Core Viewpoint - The recent release of the "Asset Management Trust Management Measures (Draft for Comments)" marks a significant regulatory update in the trust industry, following the major revision of the "Trust Company Management Measures" after 18 years, aiming to enhance the supervision of asset management trusts and address various regulatory gaps in the sector [1][2]. Regulatory Background - The current regulations have been in place since 2007 and require adjustments to align with the evolving practices in the trust industry [2]. - The introduction of the new draft is a response to previous regulations, including the 2018 Asset Management New Regulations and the 2023 Three Classification New Regulations, which clarified the boundaries of different types of trusts [2]. Positioning of Asset Management Trusts - The draft positions asset management trusts as private asset management products based on trust law, emphasizing three main characteristics: serving the maximum legal interests of investors, being privately placed to qualified investors with a cap of 200 participants, and adhering to strict investor standards [3]. Industry Transition - The trust industry is transitioning from traditional non-standard financing to a more diversified and professional model, balancing asset service trusts and asset management trusts [4]. Enhanced Management Requirements - The new regulations emphasize comprehensive management of trust products and introduce multiple red lines across key operational areas [5]. Investor Concentration and Transparency - New rules tighten investor concentration requirements, limiting individual investments to 50% of the trust's actual scale and institutional investments to 80% [6]. - The draft mandates transparency in identifying actual investors and funding sources, particularly when other asset management products invest in trust products [6]. Investment Thresholds and Performance Fees - The draft sets minimum investment thresholds for different types of trust products, with specific amounts for fixed income, mixed, equity, and non-standard asset products [7]. - It also establishes a cap on performance fees, which should align with the product's duration and characteristics, not exceeding 60% of the defined investment returns [7]. Asset Concentration Limits - The regulations impose limits on the concentration of investments in single assets, capping it at 25% of the trust's actual scale, with certain exemptions for specific asset types [8]. Sales and Operational Restrictions - The draft outlines strict sales requirements, prohibiting channel and fund pool businesses, and emphasizes the need for clear risk disclosures to investors [9][10]. - Trust companies must manage their sales processes rigorously, ensuring compliance with the new regulations and maintaining accountability in their operations [10]. Rectification of Existing Trust Business - Trust companies are required to review and rectify existing asset management trust businesses in accordance with the new regulations, with progress monitored by the financial regulatory authority [11].

Core Viewpoint - The company, Pan Ocean Holdings, is facing severe financial distress, highlighted by significant debt defaults and regulatory penalties, including a warning and a fine of 4 million yuan from the Beijing Securities Regulatory Bureau for failing to disclose major debt defaults in a timely manner [2][3]. Group 1: Debt Defaults and Financial Penalties - Pan Ocean Holdings and its subsidiaries have defaulted on 8 financing contracts between 2022 and 2023, with overdue debts amounting to 5.943 billion yuan in 2022 and 2.6 billion yuan in 2023, representing 43.15% and 290.83% of the company's latest audited net assets, respectively [2]. - The company received a warning and a fine of 4 million yuan from the Beijing Securities Regulatory Bureau for not disclosing these significant debt defaults as required [3]. - Key executives, including the former chairman and financial director, were also penalized with individual fines totaling 4 million yuan for their lack of diligence in managing the company's disclosures [3]. Group 2: Loss of Control Over Financial Licenses - Amid the ongoing debt crisis, Pan Ocean Holdings has lost control over a crucial financial license, specifically the Minsheng Trust, due to regulatory issues that prevented it from completing necessary rectifications [6]. - As of November 2024, the company will no longer consolidate Minsheng Trust in its financial statements, resulting in a reduction of its board representation from 5 to 4 members, thus losing majority voting power [6]. Group 3: Minsheng Trust's Operational Challenges - Minsheng Trust is also in a precarious situation, facing numerous lawsuits and being listed as a dishonest executor, with a total amount of 1.672 billion yuan involved in enforcement actions as of August 2024 [9]. - The trust has been ordered by courts to fully compensate investors for losses due to product defaults, with Pan Ocean Holdings held liable under a liquidity support agreement it issued [10]. - Despite winning legal cases, investors are struggling to recover their funds due to the ongoing financial difficulties of both Minsheng Trust and Pan Ocean Holdings [10].

