China Financial Supervisory Administration: Comprehensively regulate the entire process of establishing, selling and operating trust products and strictly prohibit capital insurance income and fund pool business
The Zhitong Finance App learned that on October 30, the China Financial Supervision and Administration issued the “Administrative Measures on Asset Management Trusts”. The method is clear. Trust companies manage trust products, must not promise investors no loss of principal or guarantee minimum return in any way, must not set expected returns, must not carry out investment banking services for financiers in the name of trust products, carry out or participate in fund pool operations with rolling issuance, pooled operation, or separate pricing characteristics, and must not facilitate other institutions or individuals to engage in illegal and illegal activities. When managing trust products, trust companies shall perform independent management duties, shall not transfer entrustment, and shall not cede management responsibilities to other institutions or individuals. Where a trust company entrusts another party to handle trust matters on its behalf according to law, it shall perform supervisory duties and shall not exempt itself from responsibility by entrusting another party. This measure will come into effect on January 1, 2027.
The full text is as follows:
Asset Management Trust Management Measures
(Order No. 5 of 2026 of the State Financial Supervisory Administration of October 17, 2026, will take effect from January 1, 2027)
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with laws and regulations such as the “Trust Law of the People's Republic of China”, “Banking Supervision and Administration Law of the People's Republic of China” and “Guiding Opinions on Regulating the Asset Management Business of Financial Institutions” (Yinfa (2018) No. 106, hereinafter referred to as the “Guiding Opinions”) and “Trust Company Management Measures” (China Financial Supervisory Administration Order No. 8 of 2025), to strengthen supervision, prevent risks, regulate trust companies' asset management practices, and protect the legitimate rights and interests of trust parties.
Article 2 These Measures shall apply to asset management trust business activities within the People's Republic of China where funds delivered by two or more (including two) clients are centrally managed, used or disposed of in their own name through the non-public issuance of pooled fund trust plans to provide investment and management financial services in accordance with trust legal relationships. Asset management trusts (hereinafter referred to as trust products) shall comply with the “Guiding Opinions”.
Trust products shall be initiated by a trust company and act as a trustee. Trust products are self-interest trusts. The client and beneficiary are the same person. These Measures collectively refer to investors.
Article 3 Trust assets managed by a trust company as a trustee (hereinafter referred to as trust product property) do not constitute the trust company's liability to investors, and trust product assets are not inherent property of the trust company.
The assets and profits obtained by a trust company as a result of the management and application of trust product assets or other circumstances are classified as trust product assets. Trust companies pay trust benefits to investors limited to trust product assets. If a trust company manages trust product assets and has performed its duties with due diligence in accordance with laws and regulations and trust documents, losses arising from trust product assets are covered by law limited to trust product assets; if a trust company fails to perform its duties with due diligence and causes loss of trust product property, it bears corresponding liability with inherent assets according to law.
If a trust company is liquidated due to reasons such as being cancelled, dissolved, or declared bankrupt, the trust product assets are not its liquidated property.
Article 4 When managing and using trust product assets, trust companies shall perform their duties with due diligence, perform their duties with due diligence, perform their duties with honesty, credit, prudence and effective management, and handle trust matters in the best legal interest of investors.
Trust companies manage trust products, must not promise investors no loss of principal or guarantee a minimum return, must not set expected returns, carry out investment banking services to raise funds for financiers under the name of trust products, carry out or participate in fund pool operations with rolling issuance, pooled operation, or separate pricing characteristics, and must not facilitate other institutions or individuals to engage in illegal and illegal activities.
When managing trust products, trust companies shall perform independent management duties, shall not transfer entrustment, and shall not cede management responsibilities to other institutions or individuals. Where a trust company entrusts another party to handle trust matters on its behalf according to law, it shall perform supervisory duties and shall not exempt itself from responsibility by entrusting another party.
When managing trust products, trust companies shall abide by the principle of fair trade, and shall not transfer illegal benefits between different trusts, trusts and trust companies, or third parties.
Article 5 The State Administration of Financial Supervision and Administration and its dispatched agencies shall supervise and administer the asset management trust business of trust companies in accordance with law.
Chapter II: Establishment, Alteration, and Termination of Trust Products
Article 6 Trust companies shall comply with the following regulations when carrying out asset management trust business:
(1) A good corporate governance structure and complete internal control, risk management, compliance management, and accountability mechanisms have been established in accordance with laws, regulations and regulatory regulations;
(2) Have professionals suitable for various types of asset management trust business;
(3) Have business establishments, security measures and information systems that meet the business needs of asset management trusts;
(4) All risk control indicators comply with the regulations of the State Financial Supervision and Administration;
(5) Other conditions stipulated by the State Financial Supervisory Authority.
Article 7 When establishing trust products, a trust company shall meet the following requirements:
(1) The purpose of the trust is legal and compliant;
(2) The investors are qualified investors;
(3) Trust products are self-benefit trusts;
(4) Trust product assets have a clear investment direction and investment strategy;
(5) Trust beneficiary rights are divided into trust units with equal shares;
(6) Apply for trust registration in accordance with laws, regulations and supervisory regulations;
(7) Indicate the abbreviation of the trust company and the words “asset management trust product” or “asset management trust plan” in the name of the trust product;
(8) Other requirements stipulated by the State Financial Supervisory Authority.
Article 8 Trust products shall be distributed privately to qualified investors, and the number of investors in a single trust product shall not exceed 200.
Qualified investors should have risk tolerance that matches the trust products they invest in, and meet one of the following conditions:
(1) A natural person who has at least two years of investment experience and satisfies that the net financial assets of the household are not less than 3 million yuan or the equivalent in foreign currency, or that the household financial assets are not less than 5 million yuan or the equivalent in foreign currency, or that the average annual income for the past three years is not less than 400,000 yuan or the equivalent in foreign currency;
(2) Domestic legal entities with net assets of not less than 10 million yuan or foreign currency equivalent at the end of the most recent year;
(3) Basic pension insurance funds, social security funds, corporate annuities and other pension funds, charitable funds, etc. established in accordance with law;
(4) Asset management products issued by institutions subject to the supervision of the financial supervisory and regulatory agency under the State Council;
(5) Asset service trusts and charitable trusts;
(6) Other situations where the State Financial Supervisory Authority considers an eligible investor.
Items (2) to (5) of the preceding paragraph are collectively referred to as institutional investors in these Measures.
Article 9. A single investor may invest in a trust unit of the same trust product no higher than 50% of the total trust unit of that trust product. The total amount of trust units invested by individual institutional investors and their associated enterprises in the same trust product shall not be higher than 80% of the total trust units of that trust product. Where investors passively exceed the above ratio due to factors such as redemptions from other investors, investors who passively exceed the above ratio are not allowed to invest more in the trust product until they are restored to meet the requirements.
For all asset management products managed by a single asset management product manager, the underlying assets invest in the same trust product involving non-standardized creditor assets, and the total number of trust units investing in the same trust product must not exceed 50% of the total trust units of that trust product.
