强化治理机制 实施18年后，《信托公司管理办法》迎来首次修订。 为进一步推动信托行业坚持信托本源，深化改革转型，有效防控风险，9月12日，国家金融监督管理总 局修订发布《信托公司管理办法》，将于2026年1月1日起施行。 明确信托公司业务范围 新修订的《办法》明确，信托公司业务范围共3项，包括信托业务、资产负债业务和其他业务。 具体来看，原《办法》中5项信托业务调整为资产服务信托、资产管理信托和公益慈善信托3项。固有资 产负债业务方面，在固有负债项下增加向股东及股东关联方申请流动性借款、定向发债，明确可以向信 托业保障基金公司申请流动性支持借款，在固有资产项下取消对外提供担保业务。 在其他业务方面，金融监管总局有关司局负责人就相关问题答记者问时表示，此次修订增加了"为金融 机构及其管理的资产管理产品、资产服务信托、公益慈善信托等提供投资顾问、咨询、托管及其他技术 服务""为资产管理产品提供代理销售服务"，将原《办法》中"受托经营国务院有关部门批准的证券承销 业务"调整为"为企业发行直接融资工具提供财务顾问、受托管理人等服务"。 此外，结合实际取消了"作为投资基金或者基金管理公司的发起人从事投资基金业务""代保 ...

近日，国家金融监督管理总局（以下简称"金融监管总局"）修订发布《信托公司管理办法》（以下 简称《办法》），时隔18年再启新章。 受访专家表示，《办法》精准契合了当下信托业转型发展的内在要求，是推动行业高质量发展的重 要制度供给。其核心要义在于驱动信托公司聚焦主责主业，立足受托人定位，回归"受人之托、代人理 财"本源。随着风险防控体系不断健全，信托行业的市场格局将加速重塑。 信托制度建设 本报记者 昌校宇 方凌晨 驶入快车道 今年4月11日起，监管部门就《办法》向社会公开征求意见，引发行业热议。时隔5个月，这份重要 文件终于揭开面纱——金融监管总局于9月12日修订发布《办法》，自2026年1月1日起施行。 "《办法》旨在推动信托行业回归'受人之托、代人理财'的本源定位，更好服务实体经济。"昆仑信 托副总裁、董事会秘书矫德峰对《证券日报》记者表示，《办法》通过强化资本约束、规范业务操作、 完善风险处置机制，提升行业整体抗风险能力，引导信托公司从同质化竞争转向差异化、特色化发展， 进一步完善了信托业高质量发展的制度体系。 "本次修订发布的《办法》对信托行业的转型发展有重要意义。"平安信托相关人士介绍，原《办 法》制 ...

● 本报记者 石诗语 吴杨 实施18年后，《信托公司管理办法》迎来首次修订。 具体来看，原《办法》中5项信托业务调整为资产服务信托、资产管理信托和公益慈善信托3项。固有资 产负债业务方面，在固有负债项下增加向股东及股东关联方申请流动性借款、定向发债，明确可以向信 托业保障基金公司申请流动性支持借款，在固有资产项下取消对外提供担保业务。 在其他业务方面，金融监管总局有关司局负责人就相关问题答记者问时表示，此次修订增加了"为金融 机构及其管理的资产管理产品、资产服务信托、公益慈善信托等提供投资顾问、咨询、托管及其他技术 服务""为资产管理产品提供代理销售服务"，将原《办法》中"受托经营国务院有关部门批准的证券承销 业务"调整为"为企业发行直接融资工具提供财务顾问、受托管理人等服务"。 此外，结合实际取消了"作为投资基金或者基金管理公司的发起人从事投资基金业务""代保管及保管箱 业务"等4项中间业务。中国信托业协会特约研究员邓婷向记者表示，这些业务被取消的原因在于它们或 与信托主业关联度低，或与现行监管政策存在冲突，容易导致信托公司偏离核心定位。 强化治理机制 针对部分信托公司公司治理失衡、股东干预经营等问题，新修 ...

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].

Group 1 - The major shareholder, Bohai International Trust Co., Ltd., plans to reduce its holdings in Longxing Technology (002442.SZ) by up to 5,032,828 shares, which represents no more than 1% of the company's total share capital [1]

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 article emphasizes the importance of common sense logic over formal documentation in due diligence and risk assessment, advocating for early risk identification to maintain control in investment decisions [1][2][3]. Group 1 - The current work logic often overemphasizes formal documentation, which can obscure understanding [3][4]. - Trusting one's judgment, intuition, and questioning the motives behind actions is crucial in investment analysis [5][6][8]. - When evaluating business financing, it is essential to consider why a company would seek external funding if its business model is performing well [9][10]. Group 2 - The article highlights that quality projects are competitive and not easily accessible, indicating that good investments require thorough understanding and risk assessment [14][17]. - A notable example discussed is the "fake gold" incident, where a company pledged non-existent gold as collateral, leading to significant financial repercussions [18][20][36]. - The author critiques the financial industry for often utilizing low-quality underlying assets to create investment products, which can lead to widespread financial instability [30][31][37]. Group 3 - The article stresses the need for skepticism and critical thinking in financial dealings, advising to always question the underlying motives and the authenticity of presented assets [39][41]. - A strong knowledge base and experience are necessary to discern the complexities and potential pitfalls in financial transactions [42].

