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》）。 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，《办法》修订后的业务范围共三项：一是 信托业务，将原《办法》中五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三项；二 是固有资产负债业务，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；三是其他业务， 增加"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"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，结合实际取消了与信托公司主业无关联的、或与现行监管政策相冲突的"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""办理居间、咨询、资信调查 ...

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。 北京商报讯（记者 岳品瑜 董晗萱）9月12日，据国家金融监管总局官网，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》。 主要修订内容包括，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。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。 ...

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulation and risk management of the trust industry, effective from January 1, 2026, addressing the evolving needs of the sector after 18 years since the last revision [1][2]. Summary by Relevant Sections General Overview - The new measures consist of 8 chapters and 75 articles, focusing on the establishment and changes of institutions, corporate governance, internal control, risk management, business scope, supervision, risk disposal, and market exit [2]. Key Revisions - The revisions focus on four main areas: 1. Emphasizing the core responsibilities of trust companies and adjusting their business scope to include asset service trusts, asset management trusts, and charitable trusts, while breaking the rigid repayment model [3]. 2. Strengthening corporate governance by integrating party building with governance, enhancing shareholder behavior management, and promoting the maximization of beneficiaries' legitimate interests [3]. 3. Enhancing risk prevention measures and standardizing key business processes, with a focus on compliance and operational risk management [3]. 4. Clarifying regulatory requirements and risk disposal mechanisms, including increasing the minimum registered capital for trust companies and enhancing capital and provision management [3]. Adjustments to Business Scope - The revised measures reduce the business scope from five to three main categories: 1. Trust business, now limited to asset service trusts, asset management trusts, and charitable trusts [4]. 2. Proprietary asset liability business, allowing liquidity loans from shareholders and related parties, and clarifying support from the trust industry guarantee fund [4]. 3. Other business, which includes providing advisory and custodial services for financial institutions and asset management products [4]. Removal of Non-Core Activities - The revised measures eliminate four non-core activities that conflict with the main business of trust companies, such as investment fund management and consulting services [5]. Governance and Compliance - Detailed regulations on corporate governance are included, emphasizing shareholder behavior management, related party transaction management, and the establishment of a trust culture focused on integrity and compliance [6]. Transition and Compliance - Trust companies are required to identify and rectify existing business practices that do not comply with the new measures, with a structured plan for compliance and reduction of non-compliant business scales [6][7]. Implementation Timeline - The new measures will take effect on January 1, 2026, and the previous regulations will be abolished simultaneously, requiring all new business activities to align with the revised measures [7].

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulation and risk management of the trust industry, focusing on the core responsibilities of trust companies and promoting high-quality development [1][3]. Group 1: Overview of the Revised Measures - The revised measures consist of 8 chapters and 75 articles, addressing various aspects such as company governance, risk management, and business scope [3][4]. - The previous measures were established in 2007 and have been in effect for 18 years, necessitating updates to align with recent regulatory changes and industry practices [2][3]. Group 2: Key Revisions - The revisions focus on four main areas: emphasizing core responsibilities, enhancing corporate governance, strengthening risk prevention, and clarifying regulatory requirements [5]. - Trust companies are required to adhere to the principle of "seller responsibility, buyer risk," breaking the rigid repayment structure [5]. Group 3: Adjustments to Business Scope - The revised measures reduce the business scope from five categories to three: asset service trusts, asset management trusts, and public welfare trusts [7]. - New provisions allow trust companies to provide liquidity support loans to shareholders and related parties, while eliminating certain unrelated intermediary services [8]. Group 4: Corporate Governance Enhancements - Trust companies must integrate party leadership with corporate governance, strengthen shareholder behavior management, and establish effective internal assessment and incentive mechanisms [10][27]. - The measures emphasize the protection of beneficiary rights and the establishment of a trust culture that prioritizes integrity and compliance [10][26]. Group 5: Risk Management and Regulatory Requirements - Trust companies are mandated to enhance comprehensive risk management, focusing on compliance and operational risks throughout the trust business process [29][30]. - The minimum registered capital for trust companies will be increased, and stricter capital and provisioning management will be enforced [5][10]. Group 6: Implementation Timeline - The revised measures will take effect on January 1, 2026, with existing trust companies required to develop rectification plans for non-compliant businesses [11][12].