Where there are other provisions on investor concentration in the rules of the State Administration of Financial Supervision and Administration relating to trust products, those regulations shall apply.
Article 10 Where trust products accept investment in other asset management products, the trust company shall thoroughly identify the actual investors and the final source of capital, and not calculate the number of investors in other asset management products together. The upper level asset management product manager shall inform the trust company about the actual investor type and funding source review status. Trust documents should make it clear that upper level asset management product managers strictly review funding sources to ensure that trust product funding sources comply with the law.
Article 11 Trust products are divided into closed trust products and open trust products according to different operating methods; closed trust products may grade trust units according to risk-return characteristics and are designed as structured trust products; open trust products shall not be designed as structured trust products.
Trust products are divided into fixed income trust products, equity trust products, commodity and financial derivatives trust products, and hybrid trust products according to the nature of the investment. The proportion of fixed income trust products invested in creditor assets such as deposits and bonds is not less than 80%, the proportion of equity assets such as stocks and shares of unlisted companies is not less than 80%, commodity and financial derivatives trust products invest not less than 80% in commodities and financial derivatives, and hybrid trust products invest in debt assets, equity assets, commodities and financial derivatives, and the investment ratio of any of these assets does not meet the standards of the first three types of products. If the above ratio limit is not broken due to subjective factors of the trust company, the trust company shall adjust to meet the requirements within 15 trading days when the assets with limited liquidity can be sold, transferred, or resumed trading. During the life of fixed income trust products, equity trust products, commodities and financial derivatives trust products, in order to avoid specific risks and with the consent of all investors, the investment ratio in the corresponding type of asset may be less than 80%, but must not continue below 80% for six months.
The amount invested by a single investor in a single fixed income trust product shall not be less than RMB 300,000 or its equivalent in foreign currency; the amount invested in a single hybrid trust product shall not be less than RMB 400,000 or its equivalent in foreign currency; and the amount invested in a single equity trust product, individual product or financial derivative trust product shall not be less than RMB 1 million or equivalent foreign currency. The amount of a single investor investing in a trust product involving a single underlying asset involving non-standardized assets shall not be less than RMB 1 million or the equivalent in foreign currency. During the life of a trust product, the investment amount of a single investor shall continue to meet the above requirements, and the investment amount shall not fall below the above requirements due to investors' actions such as redemptions, transfers, etc., except when the investment amount passively falls below the above requirements due to dividends, distribution, or fluctuations in the net value of the trust product.
Article 12 Trust documents for trust products shall include the following content:
(1) A declaration confirming (applying for) the risk of the purchase;
(2) Investor commitment;
(3) Regulatory confirmation of sales;
(4) Trust product instructions;
(5) Trust contracts;
(6) Other content stipulated by the State Financial Supervisory Authority.
Approval (application) purchase risk statements, investor undertakings, sales regulatory confirmations, and trust contracts shall be signed by the relevant parties in multiple copies. The trust company shall hold the original signed trust documents (including electronically signed trust documents) for each trust product.
Article 13. A declaration confirming (applying for) the risk of a purchase shall include at least the following content:
(1) Trust products do not promise that the principal amount will not be lost or minimum return. They have certain investment risks. Investors bear their own investment risks according to law, and are suitable for qualified investors whose risk identification and tolerance match the risk level of this trust product.
(2) Trust companies pay trust benefits to investors limited to trust product assets. If a trust company manages trust product assets and has performed its duties with due diligence in accordance with laws and regulations and trust documents, losses arising from trust product assets are covered by law limited to trust product assets; if a trust company fails to perform its duties with due diligence and causes loss of trust product property, it bears corresponding liability with inherent assets according to law.
(3) The historical performance of the trust company, trust manager, and other relevant institutions and personnel does not represent the actual effect of the future operation of this trust product.
(4) Investors sign a declaration confirming (applying) the purchase risk, indicating that they have carefully read and understood all trust documents.
Article 14 An investor's letter of commitment shall include at least the following content:
(1) Investors promise to recognize (apply for) the purchase of trust units with their real identity and lawfully owned (including legally managed) funds, and that the source of funds complies with the requirements of laws and regulations;
(2) Investors promise not to invest in trust products with non-own funds raised by loans, issuing bonds, etc.;
(3) Investors promise not to illegally collect funds from others to invest in trust products;
(4) Investors promise to enjoy the true and complete right to benefit from the trust, and there is no situation where they hold the trust unit on behalf of others;
(5) Investors promise that the purpose of a trust is an expression of their true and complete intention, and there is no situation where the purpose of the trust is concealed;
(6) Investors promise to have the ability to identify and bear the risk of investing in this trust product, and make investment decisions independently and prudently;
(7) Investors promise that they have carefully read and understood all trust documents, know the risk-return characteristics and risk levels of trust products, and are willing and able to bear the corresponding trust investment risks in accordance with law;
(8) Institutional investors promise to have provided a complete and accurate list of companies affiliated with the organization that have jointly invested in this product.
Article 15. The regulatory confirmation of sales shall include at least the following content:
(1) Investors approve (apply) to purchase trust products through trust companies or sales agents and go through relevant formalities;
(2) The trust company or sales agency has explained the risk level and risk warning of the trust product;
(3) The trust company or sales agency has assessed the risk tolerance of ordinary investors, including natural persons, and classified risk tolerance levels;
(4) Trust products sold by trust companies or sales agents to ordinary investors, including natural persons, have a risk rating equal to or lower than the investor's risk tolerance level;
(5) The trust company or sales agency does not promise in any way that the principal amount will not be lost or that the minimum return is guaranteed.
Article 16 Trust product instructions shall include at least the following content:
(1) The basic situation of trust companies;
(2) The name and type of trust product;
(3) The risk level of trust products;
(4) A summary of the contents of the trust contract;
(5) The sales period of trust products, the trust period, and the price of the trust unit;
(6) The name of the agency that sells trust products;
(7) List and resume of trust managers;
(8) Legal opinions issued by law firms;
(9) Risk warning content;
(10) Other content stipulated by the State Financial Supervisory Authority.
Article 17 A trust contract shall specify the following matters:
(1) Trust purposes;
(2) The name, domicile, and duties of the trustee;
(3) The currency and amount of funds to be delivered;
(4) The scale and duration of trust products, and open trust product subscription and redemption arrangements;
(5) The risk rating and risk-return characteristics of trust products;
(6) Specific methods or arrangements for asset management and disposal of trust products;
(7) Method and frequency of measurement of the net value of trust units, valuation methods for trust product assets, and principles for determining subscription and redemption prices for open trust products;
(8) The content, method and frequency of disclosure of trust product information;
(9) The calculation of trust benefits and the time and method of delivering trust benefits to investors;
(10) Accounting and payment methods for property taxes and other expenses of trust products;
(11) Trustee's remuneration calculation method, payment period and method;
(12) The method of ownership and distribution of trust product assets when the trust is terminated;
(13) The rights and obligations of the parties involved in the trust;
(14) Procedures and rules for convening, deliberating and voting at beneficiaries' meetings;
(15) How to select new trustees;
(16) Trust parties' liability for breach of contract and dispute resolution methods;
(17) The reasons and procedures for changing, cancelling, and terminating a trust contract;
(18) Other matters agreed upon by the parties to the trust.
