Core Viewpoint - The revision of the "Trust Company Management Measures" marks a significant regulatory upgrade aimed at enhancing the trust industry's risk management and operational standards, effective from January 1, 2026 [1][2][3] Summary by Sections Regulatory Framework - The revised measures serve as the core framework for the trust industry in China, complementing various existing regulations to form a comprehensive "Trust Industry Law" [1][2] Key Revisions - The revised measures consist of 8 chapters and 75 articles, addressing aspects such as company governance, risk management, and operational rules, reflecting the need for updated regulations after 18 years of the original measures [3][4] Focus on Core Business - The measures emphasize the core responsibilities of trust companies, adjusting their business scope to include asset service trusts, asset management trusts, and charitable trusts, while eliminating unrelated intermediary businesses [4][5] Strengthening Governance - The revised measures require trust companies to integrate party building with corporate governance, enhance shareholder behavior management, and establish internal assessment mechanisms to maximize beneficiaries' interests [4][6] Risk Management Enhancements - Trust companies are mandated to strengthen comprehensive risk management, focusing on compliance and operational risks, and are required to manage the entire trust business process [4][7] Regulatory Requirements - The measures increase the minimum registered capital for trust companies, enhance capital and reserve management, and implement stricter behavioral and penetrative supervision [4][8] Transition for Existing Businesses - Trust companies must identify and rectify existing businesses in line with the new measures, with the regulatory authority monitoring the progress as part of the classification supervision [7][8]

Core Viewpoint - The revision of the "Trust Company Management Measures" marks the first update in 18 years, aiming to enhance the trust industry by focusing on its core functions, deepening reforms, and effectively managing risks, with the new regulations set to take effect on January 1, 2026 [1][2]. Summary by Sections Regulatory Framework - The revised measures serve as the core framework for the trust industry in China, complementing other regulations to form a comprehensive legal structure for trust operations [1][2]. Key Revisions - The updated measures consist of 8 chapters and 75 articles, addressing various aspects such as company governance, risk management, and operational rules, reflecting the latest regulatory practices and principles [3][4]. - The revision emphasizes the trust company's role as a trustee, adjusting its business scope to focus on asset service trusts, asset management trusts, and charitable trusts, while breaking the rigid repayment model [3][5]. Business Scope Adjustments - The revised measures limit the business scope of trust companies to three main areas: trust business, proprietary asset liability business, and other services, eliminating four unrelated intermediary businesses [5][6]. Risk Management and Compliance - The measures enhance internal controls and risk management, requiring trust companies to establish clear risk governance structures and comply with comprehensive risk management practices [7]. - Trust companies are mandated to conduct annual external audits covering all business areas, ensuring compliance with the new regulations [7][8]. Transition and Rectification - Trust companies are required to identify and rectify existing business practices that do not align with the new measures, with the regulatory authority monitoring the progress of these adjustments [8].

南方财经全媒体记者 林汉垚 在信托业回归本源、深化转型的关键时点，国家金融监督管理总局于9月12日修订发布《信托公司管理 办法》（以下简称《办法》）。 这是《办法》自2007年实施，十八年来的首次全面修订。在这一基础性规章的修订发布之际，《21世纪 经济报道》记者（以下简称《21世纪》）第一时间专访北京信托法学研究会副秘书长、北京航空航天大 学法学院商法与网络法教研室副主任张杨。 张杨指出，新《办法》并非简单文字修补，而是一场"全面、系统和深化的监管升级"，其核心在于通过 衔接《公司法》、整合监管实践、确立"回归信托本源"制度，推动行业真正实现"为受益人的最大合法 利益"服务的功能定位。 他强调，这些制度创新不仅回应了行业风险防控与治理难题，也为信托业长期规范发展提供了制度保 障。 《21世纪》：如何整体评价新《办法》？ 张杨： 我认为新《办法》的特点可以概括为三方面。 第一，衔接上位法，引入了与《公司法》《慈善法》相衔接的内容； 第二，整合既有规范，把近年来监管部门比较成熟的监管经验上升为规章； 《信托法》第三条明确区分民事信托、营业信托和公益信托。其中，民事信托不是信托公司的专营业 务，具有完全民事行为能 ...

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulatory framework for trust companies in China, focusing on risk prevention, capital requirements, and business scope adjustments, effective from January 1, 2026 [2]. Summary by Sections Minimum Capital Requirements and Business Restrictions - The minimum registered capital for trust companies is raised from 300 million RMB to 500 million RMB, requiring a one-time cash payment [5]. - Trust companies must focus on their core responsibilities and adhere to the principle of "seller's responsibility, buyer's risk" while breaking the rigid repayment model [5]. - Several business red lines are established, including prohibitions on guaranteeing asset safety or minimum returns, misleading investors, and engaging in regulatory evasion [5]. Business Structure Reconstruction - The business scope of trust companies is redefined to include only asset service trusts, asset management trusts, and public welfare trusts [8]. - New provisions allow trust companies to apply for liquidity loans from shareholders and the trust industry guarantee fund, while prohibiting external guarantees [8]. - Additional services such as investment consulting and technical services for financial institutions are permitted, while unrelated intermediary services are eliminated [8][9]. Corporate Governance Reforms - The establishment of a specialized committee for the protection of client rights is mandated, led by independent directors [12]. - Trust companies are required to conduct regular evaluations of shareholders and report any violations [12]. - Enhanced management of related party transactions and salary structures is emphasized, including conditions for deferred payments and clawbacks [12]. Risk Management and Compliance - Trust companies must strengthen internal controls and risk management, focusing on compliance and operational risks [13]. - A comprehensive management process for trust business is outlined, covering documentation, legality, risk disclosure, and asset management [13]. - Annual external audits are mandated to ensure compliance across all business areas [13].

