Inherent asset liability business now includes provisions for liquidity loans from shareholders and related parties, and allows for liquidity support loans from the trust industry guarantee fund company, while eliminating external guarantee services [1] Other Business Activities - The revised measures remove four intermediary business activities that are unrelated to the core operations of trust companies, including investment fund activities, custody services, and financial consulting [2] - Trust companies must meet relevant qualification requirements set by other regulatory authorities when engaging in activities such as securities underwriting and asset securitization services [2]

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。 北京商报讯（记者 岳品瑜 董晗萱）9月12日，据国家金融监管总局官网，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》。 主要修订内容包括，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。 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。 ...

Core Viewpoint - The Financial Regulatory Bureau has revised the "Trust Company Management Measures (Draft for Solicitation of Comments)" to promote the trust industry’s return to its core functions, deepen reform and transformation, and effectively prevent risks [1][2] Group 1: Regulatory Changes - The draft emphasizes the main business of trust companies, adjusting their business scope to focus on trustee roles and regulating asset service trusts, asset management trusts, and charitable trusts [1] - The minimum registered capital for trust companies has been increased to 500 million RMB or equivalent freely convertible currency, up from the previous 300 million RMB [2] Group 2: Governance and Risk Management - Trust companies are required to strengthen party building and governance mechanisms, manage shareholder behavior and related transactions, and establish a scientific internal assessment and incentive mechanism [1] - A comprehensive risk management system focusing on compliance and operational risks must be established, with clear requirements for trust documents, legality of trust purposes, risk disclosure, and other key business processes [1] Group 3: Cultural and Ethical Standards - The draft promotes a value orientation that maximizes the legitimate interests of beneficiaries and fosters a culture of honesty, integrity, prudent management, and legal compliance within trust companies [1]