Article 18 Trust contracts shall include the following text in prominent font at the top right of the homepage: “Trusts are risky, and investments must be careful. Investors are responsible for the risks arising from the trust company's management of trust assets in accordance with this trust contract. Disputes between investors and trust companies are handled in accordance with relevant laws and regulations and this trust contract.”
The trust contract should prominently list the trust product registration code on the homepage of the main text, and prompt investors to search the trust product at China Trust Registration Co., Ltd. according to the registration code.
Article 19. Before establishing a trust product, a trust company shall conduct due diligence and issue due diligence reports on matters such as feasibility analysis, legality, risk assessment, and whether there are related party transactions. Where trust documents agree to invest in other asset management products, the trust company shall conduct due diligence on the risk-return characteristics of the asset management product and its manager.
Trust companies should uniformly assign risk levels to trust products, including at least level 1 to level 5 from low to high. Trust companies shall determine the risk level of each trust product in accordance with the principle of matching risk and return. The trust company shall determine the range of investors suitable for sale for each trust product. If the risk rating determined by the agency sales agency for the trust product is inconsistent with the trust company, the agent sales agency shall adopt and disclose the risk rating results of the trust product in accordance with the principle of what is higher.
Trust companies shall determine different risk levels for priority trust units and subordinate trust units of structured trust products, and determine a range of investors suitable for sale for trust units with different risk levels.
Article 20 Trust companies or sales agents selling trust products shall evaluate the risk tolerance of ordinary investors, including natural persons, in accordance with regulatory regulations, and distribute risk tolerance levels to them, and sell trust products with a risk rating equal to or lower than their risk tolerance level. If a risk tolerance assessment has not been carried out for more than 12 months or the investor voluntarily informs that there is a situation that may affect its risk tolerance, the trust company or sales agency shall re-conduct a risk tolerance assessment when selling trust products to ordinary investors, including natural persons.
Article 21 A trust company or sales agency shall prompt investors to carefully read the trust documents and sign and seal the risk statement, investor commitment, sales regulatory confirmation, and trust contract before confirming that the investor approves (submits) the purchase (application) of the trust unit. Trust companies should prominently mark content in trust documents that investors think they need to focus on.
Trust companies and sales agents shall facilitate investors to inspect or copy the trust documents listed in Article 12 of these Measures, and provide investors with the original text of the trust contract (including the trust contract signed in electronic form).
Article 22 A trust company shall reasonably collect the trustee's remuneration according to the content of the trust service and specify it in the trust contract. Trustee remuneration can be divided into fixed remuneration and performance remuneration. Fixed remuneration can be withdrawn regularly according to a fixed amount, or it can be withdrawn regularly according to a fixed ratio of paid-in trusts or net assets, or it can also be withdrawn regularly according to a combination of the two. The frequency and ratio of performance rewards should match the life span of trust products, distribution of trust benefits, and investment operation characteristics. Performance rewards shall be withdrawn from withdrawal funds, cash dividends, or liquidation funds; among them, withdrawing performance rewards from cash dividends is limited to trust products that have not hired investment advisors, and the withdrawal frequency shall not be higher than once every six months. The withdrawal ratio of performance rewards shall not exceed 60% of the investment income above the calculation basis stipulated in the trust contract. With the exception of reasonable remuneration, trust companies shall not directly or indirectly profit themselves or others from trust product assets under any name. Trust companies are not allowed to smooth out the net value of trust products by withdrawing rewards, and rewards already withdrawn must not be reimbursed or returned to trust products in any form.
Where a trust company hires investment advisors for trust products, the methods and standards for withdrawing investment advisory fees shall be specified in the trust contract. The portion of the investment advisory fee withdrawn by a fixed method may be withdrawn regularly according to a fixed amount, a fixed ratio of the paid trust or net assets, or a combination of the two; the portion of the investment advisory fee withdrawn by an unfixed method shall be withdrawn from the withdrawal fund or liquidation fund, and the withdrawal ratio shall not exceed 60% of the investment income above the calculation basis stipulated in the trust contract.
The expenses paid by the trust company with trust product assets shall be specified in the trust contract or notified to the investor in writing. Expenses paid by a trust company with trust product assets shall have a true transaction basis and fair transaction price. It shall not pay fees to third parties that have not provided actual services, shall not pay third parties fees that do not match the services it provides, and must not significantly deviate from the price of similar services provided by similar business entities.
Article 23 If the sales period of a trust product expires and fails to meet the establishment conditions stipulated in the trust documents, the trust company shall return the amount already paid by the investor within 30 days after the sales period expires, and pay interest on bank demand deposits during the same period. The trust company is responsible for the debts, expenses, etc. arising from this as inherent assets.
Article 24 After the establishment of a trust product, the trust company shall deposit the trust product assets into a special trust product property account and disclose the sales and establishment of the trust product to investors within five working days.
Article 25. China Trust Registration Co., Ltd. shall register trust products in accordance with the regulations of the State Financial Supervision and Administration, record trust products and trust product property information, and strengthen the tracking and monitoring of trust product registration.
Article 26. During the life of a trust product, an investor may transfer the trust unit it holds to an eligible investor, unless otherwise specified in the trust documents. Investors are not allowed to transfer trust units beyond the qualification and quantity restrictions of qualified investors. A single trust unit may not be split.
Where a trust unit held by an investor carries out centralized transactions, the trust company shall open a beneficiary account for the investor with China Trust Registration Co., Ltd. and entrust China Trust Registration Co., Ltd. to handle the registration and deposit of the trust unit. Other regulations provided by the State Financial Supervisory Authority are subject to its regulations.
Trust documents shall stipulate that the trust unit held by the investor must go through the transfer procedure through the trust company.
When processing the transfer procedure, the trust company shall confirm the compliance of the transferee's qualified investor status and risk tolerance level, fulfill the risk notification obligation to the transferee, carefully read all trust documents, and sign the (application) purchase risk statement, investor commitment, sales regulatory confirmation, and trust contract. After transfer, the investor qualifications and quantity of trust products shall comply with the provisions of these Measures, and the risk tolerance level of ordinary investors, including natural persons, shall be equal to or higher than the risk level of trust products. Legal succession does not apply to the requirements of this section.
Article 27 When a trust product is terminated, a trust company shall make a liquidation report on handling trust matters within ten working days after termination and disclose it to investors. Where trust documents stipulate that the liquidation report needs to be audited, the trust company shall simultaneously disclose the audit opinions on the liquidation report. If the liquidation cannot be completed within 10 working days after the termination of the trust product, the trust company shall disclose to investors within 10 working days after the termination of the trust product, and disclose the liquidation report within 5 working days after the liquidation is completed.
