国家金融监督管理总局近日修订发布《信托公司管理办法》（以下简称《办法》），推动信托行业坚持 信托本源，深化改革转型，有效防控风险。 "《办法》修订相较于征求意见稿，在监管要求上更趋严格、内容规定更为细化，其核心导向是推动信 托行业从过往的粗放式规模扩张，转向聚焦主业的精细化专业经营。全行业也将进一步回归服务实体经 济与财富管理的本源定位。"中国信托业协会特约研究员周萍说。 《办法》主要修订了4方面内容。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，发挥治理机制制衡作用。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。树立受益人合法利益最大化的价值取向，加强受 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。 ...

Core Viewpoint - The revised "Trust Company Management Measures" aims to drive the trust industry back to its core responsibility of "acting on behalf of others and managing finances," enhancing the industry's ability to serve the real economy and promoting high-quality development [1][2][3]. Trust System Construction - The regulatory framework for the trust industry is evolving rapidly, with the new measures set to take effect on January 1, 2026, following a public consultation that began in April 2023 [2][3]. - The revised measures emphasize the need for trust companies to focus on their core business areas, moving away from homogenized competition towards differentiated and specialized development [2][3]. Risk Management - The new regulations introduce stricter capital constraints and risk management mechanisms, aiming to enhance the overall risk resistance of the industry [2][3][6]. - Key measures include raising the minimum registered capital requirements, appointing chief risk compliance officers, and prohibiting high-risk practices such as fund pooling and channel business [6][7]. Focus on Beneficiary Rights - The revised measures highlight the importance of maximizing the legal rights of beneficiaries, requiring trust companies to adhere to their fiduciary duties and manage trust affairs in the best interest of beneficiaries [4][5]. - A specialized committee for the protection of beneficiary rights will be established within trust companies, ensuring that beneficiary interests are prioritized in case of conflicts [5]. Industry Evolution - The new regulations are expected to accelerate the elimination of weaker players in the trust industry, concentrating resources among stronger institutions capable of meeting the new requirements [7]. - Companies that adapt to the new compliance and innovation-focused environment will likely gain a competitive edge, while those relying on traditional high-leverage models may face significant challenges [7].

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]