【导读】信托业发布重磅新规，要求个人投资者近三年年均收入不得低于40万元 中国基金报记者嘉合 在2023年3月，国家金融监督管理总局发布的《关于规范信托公司信托业务分类的通知》厘清了资产管 理信托、资产服务信托、公益慈善信托边界内涵。同时，该通知也明确指出，过去按信托功能和资金来 源的分类方式已不能与信托行业的发展趋势和现状相匹配。 2025年1月，国务院办公厅转发金融监管总局《关于加强监管防范风险推动信托业高质量发展的若干意 见》，明确加强信托业务全流程监管。 国家金融监督管理总局表示，于近期修订发布《信托公司管理办法》，全面强化了信托业务监管要 求。"基于综上因素，该局制定了本次《办法》，旨在进一步加强监管，防范风险，夯实资产管理信托 业务健康发展的制度基础。" 近三年年均收入不得低于40万元 据悉，《办法》的征求意见稿共计5章85条，包括总则、信托产品的设立变更终止、运营管理、监督管 理、附则。同时，第三章"运营管理"又包含7节，分别阐述管理体系、销售、财产托管、投资管理、风 险管理、信息披露和受益人大会等。 根据信托业务具体分类要求，资产管理信托共分为4个业务品种，即固定收益类信托计划、权益类信托 计 ...

Core Viewpoint - The new regulatory framework for the trust industry in China requires individual investors to have an average annual income of no less than 400,000 RMB over the past three years, aiming to strengthen risk prevention and ensure the healthy development of asset management trusts [1][3]. Regulatory Background - The current regulations, established in 2007, have been in place for 18 years and require updates to align with industry practices [3]. - Recent regulatory changes include the 2018 guidelines from the People's Bank of China and other ministries, which set unified standards for asset management businesses [3]. - The 2023 notification clarified the boundaries of different types of trusts, indicating that previous classification methods no longer match the industry's development [3]. - The new regulations are part of a broader effort to enhance supervision and risk management in the trust sector [3]. Structure of the New Regulations - The draft regulation consists of 5 chapters and 85 articles, covering general provisions, establishment and termination of trust products, operational management, supervision, and appendices [4]. - The operational management section includes 7 sections detailing management systems, sales, asset custody, investment management, risk management, information disclosure, and beneficiary meetings [4]. - Asset management trusts are categorized into four types: fixed income trusts, equity trusts, commodity and financial derivative trusts, and mixed trusts [4]. Investment Management Requirements - Trust products must involve clear legal relationships and be based on legitimate assets, including various types of bonds, bank deposits, and other approved assets [6]. - Investment in securities must specify stop-loss measures in trust documents, and holdings in a single company's stock cannot exceed 30% of its market value [6]. - Trust companies must track the flow of funds in non-standardized debt assets and ensure compliance with regulations [6]. - Investments in asset management products are allowed, but these products cannot invest in other asset management products, except for public securities investment funds [6]. - The investment amount in a single asset cannot exceed 25% of the trust's actual capital, with exceptions for certain government securities [6]. Investor Eligibility Criteria - Individual investors must meet specific criteria, including having at least two years of investment experience and a family financial net worth of no less than 3 million RMB, or financial assets of at least 5 million RMB, or an average annual income of no less than 400,000 RMB over the past three years [7].

二是严禁开展资金池业务。要求信托公司对信托产品单独核算，信托单位净值要及时、准确、完整地反 映信托财产状况，不得脱离基础资产的实际收益水平和风险因素影响进行分离定价。明确信托产品投资 非标准化资产的期限匹配的要求。 北京商报讯（记者 廖蒙）10月31日，为贯彻落实中央金融工作会议精神，规范信托公司资产管理信托 业务发展，国家金融监督管理总局就《资产管理信托管理办法（征求意见稿）》（以下简称《办法》） 公开征求意见，有关司局负责人就《办法》答记者问。 在规范重点业务领域方面，前述司局负责人表示，一是严禁开展通道类业务。明确信托产品应当由信托 公司承担主动管理责任。禁止信托公司以信托产品为其他机构或者个人从事违法违规等活动提供便利。 限制单个投资者投资同一信托产品的比例。 三是规范开展关联交易。要求信托公司全面准确识别关联方，规范关联交易认定和定价，建立健全关联 交易内部评估和审批机制。对信托公司将信托产品财产运用于关联方提出限制要求。 ...