A trust company shall distribute actual property income generated by managing the assets of a trust product, and shall not classify the property income of the trust product as its inherent property, or advance the principal amount or property income of the trust product with funds or assets other than the assets of the trust product. The collection and payment of the Trust Industry Guarantee Fund is carried out in accordance with its regulations.
Chapter III Operation and Management of Trust Products
Section I Management Systems and Management Systems
Article 28 Trust companies shall establish and improve management systems and monitoring and investigation mechanisms covering the establishment, modification, and termination of all trust products in accordance with the nature and risk characteristics of trust products to ensure that trust products continue to comply with the essence of asset management business and supervision regulations.
Article 29 When managing trust products, trust companies shall establish departments for the use of trust product assets, information processing, etc. to serve trust products. Each trust product is equipped with at least one trust manager.
Trust companies should establish and improve competency assessment, training, assessment, accountability and evasion systems for trust business personnel to ensure that trust business personnel have the necessary expertise, industry experience and management ability, abide by the code of conduct and professional ethics, and avoid conflicts of interest.
Article 30 Trust companies shall ensure the separation of asset management trust business from inherent business, separation of asset management trust business operations from inherent business operations, separation of trust product assets from other trust assets, and separation between assets of different trust products.
Trust companies shall establish separate accounting accounts for different trust products and manage them separately.
Article 31 Trust companies shall establish a trust unit net value management system, account for the net assets of trust products and net trust unit values in accordance with corporate accounting standards, the “Guiding Opinions” and relevant regulatory regulations, and disclose them to investors.
The net value of a trust unit shall reflect the asset status of the trust product in a timely, accurate and complete manner, and shall not be priced separately from the actual income level and risk factors of the underlying asset. When there is sufficient evidence that the measurement method for the assets and liabilities related to the trust product can no longer truly and fairly reflect its value, the trust company shall promptly adjust the measurement method for the net value of the trust unit and related assets and disclose it to investors.
Article 32 A trust company shall conduct a product-by-product external audit of the net value generation of trust products that also meet the following conditions during the life period at least once a year: (1) the underlying assets involve non-standardized assets; (2) direct investors include natural persons. Trust products that meet the above conditions and have been in existence for less than one year shall conduct an external audit of net worth generation at least once during the period of existence or settlement period. Trust companies shall promptly take corrective measures in response to problems discovered by external audits.
Article 33 Trust companies shall establish a full-process investor rights protection system, clear channels for consumer complaints, and establish and improve mechanisms for reviewing investor rights protection, handling consumer complaints, and diversified dispute resolution and emergency handling. Trust companies shall clarify the scope of important matters relating to the protection of investors' rights and interests, and important matters relating to the protection of investors' rights and interests shall be reviewed by the Special Committee on the Protection of the Rights and Interests of Clients and Beneficiaries.
Section II Sales of Trust Products
Article 34 Trust companies shall establish and improve sales management systems covering sales personnel, promotional sales materials, sales agents, customer information protection, etc., and include sales management in the scope of internal assessments and audits.
Article 35 Trust companies may sell trust products on their own or entrust other trust companies, commercial banks, insurance companies, securities companies, and other agencies specified by the State Financial Supervision and Administration to sell trust products as agents. No other agency or individual may sell trust products as agents, or sell trust products in disguise by displaying, introducing, or comparing the characteristics of single or multiple trust products and directly or indirectly providing subscription, subscription, or redemption services.
Trust companies entrust other agencies to sell trust products as agents, and shall clarify the entry standards and procedures of agency sales agencies, and provide appropriate management standards and requirements for relevant trust products to agency sales agencies. Sales agents shall fulfill appropriate obligations such as assessment of qualified investors and suitability matching. Trust companies and sales agents shall define the rights and obligations of both parties in accordance with regulatory regulations and sign agency sales agreements.
Article 36 A trust company or sales agency shall sell trust products through its place of business or through its own electronic channels. Trust companies or sales agents shall, in accordance with regulatory regulations, record and video the process of selling to natural person investors through their business premises, and make complete and objective records of key aspects of sales to natural person investors through their own electronic channels. Trust companies and sales agents shall strengthen anti-money laundering management in accordance with relevant regulations.
Trust companies or sales agents shall effectively identify investors and sources of funds, carry out procedures to determine qualified investors, and take necessary measures to carry out verification.
Article 37 Trust companies and sales agents shall establish and improve management systems for sales personnel qualification assessment, continuous training, follow-up and evaluation, etc., keep sales records of sales personnel, include investor complaints, misleading sales, and other irregularities in the assessment index system, and shall not use assessment methods for sales personnel using sales performance as a single assessment and reward index.
Article 38 When selling trust products, trust companies shall have standardized promotional and sales materials, specify the risk level of trust products, clearly reveal the risks and risk taking principles of investment trust products, and truthfully disclose the history and work experience of professional team members such as trust managers. Promotional sales materials include trust documents, promotional materials, etc. Where trust products intend to directly invest in other asset management products, the trust product manual and trust contract shall explain the investment strategies and risk-return characteristics of lower-level asset management products.
Sales agents shall use promotional sales materials produced by trust companies, and shall not modify, increase or decrease without permission.
Article 39 Trust companies and sales agents shall perform investor information protection obligations in accordance with law to prevent improper collection, use, transmission and disclosure of investor information.
Where trust companies and sales agents share investor information with other institutions, they shall specify or obtain prior consent from investors in the trust contract, and require other institutions to fulfill investor information protection obligations.
Article 40 Trust companies and sales agents shall not perform the following acts when selling trust products:
(1) Promise investors that the principal amount will not be lost or minimum return is guaranteed by any means, and the assets of trust products are guaranteed by any means;
(2) Conduct public marketing and publicity through media such as newspapers, radio, television, and the Internet, or through lectures, presentations, leaflets, announcements, self-media, etc.;
(3) Entrust organizations that do not comply with the provisions of these Measures to carry out sales;
(4) Promotional sales materials contain content that is inconsistent with trust product instructions or trust contracts, or contain false records, misleading statements, or major omissions;
(5) Predicting the actual performance of trust products;
(6) Use performance comparison benchmarks that do not explain the reason for selection, the basis for calculation, or calculation method;
(7) Overstating the company's past business performance and the performance of trust products, or maliciously belittling peers;
(8) Actively promote trust products with a risk rating higher than their risk tolerance level to investors;
(9) Break through the qualification and quantity restrictions of qualified investors in disguise by splitting and transferring trust beneficiary shares;
(10) Sign trust product documents or conduct risk tolerance assessments on behalf of investors in violation of regulations;
(11) Other acts prohibited by the State Financial Supervisory Authority.
Section III Asset Custody of Trust Products
Article 41 Trust companies shall choose well-managed commercial banks to independently hold trust product assets. The escrow account for trust product assets shall be a special trust product asset account.
When the trust company needs to use the funds of the trust product according to the provisions of the trust documents, it shall provide the custodian with a copy of the trust contract and an explanation of the use of the funds.
