Core Viewpoint - The release of the "Asset Management Trust Management Measures" draft aims to regulate the asset management trust business of trust companies, marking a significant development in the asset management industry and reflecting the central financial work meeting's spirit [1] Group 1: Regulatory Framework - The draft establishes clear operational standards and regulatory requirements for trust companies, positively impacting the development of asset management trust business [2] - It emphasizes a non-retail high-end private placement positioning for qualified investors, with stricter qualification requirements for different risk levels of trust products [2] - The draft aligns with the three-category classification of trusts, highlighting the service-oriented nature of asset management trusts and introducing additional service norms [2] Group 2: Industry Transformation - The draft drives trust companies to transition from "financing platforms" to "true asset management institutions," focusing on professional investment management capabilities [3] - It promotes the "net value and standardization" of product forms, encouraging a shift from non-standardized debt assets to standardized assets like stocks and bonds [3] - The draft delineates clear boundaries for business innovation, urging trust companies to innovate within a framework of strict risk management and information disclosure [3] Group 3: Unique Characteristics - The draft integrates the unique characteristics of trusts with universal applicability, aligning asset management trust operations with securities fund management standards [4] - It establishes a clear connection between asset management trusts and service trusts, recognizing both as "institutional investors" [5] - The draft imposes strict regulations on non-standard assets, guiding trust companies towards high-quality alternative investment products [5] Group 4: Implementation Challenges - The draft represents a significant opportunity for the trust industry but faces challenges in practical implementation, such as the difficulty in accurately assessing investor risk tolerance [6] - Valuation of non-standard assets poses challenges due to a lack of active trading markets and subjective valuation models [6] - Balancing information disclosure is complex, as overly detailed disclosures may breach commercial confidentiality while insufficient disclosures fail to meet regulatory requirements [6]

Core Viewpoint - The recent public consultation on the revised "Trust Company Management Measures" is significant as it marks the first revision in 18 years and addresses a market worth 27 trillion yuan, impacting the future development of the trust industry and the public [1] Group 1: Industry Challenges and Regulatory Response - The trust industry has faced risks such as fund pool operations and channel business risks, leading to the need for regulatory intervention to guide the industry towards standardized development [1] - The introduction of a series of policies aims to facilitate the transformation of trust companies as a necessary path for survival in the current regulatory environment [1] Group 2: Service Focus and Social Value - The current focus of the trust industry is on service, with service trust scales accounting for approximately half of the market, highlighting the diverse applications of trust services for various social needs [2] - Examples of innovative trust services include special needs trusts for vulnerable populations, prepaid fund service trusts, property management service trusts, and the first administrative management service trust for water rights in Shanghai [2] Group 3: Regulatory Framework and Future Directions - The revised measures emphasize the "trustee positioning" and include prohibitive lists to reshape business boundaries, addressing key pain points in the industry's transformation [4] - Key prohibitions include the end of rigid repayment, a ban on channel business without substantial services, and the establishment of a firewall against related party transactions to enhance trustee responsibilities [4] - The revision introduces internal governance principles aimed at maximizing beneficiaries' legal interests and fostering a culture of trust, which is expected to accelerate self-reform within trust companies [4] Group 4: Future Outlook - The implementation of the revised measures is anticipated to make trustee capability a benchmark for the industry, with many trust companies already working on their growth trajectories [5] - The future development of the trust industry is expected to focus on depth of professional expertise rather than the speed of scale expansion, indicating a promising outlook for the sector [5]