Core Viewpoint - The Financial Regulatory Bureau has revised the "Trust Company Management Measures" to enhance the trust industry by focusing on its core responsibilities, deepening reforms, and effectively preventing risks [1][2]. Group 1: Main Revisions - The revised measures emphasize the core business of trust companies, adjusting their business scope to focus on asset service trusts, asset management trusts, and public welfare trusts, while breaking the rigid repayment model [7][8]. - The measures aim to strengthen corporate governance by integrating party building with corporate governance, enhancing shareholder behavior management, and establishing internal assessment mechanisms [7][9]. - Risk prevention is prioritized, with a focus on compliance management and operational risk, requiring comprehensive risk management throughout the trust business process [7][10]. Group 2: Business Scope Adjustments - The business scope has been narrowed to three main areas: asset service trusts, asset management trusts, and public welfare trusts, while eliminating unrelated intermediary businesses [8]. - New provisions allow trust companies to apply for liquidity support loans from the Trust Industry Guarantee Fund Company and to issue bonds directed at shareholders and related parties [8]. Group 3: Corporate Governance Requirements - Trust companies are required to establish a specialized committee for the protection of the rights of clients and beneficiaries, led by independent directors [9]. - There are enhanced requirements for managing shareholder behavior and related transactions, including regular evaluations and reporting of violations [9]. Group 4: Risk Management and Internal Controls - Trust companies must strengthen internal controls and risk management, ensuring that risk preferences align with risk management capabilities [10][11]. - The measures specify requirements for the entire trust business process, including documentation, risk disclosure, and asset management [10]. Group 5: Recovery and Disposal Arrangements - The revised measures enhance the enforceability and operability of recovery and disposal plans, allowing trust companies to seek liquidity support and issue bonds [12]. Group 6: Rectification of Existing Trust Businesses - Trust companies are required to identify and rectify existing businesses in accordance with the new measures, with progress monitored by the Financial Regulatory Bureau [13].

Core Viewpoint - The Financial Regulatory Bureau has revised the "Management Measures for Trust Companies," which will take effect on January 1, 2026, focusing on core responsibilities, risk prevention, and enhancing corporate governance in the trust industry [1][2]. Group 1: Key Revisions - The revised measures emphasize the core business of trust companies, clarifying their roles as trustees and regulating asset service trusts, asset management trusts, and charitable trusts [1][4]. - The principle of "seller responsibility, buyer risk" is reinforced, breaking the rigid repayment structure [1][4]. - Trust companies are required to deepen the integration of party building and corporate governance, enhancing shareholder behavior and related party transaction management [1][4]. Group 2: Risk Management and Governance - Trust companies must strengthen comprehensive risk management, focusing on compliance and operational risks throughout the trust business process [1][22]. - The minimum registered capital for trust companies will be increased, and there will be stricter capital and provision management requirements [1][22]. - A scientific internal assessment and incentive mechanism must be established to maximize the legitimate interests of beneficiaries [1][19]. Group 3: Regulatory Requirements - The measures specify enhanced regulatory requirements, including behavior supervision and penetrating regulation, to improve risk disposal and market exit mechanisms [1][22][45]. - Trust companies are required to establish a recovery and disposal plan mechanism, which must be updated regularly and approved by the regulatory authority [1][50]. - The regulatory authority will implement a tiered and classified supervision approach based on the risk status and systemic impact of trust companies [1][61].