Article 42: The trusteeship agreement shall include at least the following content:
(1) The name and domicile of the trustee and the trustee;
(2) The rights and obligations of the trustee and the trustee;
(3) The place, content, method and standards for trust product asset escrow;
(4) The content and format of the escrow report;
(5) Custody fees;
(6) The custodian's supervision and verification of trust products;
(7) Other content agreed by the parties.
Article 43 The trustee shall perform the following duties:
(1) Safely store trust product assets.
(2) Set up separate accounts for the different trust product assets to be managed to ensure the independence of the trust product assets.
(3) Confirm and execute the instructions of the trust company to manage and use the assets of trust products, check the property transaction records, funds and property accounts of trust products, and account for the net value of trust products.
(4) Record the fund transfer status of trust products and keep instructions on the use of funds by the trust company.
(5) Issuing custodian reports to trust companies on a regular basis.
(6) Supervise the investment operations of trust companies. If it is discovered that the trust company invests in violation of laws and regulations, the trust contract or trusteeship agreement, the custodian shall refuse to execute it; if the transaction has been reached or cannot be refused in accordance with the transaction procedures, the custodian shall promptly notify the trust company. If the trust company refuses to correct it, the custodian shall promptly report to the agency dispatched by the State Administration of Financial Supervision and Administration. The trust company shall provide necessary information support for the custodian to carry out the duties of supervising the investment operation of trust products.
(7) Other duties as agreed by the parties.
Section 4 Investment Management of Trust Products
Article 44. The use of trust product assets by a trust company shall match the trust purpose and risk level of the trust product, and be consistent with the investment direction and investment strategy specified in the trust documents.
Trust companies using trust product assets should have clear legal relationships and be used for real, legal and effective underlying assets, including treasury bonds, local government bonds, central bank notes, government agency bonds, financial bonds, bank deposits, large deposit certificates, corporate credit bonds, asset-backed securities issued in the interbank bond market and stock exchange market, stocks, depository certificates, other equity assets, public investment securities funds, commodities and financial derivatives, and other assets approved by the China Financial Supervisory Administration.
Where the use of trust product assets by a trust company involves other regulations of the competent business department, it shall also meet the relevant qualification requirements and management regulations.
Article 45 When a trust company invests in securities and futures using trust product assets, it shall open and use securities and futures accounts in accordance with the regulations of the financial administration department, and shall not rent, lend, or transfer it.
Trust companies use trust product assets to invest in securities and futures, and should clearly stipulate in trust documents whether to set a stop-loss line and the principles for setting them. Where a trust document stipulates the establishment of a stop loss line, it shall be reasonably set according to the investment strategy and the level of profit fluctuation, and the specific conditions and operation methods of the stop loss shall be clarified. Trust companies use funds from structured trust products to invest in securities, and should set a stop-loss line according to the risk characteristics of the investment portfolio.
Trust companies shall establish a monitoring mechanism for abnormal transactions in the financial market to monitor and verify transaction behavior and results. Trust companies shall monitor simultaneous and reverse transactions between different trust products relating to the same asset in the financial market. The same trust product cannot be reverse traded within the same trading day. Where reverse transactions occur on the same day due to investment strategies or liquidity, etc., relevant personnel shall be required to provide a basis for decision-making and keep written records for inspection. Except as otherwise provided by the State Financial Supervisory Authority.
Article 46 Where a trust product directly or indirectly invests in non-standardized assets, it shall be a closed trust product. The termination date or exit date for non-standardized assets may not be later than the termination date of the closed trust product.
Where trust products directly invest in non-standardized assets, the trust company shall disclose the non-standardized asset type, investment ratio, term, risk characteristics, and the user situation of the trust funds. Trust companies should track the flow of funds directly invested in non-standardized creditor assets, agree on the cooperation obligations of users of trust funds in relevant contracts, and take necessary measures to verify and prevent the flow of funds from violating relevant regulations.
Where a trust product invests in non-standardized assets indirectly through an asset management product, the asset management product invested in the trust product shall be a closed product, and its termination date shall not be later than the termination date of the trust product. Trust companies should penetrate and identify non-standardized assets and disclose them to investors.
During the life of a closed trust product, if part of the non-standardized assets it invests in expires, terminates, or withdraws, the trust company may liquidate the unstandardized assets that have expired, terminated, or withdrawn in accordance with the provisions of the trust documents and distribute them to investors in the form of funds or trust assets, but investors shall be treated fairly, and investors shall not be allowed to withdraw early or in disguise.
Article 47 Trust products may be re-invested in asset management products, but the invested asset management products may no longer be invested in asset management products other than public securities investment funds.
Trust products that accept investment from other asset management products may no longer invest in asset management products other than public securities investment funds.
Article 48. The investment amount directly invested in the same asset by a single trust product shall not exceed 25% of the net assets of the trust product, with the exception of current bank deposits, treasury bonds, central bank notes, policy financial bonds, and local government bonds. Non-standardized assets of a single entity and its related parties are considered the same asset. Trust products invest in basic assets involving private equity asset management products with non-standardized creditor assets, and trust companies should thoroughly calculate the investment ratio of these non-standardized creditor assets. The investment amount of a single trust product invested in the same asset management product shall not exceed 25% of the net assets of the trust product. Where passivity exceeds the above ratio due to factors such as fluctuations in the net asset value of the trust product or redemption by investors, etc., the relevant trust product may no longer invest in the asset or asset management product until it is restored to meet the requirements.
Trust products that meet one of the following conditions are not subject to the preceding proportion:
(1) Trust documents agree to invest only in listed company shares or direct investment in shares of unlisted companies by means of strategic placement, non-public offering, bulk transactions, or agreement transfers. All investors are closed trust products with an amount of not less than 3 million yuan or foreign currency equivalent by a single investor who complies with the provisions of these Measures.
(2) All investors are institutional investors that meet the provisions of these Regulations, and the investment amount of a single investor is not less than 10 million yuan or the equivalent in foreign currency.
(3) Closed trust products that comply with Article 46 (4) of these Measures and are less than 12 months from the product termination date.
(4) Trust products that invest in securities in full accordance with the composition ratio of the relevant index. The relevant index should be an index with strong representation of constituent securities, good liquidity, meeting diversification requirements, stable operation, and transparent information.
(5) Other circumstances as stipulated by the State Financial Supervisory Authority.
Article 49 Trust companies shall not trade the assets of different trust products with each other, and shall not use trust product assets to trade with the company's inherent assets, asset service trust assets, or charitable trust assets. Except as otherwise provided by the State Financial Supervisory Authority.
Article 50 Trust companies shall strengthen the investigation and analysis of the equity relationships and business practices of users of trust funds in trust product due diligence, investment management, risk investigation, etc., comprehensively and accurately identify the relevant parties of the company, standardize the identification and pricing of related transactions, and establish and improve internal evaluation and approval mechanisms for related transactions.
Trust companies manage trust products involving related transactions. They shall follow the principle of prioritizing investors' interests, shall not conduct transactions with related parties of the Company included in the list of serious untrustworthy entities and records of major violations of laws and regulations, and the transaction price with related parties of the Company shall not be superior to the price of similar transactions carried out with unrelated parties during the same period.
