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《信托公司管理办法》点评:引导信托行业转型
Minmetals Securities· 2025-10-09 03:15
2025 年 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》, 自 2026 年1月 1 日起施行。 证券研究报告 | 宏观点评 [Table_Main] 引导信托行业转型-《信托公司管理办 法》点评 事件描述 事件点评 围绕"受托人"定位,引导信托行业高质量发展。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。调整后的业 务范围对信托业务有"两强一弱"的作用。强化信托公司财富管理业务能力, 强化信托公司行政服务能力,弱化信托公司的融资功能。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 ...
信托公司管理办法时隔18年大修!涉最低注册资本、首席合规官等
Xin Lang Cai Jing· 2025-09-17 01:04
9月12日,金监总局正式颁布修订后的《信托公司管理办法》(以下简称"《办法》"),自 2026年1月1日起施行,此为原《办法》自2007年实施18年以来的首次全面修订。 金监总局有关司局负责人表示,因原《办法》部分条款难以满足信托公司风险防范、转型发 展和有效监管的需要,与资管新规、信托业务三分类通知等近年新出台制度的衔接也有待加 强。因此,金监总局围绕信托公司"受托人"定位要求,对《办法》进行了全面修订完善,调 整信托公司业务范围,进一步明确信托公司经营原则、股东责任、公司治理等。 值得注意的是,《办法》首次明确要求"信托公司应当按照监管规定设立首席合规官"。不 过,此要求并非孤立出台,早在今年3月,金监总局便要求金融机构应在机构总部设立首席 合规官,原则上在省级分支机构或一级分支机构设立合规官。 新规涉四大修订重点, 明确提高信托公司最低注册资本 《办法》共8章75条,包括总则、机构设立与变更、公司治理、内部控制和风险管理、业务 范围和经营规则、监督管理、风险处置与市场退出、附则等章节。 从此次修订内容看,《办法》主要涉及四点,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 ...
聚焦本源 重塑业态 信托公司管理办法18年来首次大修
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 ...
信托公司管理办法18年来首次大修
● 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 ...
引导行业回归本源 信托“基本法”迎新篇
Bei Jing Shang Bao· 2025-09-14 17:04
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, emphasizing a return to core responsibilities and risk-controlled development [1][2][7]. 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 eliminating unrelated intermediary businesses [3][4]. - New provisions allow trust companies to apply for liquidity support from the trust industry guarantee fund and provide investment advisory and technical services for financial institutions [3][4]. 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 [4][5]. - The shift towards a "trust management" model aims to foster innovation and high-quality development in areas such as wealth management and family trusts, while reducing leverage and hidden risks [4][5]. Enhanced Governance and Risk Management - The new regulations set a minimum registered capital requirement of 500 million RMB and mandate the establishment of a chief compliance officer to strengthen internal controls and compliance management [5][6]. - Trust companies are required to conduct annual external audits and improve risk management mechanisms to prevent systemic risks [6][7]. Transition and Rectification of Existing Businesses - Trust companies must identify and rectify existing non-compliant businesses according to the new regulations, with a focus on orderly reduction of problematic business scales [7][9]. - The industry is expected to undergo significant restructuring, with traditional high-leverage models facing pressure, while compliant and innovative companies may gain competitive advantages [7][8]. Industry Differentiation - There is a noticeable disparity in the compliance levels among trust companies, particularly regarding registered capital and information disclosure practices [8][9]. - Companies are encouraged to develop a scientific rectification roadmap and enhance transparency to protect beneficiary rights during the transition [9].
金融监管总局,发布重要新规
中国基金报· 2025-09-13 02:25
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].
金融监管总局,发布重要新规
Zhong Guo Ji Jin Bao· 2025-09-13 02:24
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].
金融监管总局修订发布《信托公司管理办法》,调整信托公司业务范围
Bei Jing Shang Bao· 2025-09-12 13:38
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 ...
《信托公司管理办法》新版发布!
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].
《信托公司管理办法》新版发布!
券商中国· 2025-09-12 12:49
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,9月12日,金融监 管总局修订发布了《信托公司管理办法》(下称《办法》),自2026年1月1日起施行。 时隔18年修订发布 《办法》共8章75条。主要包括,包括总则、机构设立与变更、公司治理、内部控制与风险管理、业务范围与经营规则、 监督管理、风险处置与市场退出、附则等部分。 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,原《办法》制定于2007年,是规范信托公司功能定位和经营 管理的基础性规章,已实施18年,部分条款难以满足信托公司风险防范、转型发展和有效监管的需要,与资管新规、信 托业务三分类通知等近年新出台制度的衔接也有待加强。 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》,系统谋划了 信托业高质量发展的目标和任务,《办法》作为重要配套制度需做好贯彻落实。 综合上述因素,金融监管总局围绕信托公司"受托人"定位要求,对《办法》进行了全面修订完善,调整信托公司业务范 围,进一步明确信托公司经营原则、股东责任、公司治理、业务规则、监管要求、风险处置安排等,完善促进信 ...