Core Viewpoint - The National Financial Regulatory Administration has released a draft for public consultation on the "Asset Management Trust Management Measures," aiming to standardize the development of asset management trust businesses in line with the central financial work conference's directives [1] Group 1: Asset Management Trust Positioning - The draft positions asset management trusts as private asset management products based on trust legal relationships, emphasizing their alignment with the essence of asset management [1] - Trust companies are required to prioritize the legitimate interests of investors, adhering to the principle of "seller's responsibility, buyer's risk; seller's negligence, legal compensation" [1] - Comprehensive management practices must be implemented, including suitability management, sales management, investment management, asset custody, net value management, and information disclosure [1] Group 2: Private Placement and Investor Standards - The draft maintains a private placement orientation, stating that trust products are to be issued non-publicly to qualified investors, with a maximum of 200 participants [1] - Stricter investor standards are to be enforced for high-risk trust products, building on the asset management new regulations regarding investor qualifications and minimum investment amounts [1] - Trust companies must adhere to suitability management procedures during the sales and transfer of trust products [1]

Core Viewpoint - The National Financial Regulatory Administration is seeking public opinions on the draft of the Asset Management Trust Management Measures to standardize the development of asset management trust businesses in response to the central financial work conference's spirit [1][2] Group 1: Product Positioning - Asset management trusts are defined as private asset management products based on trust legal relationships, aimed at qualified investors with risk identification and bearing capabilities, and are issued non-publicly [1] Group 2: Management and Regulation - The draft emphasizes strict management throughout the entire process, including the establishment and sales of trust products, management during the product's duration, and the regulation of trust fund utilization [1] - It highlights the importance of risk management and net value management, along with enhanced disclosure obligations for trust companies [1] Group 3: Sales Management - The draft specifies management requirements for key sales areas, including trust documents, risk declarations, investor commitments, and risk assessments, while reinforcing the appropriateness of investor management [1] - It aims to guide investors in enhancing their awareness of the risks associated with trust product investments [1] Group 4: Investment Management - The draft clarifies requirements for various underlying assets in trust product investments, details rules for portfolio investments, and regulates related party transactions [1] - It prohibits channel business and fund pool operations, while enhancing transparency in the management of other asset management products [1] Group 5: Risk Management and Disclosure - The draft strengthens comprehensive risk management requirements, including operational, credit, and liquidity risks, and standardizes information disclosure behaviors and content to improve the quality of disclosures [2] Next Steps - The National Financial Regulatory Administration will revise and improve the draft based on public feedback before finalizing and implementing the Asset Management Trust Management Measures [2]

北京商报讯（记者 廖蒙）10月31日，为贯彻落实中央金融工作会议精神，规范信托公司资产管理信托 业务发展，国家金融监督管理总局就《资产管理信托管理办法（征求意见稿）》（以下简称《办法》） 公开征求意见，有关司局负责人就《办法》答记者问。 对于存量资产管理信托业务整改，前述司局负责人指出，信托公司应对照《办法》要求，梳理存量资产 管理信托业务，充分识别待整改资产管理信托业务，制定整改计划，明确整改工作时间进度，锁定待整 改业务规模并有序压降。金融监管总局将把资产管理信托业务整改进展作为分类监管的重要依据，督促 各信托公司稳妥有序整改。对于已纳入资管新规过渡期结束后个案处理范围的资产管理信托业务，还需 按照资管新规有关要求及前期已报送的整改计划继续整改。 ...

北京商报讯（记者 廖蒙）10月31日，北京金融监管局发布批复公告，同意羿锦峰任华鑫国际信托有限 公司首席合规官。 ...

北京商报讯（记者 廖蒙）10月31日，深圳金融监管局发布批复公告，同意胡昊任华润深国投信托有限 公司董事长。 ...