Trust companies manage trust products and must not invest trust funds in related parties of the Company, except where all funds come from shareholders or companies affiliated with the Company.
For trust products that meet the conditions set forth in the preceding paragraph, a trust company that invests trust funds in related parties of the Company may be exempted from the restrictions on the investment ratio of individual institutional investors and their associated enterprises under Article 9 of these Measures, but they shall comply with the following provisions:
(1) Where shares, corporate bonds or corporate bonds, convertible bonds, or other standardized assets publicly issued by the relevant parties of the Company are purchased at market prices through public transactions at trading venues that comply with the provisions of the law, it shall be specified in advance in the trust documents or the consent of the investors shall be obtained in advance.
(2) Where trust funds are invested in related parties of the Company by other means, the investors shall be explained to the investors in advance about the trust fund users of the related transactions, the subject matter of the transaction, and the transaction conditions shall be obtained; those constituting major related transactions shall also be reviewed by the Related Transactions Control Committee and then submitted to the board of directors for approval.
(3) Disclose information to investors at least quarterly on a quarterly basis, such as the amount of capital invested in trust products in the company's related parties, and the risk status of trust products.
Article 51 Structured trust products shall include the words “structured” or “graded” in the name.
The priority and subordinate ranking ratio of structured trust products should match the risk level of the underlying asset and meet the following requirements:
(1) The rating ratio for fixed income trust products shall not exceed 3 to 1;
(2) The grading ratio for equity trust products shall not exceed 1 to 1;
(3) The grading ratio of commodities, financial derivatives, and hybrid trust products shall not exceed 2 to 1.
Mid-level trust units in structured trust products should be prioritized.
The amount of money a single investor invests in an inferior structured trust product shall not be less than RMB 1 million or its equivalent in foreign currency.
Article 52 Trust companies shall not perform the following acts when managing structured trust products:
(1) Direct or indirect use of stakeholders as subordinate investors. Stakeholders include all employees of the trust company and its subsidiaries, trust company shareholders, and directors, supervisors and senior management of the trust company shareholder organization;
(2) Structured trust products accept investments in other hierarchical asset management products, or invest in other hierarchical asset management products;
(3) Direct or indirect promises to priority investors to protect capital and income;
(4) Other situations prohibited by laws, regulations, regulatory provisions, and trust documents.
Article 53 Trust companies manage trust products, as stipulated in trust documents or with the written consent of all investors, and may incorporate funds by carrying out standardized repurchases of creditor assets on the open market or other methods approved by the State Administration of Financial Supervision and Administration, and shall comply with the following regulations:
(1) The total assets of each structured trust product shall not exceed 140 percent of its net assets;
(2) The total assets of each unstructured trust product shall not exceed 200% of its net assets.
Except as stipulated in the preceding paragraph, trust companies manage trust products, must not use trust product assets to provide guarantees to others, use trust product assets by means of sale and repurchase, and must not incorporate or disguise funds.
Article 54 Investment cooperation agencies for trust companies to manage trust products include but are not limited to issuers of asset management products invested in trust products, investment advisors related to the investment management of trust products, etc.
Investment cooperation agencies shall be institutions that have professional qualifications, comply with laws and regulations and the relevant regulations of the financial supervisory and regulatory agency under the State Council, and are subject to the supervision of the financial supervisory and regulatory agency under the State Council in accordance with the law. The State Administration of Financial Supervision and Administration shall comply with its regulations as otherwise stipulated. Private equity fund managers acting as investment cooperation agencies shall be registered with the China Securities Investment Fund Industry Association for 1 year, have no record of major violations of laws and regulations, have at least 3 years of continuous traceable investment management performance, and have at least three investment managers with no bad business records.
Trust companies should establish a selection mechanism for investment cooperation agencies to conduct due diligence on the basic situation, employment records, and historical performance of the management team of the investment cooperation agency.
Where a trust company hires investment advisors for trust products, the trust company shall disclose the identity of the investment partner agency in the trust documents, stipulate the responsibilities of the investment cooperation agency, and fully explain the risks that may arise from hiring an investment cooperation agency. Trust companies should review the investment proposals of trust product investment advisors, make independent decisions, and issue transaction instructions.
Article 55 Trust proceeds obtained by managing trust products by a trust company, if the trust documents do not stipulate any other method of use, the trust proceeds shall be entrusted to the custodian, and no one may misappropriate them.
Article 56: Trust companies shall effectively perform active management duties and shall not engage in the following acts:
(1) Providing channel services for natural persons, other institutions and asset management products managed by them to circumvent the scope of investment, leverage restrictions and other regulatory requirements;
(2) Investors and their designated third parties and trust product investment advisors are responsible for their own due diligence, investment operation, or post-investment management;
(3) Investors and their designated third parties issue investment instructions or provide substantive investment suggestions such as specific investment targets;
(4) Trust product investment advisors make decisions on their behalf, issue transaction instructions, directly execute investment instructions, and allocate trust assets.
Trust companies shall not use trust product assets to perform the following acts:
(1) Direct investment in commercial bank credit assets;
(2) Direct or indirect investment in industries and fields where debt or equity investments are prohibited by laws, regulations and national policies;
(3) Engaging in insider trading, manipulating securities prices, and participating in other illegal securities and futures business activities;
(4) Using the trustee's professional advantage and position to obtain improper benefits for themselves, inferior investors, and third parties, and treating the different trust products and investors managed unfairly;
(5) Using trust product assets to engage in improper transactions, illegal transfer of benefits, insider trading, and market manipulation with related parties, including but not limited to investing in false projects of related parties, joint acquisition of listed companies with related parties, and injecting capital into the company.
Section 5 Risk Management of Trust Products
Article 57 Trust companies shall clarify the overall strategy and policy for carrying out asset management business, establish a risk management system that matches the characteristics and risk conditions of asset management trust business, and establish a risk management system covering various types of risks such as operational risk, reputation risk, credit risk, market risk, liquidity risk, and information technology risk.
Article 58 Trust companies shall incorporate all types of credit risk assets held by each trust product into the asset quality management system, strengthen credit risk monitoring of each trust product, evaluate and continuously pay attention to the credit status and effectiveness of credit enhancement measures for users of trust funds and underlying assets, carefully determine whether relevant credit risk assets have been impaired, fully calculate asset impairment preparations at the trust product level, and truly reflect the net value of the trust product, with reference to the relevant regulations of the China Financial Supervisory Administration on financial asset risk classification , promptly take risk control measures, and urge users of trust funds to settle their debts in accordance with the law and regulations.
Article 59 Trust companies shall strengthen risk monitoring of asset investment concentration in trust products, identify assets, industries, regions, businesses, etc. where risk exposure to trust products is concentrated, establish targeted risk control indicators, formulate risk prevention and control plans, and strengthen risk disclosure and information disclosure for investors.
The total amount of capital invested in the same asset in all trust products managed by a trust company shall not exceed 30 billion yuan, except as otherwise stipulated by the State Financial Supervisory Administration.