Group 1 - The company Shandong Guoxin (01697) announced the conditional sale of fund shares to Lushin Chuangtou and Shandong High-tech, with total consideration amounting to RMB 166 million and RMB 37.1588 million respectively, resulting in a total expected proceeds of RMB 204 million [1] - The net proceeds from the fund share transfer, after deducting relevant transaction costs and taxes, are expected to be approximately RMB 196 million, which will be used to supplement the company's operating capital and optimize financial and regulatory indicators [1] - The fund share transfer is part of the company's key stage of deepening reform and promoting business transformation, effectively converting existing equity assets into cash, thereby improving overall financial status and optimizing asset structure [1] Group 2 - Following the fund share transfer, the company will effectively complete the rectification requirements as mandated by the China Banking and Insurance Regulatory Commission, aligning its inherent asset investment direction with regulatory guidance [2] - The company will further focus on the development of its trust main business and accelerate its return to core operations [2]

Group 1 - The company has entered into agreements to transfer fund shares with a total expected consideration of RMB 204 million, which will be used to supplement operating capital and optimize financial and regulatory indicators [1] - The expected net proceeds from the fund share transfer, after deducting related transaction costs and taxes, are approximately RMB 196 million, which will enhance the company's cash flow and overall financial condition [1] - The fund share transfer is part of the company's strategic transformation and reform efforts, aimed at converting existing equity assets into cash to improve the asset structure and increase core net capital [1] Group 2 - Following the fund share transfer, the company will effectively meet the regulatory requirements for the cleanup and rectification of non-financial subsidiaries, aligning its investment direction with regulatory guidance [2] - The company will focus more on its core trust business, accelerating its return to fundamental operations [2]

Core Viewpoint - The National Financial Supervision Administration has revised the "Trust Company Management Measures" to promote the trust industry in adhering to its core functions, deepening reform and transformation, and effectively preventing risks [1][4]. Group 1: Key Revisions - The revised measures focus on the core responsibilities of trust companies, emphasizing their role as trustees and adjusting their business scope to include asset service trusts, asset management trusts, and public welfare trusts [9][10]. - The measures aim to strengthen corporate governance by integrating party building with corporate governance, enhancing shareholder behavior management, and establishing internal assessment and incentive mechanisms [9][11]. - Risk prevention is emphasized, with requirements for comprehensive risk management and compliance in the performance of trustee duties, as well as clear management requirements throughout the trust business process [9][12]. Group 2: Regulatory Enhancements - The minimum registered capital for trust companies will be increased, and there will be enhanced capital and reserve management, along with stricter behavioral and penetrative supervision [9][12]. - The measures outline a clear risk disposal mechanism and enhance the operationality of market exit strategies [9][12]. - The administration will strengthen guidance and supervision to ensure trust companies effectively implement the revised measures [2][4]. Group 3: Business Scope Adjustments - The business scope of trust companies has been streamlined to three main areas: trust business, inherent asset liability business, and other services, with specific prohibitions on unrelated intermediary businesses [10][12]. - Trust companies are now allowed to apply for liquidity support loans from the Trust Industry Guarantee Fund Company and can issue bonds directed at shareholders and their affiliates [10][12]. Group 4: Corporate Governance Requirements - Trust companies are required to establish a specialized committee for the protection of the rights and interests of clients and beneficiaries, led by independent directors [11]. - There are enhanced requirements for managing shareholder behavior and related party transactions, including regular evaluations and reporting of violations [11]. - Trust companies must cultivate a culture of integrity and compliance, promoting values such as honesty and prudent management [11].

Company Dynamics - Nanjing Bank announced that its major shareholder, Nanjing Zijin Investment Group, has increased its stake in the bank by acquiring 56.78 million shares, representing 0.46% of the total share capital [2] - Following this acquisition, the combined shareholding of Zijin Group and its subsidiary, Zijin Trust, rose from 12.56% to 13.02%, reaching a whole number increment [2] - Zijin Trust, established in 1992, underwent a restructuring in 2010 and is now a mixed-ownership entity with state-owned and international investors [2] Financial Performance - In 2024, Zijin Trust reported a net profit of 1.041 billion yuan, an increase of 69.13 million yuan, reflecting a year-on-year growth of 7.11% [3] - The impact of Zijin Trust's increased stake in Nanjing Bank on the business development and market dynamics of both entities is anticipated to be significant and warrants ongoing observation [3]