Core Viewpoint - The National Financial Regulatory Administration has issued a revised "Trust Company Management Measures," marking the first comprehensive revision since its implementation in 2007, effective from January 1, 2026, aimed at enhancing regulatory frameworks and risk management in the trust industry [1]. Summary by Sections Minimum Capital Requirements and Business Restrictions - The minimum registered capital for trust companies has been raised from 300 million RMB to 500 million RMB or its equivalent in freely convertible currency, requiring a one-time cash capital contribution [3]. - Trust companies are mandated to focus on their core responsibilities and adhere to the principle of "seller responsibility, buyer risk," breaking the rigid guarantee of returns [3]. - Multiple business red lines have been established, prohibiting promises of capital protection, misleading investors, and engaging in certain high-risk activities [3]. Business Structure and Operations - The revised measures restructure the business scope of trust companies, limiting operations to asset service trusts, asset management trusts, and charitable trusts [5]. - New provisions allow trust companies to apply for liquidity loans from shareholders and the Trust Industry Guarantee Fund, while prohibiting external guarantees [5][6]. Corporate Governance Reforms - The measures enhance corporate governance by requiring the establishment of a specialized committee for the protection of client rights, led by independent directors [7]. - Trust companies must conduct regular evaluations of shareholders and report any violations, with provisions for whistleblowing by employees and external auditors [7][8]. Risk Management and Internal Controls - The measures emphasize the need for robust internal controls and risk management, focusing on compliance and operational risk [10]. - Trust companies are required to conduct annual external audits covering all business areas, ensuring comprehensive oversight [10]. Cultural and Ethical Standards - Trust companies are encouraged to foster a culture of integrity and compliance, promoting principles such as honesty, prudence, and legal adherence [9].

Group 1: Debt Collection and Legal Actions - Bohai Trust published two collection notices totaling over 3.4 billion yuan, with 2.79 billion yuan in overdue loans and interest from a borrower since 2017 [1] - Wenkang International Trust has filed a lawsuit against Fujian Fusheng Group and its lead underwriter for 475 million yuan due to bond default [2] Group 2: Equity Investment and Market Trends - Trust companies are increasingly engaging in equity investments, with notable contributions from Daye Trust and Zhongzi Private Fund [3] - In August, the asset management trust market showed resilience, with a 25.79% year-on-year increase in the number of products issued [4] Group 3: Asset-Backed Securities and Trust Operations - A 5 billion yuan ABS project has been approved, indicating a focus on asset securitization as a core business for trust companies [6] - Trust companies are exploring the full cycle of asset securitization, expanding the types of underlying assets [6] Group 4: Shareholding Changes and Corporate Confidence - Zijin Trust increased its stake in Nanjing Bank, raising its holding to 2.25%, reflecting confidence in the bank's future growth [8] Group 5: ESG Integration in Trust Industry - The trust industry has allocated approximately 16.68 trillion yuan to support the real economy, with ESG principles aligning with the industry's long-term focus [9]

Group 1 - The company held its 27th meeting of the 7th Board of Directors on September 12, 2025, with all 7 directors present, and the meeting was chaired by the Chairwoman Feng Junjie [2] - The Board approved a proposal to continue issuing REITs products based on the assets of Liangcun Thermal Power, with a vote of 7 in favor, 0 against, and 0 abstentions [3][8] - The proposal was discussed and recommended by the Strategic Investment Committee prior to the meeting, and the suggestions were adopted by the Board [4] Group 2 - The company plans to issue a new REITs product based on Liangcun Thermal Power, with an expected issuance scale of no more than 1.74 billion yuan, following the previous issuance of 1.77 billion yuan in November 2022 [8] - The transaction does not require shareholder approval and does not constitute a related party transaction or a major asset restructuring as per relevant regulations [8] - The project involves a transfer of LP1 shares between two trust management companies and is currently undergoing regulatory approval [10] Group 3 - The target entity for the transaction is Dongfang Xinseng (Hebei) Energy Partnership, with a registered capital of 2.35558 billion yuan and total assets of 2.354 billion yuan as of April 30, 2025 [11][12] - The partnership has no liabilities and reported a net profit of 18.29 million yuan for the first four months of 2025 [12] - The valuation of the partnership's net assets was assessed at 2.38026 billion yuan, reflecting an increase of 26.48 million yuan, or 1.12% [14] Group 4 - The purpose of the transaction is to maintain the original equity financing channel and avoid adverse impacts on the company's asset-liability ratio due to debt financing [14] - After the transaction, the company will retain control over the project and continue to consolidate Liangcun Thermal Power in its financial statements [14] - The implementation of the REITs product will not adversely affect the interests of the company or its shareholders [14]

本报讯 （记者刘琪）9月12日，国家金融监督管理总局（以下简称"金融监管总局"）发布消息，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》（以 下简称《办法》）。 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。 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。 从主要修订内容来看： 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。 据金融监管总局有关 ...

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]

金融监管总局有关司局负责人就相关问题回答记者提问表示，信托公司应对照《办法》要求，充分识别 待整改业务，制定整改计划，锁定待整改业务规模，明确时间进度安排，有序压降。金融监管总局将把 整改进展情况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信托业务，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 岳品瑜 董晗萱）9月12日，据金融监管总局官网，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》（以下简称《办法》）。 ...