All trust products of a trust company shall hold no more than 30% of the market value of the listed company's tradable shares. Where the ratio limit is broken through not due to subjective factors of the trust company, the trust company shall adjust to meet the requirements within ten trading days when the assets with limited liquidity can be sold, transferred, or resumed trading. Except as otherwise provided by the State Financial Supervisory Authority.
All trust products managed by a trust company, including natural person investors, invested in non-standardized creditor assets shall not exceed 50% of the total net trust assets managed by the trust company.
Article 60 Trust companies shall take into account the characteristics of different trust products, clarify the financial instruments that can be traded or invested in each trust product and the investment, value preservation and risk control strategies that can be adopted, and clarify market risk identification, measurement, monitoring and control methods. Trust companies should establish information systems compatible with market risk management, strengthen monitoring of price fluctuations in the underlying asset market, and adopt risk management measures in a timely manner.
Article 61 Trust companies shall establish and improve a liquidity risk management system appropriate to the scale and complexity of the trust product business, use appropriate liquidity risk management methods and tools to effectively identify, measure, monitor and control the liquidity risk of each trust product, formulate and continuously update liquidity risk emergency plans, and ensure that investors' legitimate rights and interests are not infringed upon and treated fairly.
Trust companies should reasonably determine the operation mode, debt ratio, and transaction structure of each open trust product, such as opening frequency, investor structure, and investment strategy for each open trust product. The liquidity of the underlying assets of trust products should match the redemption needs of various types of investors, including asset management products, to prevent the risk of mismatch of terms. The term of a closed trust product must not be less than 90 days. Open trust products must be open for no less than seven days. Other regulations provided by the State Financial Supervisory Authority are subject to its regulations.
Article 62 A trust company shall establish a full-process operational risk prevention and control mechanism, and perform fiduciary management responsibilities in accordance with laws and regulations, supervisory regulations, and trust documents.
Article 63 A trust company shall evaluate the fiduciary performance of each trust product and objectively determine the possibility of liability due to improper performance of fiduciary duties. Where liability is required, the trust company shall confirm the estimated liabilities in a timely and full amount in accordance with corporate accounting standards.
Section 6 Disclosure of Information on Trust Products
Article 64 A trust company shall, in accordance with laws, regulations and supervisory regulations, clearly stipulate the methods, channels and frequency of communication and information disclosure with investors in trust documents, and disclose information truthfully, accurately, completely and promptly to ensure that investors can check or copy the information disclosure data in accordance with the time and manner specified in the trust documents.
Article 65 Where investors inquire about information relating to their trust product assets to a trust company, the trust company shall provide relevant information in accordance with laws and regulations and trust document agreements.
Article 66 After the establishment of a trust product, a trust company shall prepare a trust product asset management report on a quarterly basis and disclose it to investors. Trust product asset management reports shall include at least the following content:
(1) Status of opening special accounts for trust product assets;
(2) Asset management, application, disposition and revenue of trust products;
(3) The net assets of trust products and the net value of trust units;
(4) The main risks faced by trust products;
(5) Changes in trust managers, investment cooperation agencies, and custodians;
(6) Situations where the trust product involves litigation or damage to the property of the trust product or the interests of investors;
(7) Other content specified by the State Financial Supervisory Authority or trust documents.
Article 67 Trust companies shall strengthen temporary disclosure of information on trust products in accordance with the regulations of the State Administration of Financial Supervision and Administration on asset management product information disclosure management.
Article 68 Trust companies shall properly keep all data such as accounting records, contracts, agreements, and transaction records for managing trust products, and no one shall conceal, falsify, tamper with or destroy them. The shelf life is not less than 15 years from the date of the end of the trusted product.
Section 7. Meeting of Beneficiaries of Trust Products
Article 69. The general meeting of beneficiaries shall be composed of all investors in trust products and shall exercise their powers in accordance with the provisions of these Measures.
Article 70 Where the following matters occur and there are no prior provisions in the trust documents, a general meeting of beneficiaries shall be convened to review and decide:
(1) Early termination of the trust contract or extension of the trust period;
(2) Change the way trust product assets are used;
(3) Change the calculation method for trust benefits;
(4) Change the trustee;
(5) Raise the remuneration standards for trustees.
Article 71 The trustee shall be responsible for convening a general meeting of beneficiaries. If the trustee fails to convene or is unable to do so, the investors representing the trust unit have the right to convene at least 10% of their own.
Article 72. To convene a meeting of beneficiaries, the convener shall inform all investors or announce matters such as the time, format of the meeting, matters to be considered, procedures and voting methods of the beneficiaries' meeting at least ten working days in advance, except where all investors agree to convene a meeting of beneficiaries.
Beneficiaries' meetings shall not vote on matters that have not been notified or announced in advance, except where all investors agree to vote.
Article 73. Beneficiaries' meetings may be held on-site or by means of communication, etc.
Each trust unit has one vote, and investors can entrust agents to attend beneficiaries' meetings and exercise voting rights.
Article 74. A beneficiaries' meeting shall be held with the participation of investors representing at least 50% of the trust unit; decisions on matters to be considered shall be approved by at least two-thirds of the voting rights held by investors attending the conference; however, replacing trustees, changing the way trust product assets are used, and trust contracts terminated early shall be approved by all investors attending the conference.
The relevant parties shall be promptly notified of matters decided by the beneficiaries' meeting.
Chapter IV: Supervision and Management
Article 75 A trust company shall, in accordance with regulations, submit off-site supervision reports for fiduciary products and materials relating to asset management trust business development, compliance management, risk investigation, etc. to agencies dispatched by the State Administration of Financial Supervision and Administration.
Trust companies shall promptly report important matters and proposed countermeasures that may have an adverse impact on the trust company or investors to the agencies dispatched by the State Administration of Financial Supervision and Administration.
Article 76 When managing trust products, a trust company shall at least fulfill the following reporting obligations:
(1) Where a trust company invests trust product assets in the company's related parties, it shall report each transaction to the agency dispatched by the State Financial Supervision and Administration within 15 working days after the transaction.
(2) The trust company shall, within 30 days after the end of each quarter, submit to the agency dispatched by the State Financial Supervisory and Administration once the quarterly transaction amount and business list of related transactions, inherent assets, or trust assets invested in trust products managed by the company that have occurred during the quarter. For related transactions other than asset trusteeship, account opening, fund supervision, securities brokerage, etc., the trust company shall explain the purpose of the transaction and transaction conditions in the business list.
Article 77 The State Financial Supervision and Administration may make requirements for the specific types of asset management trust business of trust companies and the conditions for carrying out them.
Article 78 The State Financial Supervisory Administration and its dispatched agencies shall, in accordance with law, carry out off-site supervision and on-site inspection of trust companies' management of trust products, focusing on aspects such as appropriateness management, sales management, net worth management, information disclosure, and risk management of trust products, and strengthen behavioral supervision and penetrating supervision.