Core Viewpoint - The trust industry is increasingly aligning with ESG principles, emphasizing long-term value, risk management, and innovative financial products to contribute to sustainable development [1][2][5]. Group 1: ESG Integration in Trust Industry - The trust industry exhibits a natural compatibility with ESG principles, focusing on long-termism, rigorous risk management, and unique business models that support green finance and social impact investments [2][3]. - ESG has become a critical measure of core competitiveness for trust companies and a necessary response to national strategies for high-quality development [1][2]. Group 2: Industry Transformation and Development - The introduction of the "three classifications" for trust business requires the industry to focus on core services, enhance governance, and improve risk management while fulfilling social responsibilities [2]. - Trust companies are actively pursuing green trust initiatives, with many establishing dedicated teams and projects to ensure the implementation of green finance strategies [3][4]. Group 3: Social Responsibility and Charitable Trusts - Charitable trusts are being developed to leverage the advantages of the trust system for public welfare, with innovative models emerging to enhance transparency and efficiency in charitable activities [4]. - Trust companies are increasingly committed to social responsibility, with significant efforts in developing charitable trusts and supporting community welfare [3][4]. Group 4: Future Outlook - The trust industry is expected to undergo a systematic transition towards sustainable and resilient high-quality development, aligning with national strategies and expanding the boundaries of ESG practices [4][5]. - Industry leaders emphasize the need for collaboration in building an ESG development system that integrates policy guidance, institutional cooperation, and market operations [5].

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, promoting a return to core functions and risk-controlled development [1][3][8]. 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 also clarifying the types of services trust companies can provide [4][5]. - Certain non-core and conflicting business activities have been eliminated, such as acting as initiators of investment funds and providing intermediary services [4][5]. 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 [5][6]. - This shift is anticipated to foster innovation and breakthroughs in high-quality development areas such as serving the real economy, wealth management, family trusts, and charitable trusts [5][6]. Governance and Risk Management Enhancements - New requirements include a minimum registered capital of 50 million RMB, regular evaluations of major shareholders, and the establishment of a chief compliance officer to strengthen internal controls and compliance management [6][7]. - The regulations aim to address concentrated risks in areas like real estate financing and local government hidden debts, enhancing the overall risk management framework [6][7]. Transition and Rectification of Existing Businesses - Trust companies are required to identify and rectify existing businesses that do not comply with the new regulations, with a structured plan for reducing non-compliant business scales [8][10]. - The industry is expected to undergo significant restructuring, with traditional high-leverage models facing pressure, while compliant and innovative companies may gain competitive advantages [8][9]. Industry Differentiation and Compliance - There is a noticeable disparity in compliance levels among trust companies, particularly regarding registered capital and information disclosure practices [9]. - Companies are encouraged to develop a scientific rectification roadmap and enhance transparency in information disclosure to protect beneficiary rights [10].

Core Viewpoint - The National Financial Supervision Administration has revised the "Trust Company Management Measures," which will take effect on January 1, 2026, marking the first revision in 18 years, aimed at promoting the trust industry's core functions, deepening reform, and effectively preventing risks [1][4][9] Summary by Sections General Provisions - The revised measures consist of 8 chapters and 75 articles, covering general principles, establishment and changes of institutions, corporate governance, internal control and risk management, business scope and operational rules, supervision and management, risk disposal and market exit, and supplementary provisions [4] Business Scope - The business scope of trust companies has been narrowed to three categories: trust business, asset liability business, and other business [5] - Trust business has been adjusted from five categories to three: asset service trust, asset management trust, and public welfare trust [6] Internal Control and Risk Management - Trust companies are required to strengthen shareholder behavior management and conduct regular evaluations of major shareholders [8] - The board of directors is responsible for compliance management and risk control, and a chief compliance officer must be appointed to oversee internal control and compliance management systems [8] Implementation and Transition - The revised measures will replace the original measures established in 2007, which have become outdated and insufficient for current risk prevention and regulatory needs [9] - Trust companies must develop rectification plans for existing businesses that do not comply with the new measures and gradually reduce their scale [9]