The State Financial Supervision and Administration coordinates the organization of asset management trust business risk investigation and early warning, regularly informs asset management trust business risks, and strengthens risk reminders and work guidance.
The State Financial Supervisory Administration sends agencies to carry out off-site supervision. They shall collect trust companies' asset management trust business information in accordance with relevant regulations, regularly investigate risks, and establish a list of risk trust products. Agencies dispatched by the State Administration of Financial Supervision and Administration shall carry out on-site inspections in accordance with the trust company's operating conditions and risk conditions in accordance with law.
Article 79 The State Administration of Financial Supervision and Administration and its dispatched agencies use the development of trust companies' asset management trust business as the basis for supervisory and rating, and may restrict the asset management trust business of the trust company as appropriate based on the results of the trust company's supervision and rating.
Article 80 Where a trust company violates the provisions of these Measures, the State Financial Supervision and Administration and its dispatching agency shall order it to make corrections within a limited period of time, and may differentiate the circumstances and take supervisory measures and implement administrative penalties against the relevant agency or personnel in accordance with law.
Where trust product custodians, sales agents, and senior asset management product managers investing in trust products violate the provisions of these Measures, the State Financial Supervisory Authority and its dispatching agencies may distinguish the circumstances, take supervisory measures and implement administrative penalties in accordance with law, or have the right to record their misconduct and report the relevant situation to their competent department.
Article 81 The China Trust Industry Association shall implement self-regulatory management of trust companies' asset management trust business in accordance with laws, regulations and regulatory regulations, and play a self-regulatory role in regulating the behavior of employees and enhancing the professional ability of employees, guiding trust companies to improve the level of asset management services and cultivate a good trust culture.
Chapter V Supplementary Provisions
Article 82. The meaning of the following terms in these Measures:
A structured trust product refers to a trust product where a trust company divides trust products into different levels of trust units according to the order in which trust benefits are paid. The distribution of trust benefits of different levels of trust units is not calculated according to the ratio of trust units, but the trust benefits are distributed separately in trust documents and according to priority and subordinate beneficiary rights arrangements. Investors with preferential beneficiary rights are called priority investors, and investors with subordinate beneficiary rights are called inferior investors.
A closed trust product refers to a trust product that has a fixed and unique termination date, and investors cannot redeem it from the date of establishment to the date of termination. Closed trust products can set multiple subscription periods in trust documents, but trust companies must not break through the limit on the number of investors, must not correspond to different underlying assets for different investors, set different termination dates for different investors, and must not arrange for investors to withdraw early or in disguise.
An open trust product refers to a trust product where the total amount of trust units of the trust product is not fixed from the date of establishment to the date of termination. Investors can approve (apply) purchase or redeem during the opening period in accordance with the provisions of the trust documents. The opening period refers to the minimum number of days between the two opening periods of an open trust product.
Non-standardized assets refer to non-standardized debt-type assets, shares of unlisted companies, and the right to receive (receive) benefits. Standardized creditor assets and non-standardized creditor assets are determined in accordance with the “Guiding Opinions” and the “Standardized Claims Asset Recognition Rules”.
Asset management products refer to asset management products as stipulated in the “Guiding Opinions”. Private equity funds are subject to the provisions of these Measures relating to asset management products.
Article 83: These Measures will come into effect on January 1, 2027. “Administrative Measures on Trust Company Pooled Fund Trust Plans” (China Banking Regulatory Commission Order No. 3 of 2007), “Decision of the China Banking Regulatory Commission to Amend the 'Administrative Measures on Trust Companies' Pooled Fund Trust Plans” (China Banking Regulatory Commission Order No. 1 of 2009), “Notice of the General Office of the China Banking Regulatory Commission on Issues Relating to Regulating the Operation and Management of Trust Investment Companies' Securities Business” (Banking Regulatory Affairs Pass [2004] No. 265), “China Banking Regulatory Commission on Implementing the 'Trust Company Management Measures] and “Notice of the China Banking Regulatory Commission on Issues Related to the Administrative Measures on Pooled Fund Trust Plans” (Banking Regulatory Commission (2007) No. 3), “Notice of the China Banking Regulatory Commission on Specific Matters Relating to the Implementation of the 'Management Measures for Trust Companies' and the 'Management Measures for Trust Companies' Pooled Fund Trust Schemes” (Banking Regulatory Commission (2008) No. 83), “Notice of the China Banking Regulatory Commission on Issuing the 'Operational Guidelines for Trust Companies' Securities Investment Trust Business'” (Banking Regulatory Affairs)〔 2009] No. 11), “Notice of the China Banking Regulatory Commission on Further Regulating Bankcredit Cooperation” (Banking Regulatory Commission (2009) No. 111), “Notice of the China Banking Regulatory Commission on Issues Related to Strengthening the Supervision of Structured Trust Business of Trust Companies” (Banking Regulatory Commission (2010) No. 2), “Notice of the China Banking Regulatory Commission on Matters Relating to Regulating Bankxin Wealth Management Cooperation Business” (Banking Regulatory Commission (2010) No. 72), “Notice of the China Banking Regulatory Commission on Further Regulating Bankxin Wealth Management Cooperation Business” (Bank Regulatory Commission 2011 [7]), “China Banking Regulatory Commission's Notice on Further Regulating Bankxin Wealth Management Cooperation Business” (Bank Regulatory Commission 2011 [7]) Standard silver “Notice on the Scope and Method of Financial Cooperation Business Transfer” (issued by the Banking Regulatory Office (2011) No. 148), “Notice of the General Office of the China Banking Regulatory Commission on Matters Relating to Trust Companies' Bills Trust Business” (2012) No. 70), “China Banking Regulatory Commission General Office's Guiding Opinions on Trust Company Risk Supervision” (CBRC) (2014) No. 99), and “Opinions of the General Office of the China Banking Regulatory Commission on Further Strengthening the Risk Supervision of Trust Companies” (CBRC) (2016) No. 58) were also abolished.
Article 84 These Measures shall be interpreted by the State Administration of Financial Supervision and Administration.
Article 85 From the date of implementation of these Measures, new operations carried out by trust companies shall comply with the provisions of these Measures. For stock businesses that do not comply with the provisions of these Measures, trust companies shall formulate rectification plans, lock down trust products, and reduce the scale of business in an orderly manner. Among them, trust companies may rectify situations that do not meet the proportions stipulated in Sections 9 and 48 of these Measures by “not accepting new investments from relevant investors” and “not adding relevant asset investments”. Trust companies may rectify situations that do not meet the requirements for non-standardized asset investment in Article 46 of these Measures by “not investing in additional relevant assets”. Trust companies may rectify situations that do not comply with the administrative requirements of investment cooperation agencies in Article 54 (2) of these Measures by “not adding the scale of investment in related products”. For situations that do not meet the requirements of Article 61 of these Measures relating to the opening cycle of open trust products, trust companies may rectify by means of natural expiration of trust products, but the rectification period shall not be later than the end of 2029.
This article was selected from the official website of the “State Financial Supervisory Administration”. Zhitong Finance Editor: Chen Siyu.