Notice of the China Banking Regulatory Commission on Specific Matters Relating to the Implementation of the "Measures for Administration of Trust Companies" and the "Measures for the Administration of Collective Fund Trust Schemes of Trust Companies"

中国银行业监督管理委员会关于实施《信托公司管理办法》和《信托公司集合资金信托计划管理办法》有关具体事项的通知

 

Promulgating Institution: China Banking Regulatory Commission

Promulgating Date: 02/14/2007

Effective Date: 02/14/2007

颁布机关: 中国银行业监督管理委员会

颁布时间: 02/14/2007

实施时间: 02/14/2007

 

To banking regulatory bureaus, and trust and investment companies directly under supervision by the China Banking Regulatory Commission,

The Measures for the Administration of Trust Companies and Measures for the Administration of Collective Fund Trust Schemes of Trust Companies (hereinafter collectively referred to as the "new Measures") will become effective from March 1, 2007. In order to encourage trust and investment companies to carry out business in accordance with the new Measures and ensure the smooth transition to the new Measures, we hereby issue the following notice to further clarify the related matters:

    各银监局,银监会直接监管的信托投资公司:

    《信托公司管理办法》和《信托公司集合资金信托计划管理办法》(以下统称新办法)将于2007年3月1日实施。为推动信托投资公司按照新办法相关规定开展业务并实现平稳过渡,现将有关事宜进一步通知如下:

1. The implementation of the new Measures is for the purposes of encouraging trust and investment companies to actually transform themselves, within the next three to five years, from "financing platforms" into specialized institutions that "engage in wealth management business on behalf of others through entrustment", to adjust and innovate the business according to the market needs and their actual conditions and to strive to become specialized financial institutions of core competitiveness which keep risks under control, comply with laws and regulations and constantly innovate. The China Banking Regulatory Commission actively encourages trust and investment companies to enhance competition, achieve optimized allocation of the trust resources and promote substainable and progressive development as well as steady operation of the industry.

       一、新办法的颁布实施,目的是推动信托投资公司从“融资平台”真正转变为“受人之托、代人理财”的专业化机构,促进信托投资公司根据市场需要和自身实际进行业务调整和创新,力争在3至5年内,使信托投资公司发展成为风险可控、守法合规、创新不断、具有核心竞争力的专业化金融机构。银监会积极鼓励信托投资公司加强竞争,实现信托资源的优化配置,推动行业的持续健康发展和安全运行。

2. Any trust and investment company that is capable of conducting business in accordance with the new Measures and meet the requirements of Article 3 of this Notice shall file an application for change of company name and business operations, etc., with the China Banking Regulatory Commission within two months after this Notice is distributed. Other trust and investment companies shall make arrangement for the transition period. The transition period shall commence on the date of promulgation of the new Measures and last for not more than three years.

Local banking regulatory bureaus shall be responsible for the preliminary review of applications filed and then submit the preliminarily reviewed applications to the China Banking Regulatory Commission for further review and approval. Subject to approval of the China Banking Regulatory Commission, the relevant local banking regulatory bureaus shall issue a new financial license for the trust and investment companies.

All banking regulatory bureaus shall provide opinions of preliminary review and submit the same to the China Banking Regulatory Commission for review and approval within 15 working days from the date of receipt of the applications filed by trust and investment companies.

       二、凡能够按照新办法开展业务,且满足本通知第三条规定条件的信托投资公司,应当自本通知下发之日起2个月内,向银监会提出变更公司名称和业务范围等事项的申请。其他信托投资公司实施过渡期安排。过渡期自新办法施行之日起,最长不超过3年。

    申请由所在地银监局负责初审,报银监会审查批准后,给予信托投资公司换发新的金融许可证。

    各银监局应当自收到信托投资公司申请之日起15个工作日内提出初审意见并报银监会审批。

3. When a trust and investment company applies for change of its company name and for a new financial license, such company shall satisfy the following requirements:

(1) Have a sound corporate governance, internal control, compliance and risk management mechanism.

(2) Have sound social reputation for creditworthiness and performance and proper information disclosure system.

(3) Have senior management personnel and professionals necessary for conducting the business;

(4) Have no record of major violation of the laws and regulations during the immediately preceding three years.

(5) Trust products that reach maturity can be settled normally and existing trust products are operating stably.

(6) The net asset after a full provision of various losses in the recent year is not less than RMB 300 million.

(7) Have no major pending litigations, etc.

(8) Other prudential conditions specified by the China Banking Regulatory Commission.

       三、信托投资公司申请变更公司名称并换发新的金融许可证,应当具备下列条件:

    (一)具有良好的公司治理、内部控制、合规和风险管理机制。

    (二)具有良好的社会信誉和业绩,具有规范的信息披露制度。

    (三)具有满足业务开展需要的高级管理人员和专业人员;

    (四)最近三年内无重大违法、违规行为。

    (五)已到期信托产品均能正常清算,现有信托产品运行平稳。

    (六)最近年度提足各项损失准备后净资产不低于3亿元人民币。

    (七)公司不存在重大未决诉讼等事项。

    (八)银监会规定的其他审慎性条件。

4. To apply for a change in the company name and for a new financial license, a trust and investment company shall submit the following documents and materials in triplicate:

(1) Application for change of company name and business operations, etc.

(2) Scheme for clearing of industrial investment under pre-existing items.

(3) Existing business adjustment scheme, including the sizing-down scheme of collective fund trust, guarantee and inter-banking borrowing and affiliated transaction regulation scheme, etc.

(4) Resolutions adopted by the board of directors of the company approving the implementation of the industrial investment clean-up scheme and existing business adjustment scheme as well as legal opinions provided by a qualified law firm for related schemes.

(5) Description of operating status and fluidity arrangement scheme of each surviving collective fund trust scheme.

(6) Photocopy of business license, draft of the Articles of Association of the company that are to be amended and the resolution of the board of shareholders.

(7) Name-list and curriculum viteas of the senior management personnel and professionals.

(8) Undertaking of the president and general manager of the company regarding the authenticity, accuracy and integrity of the application materials.

(9) Other documents and materials to be submitted as required by the China Banking Regulatory Commission.

       四、信托投资公司申请变更公司名称并换发新的金融许可证,应当报送下列文件和资料(一式三份):

    (一)公司名称、业务范围变更等事项的申请。

    (二)固有项下实业投资清理方案。

    (三)现有业务调整方案。包括集合资金信托贷款、担保、同业拆入等业务压缩方案、关联交易规范方案等。

    (四)公司董事会批准实施实业投资清理、现有业务调整方案的决议、以及具备资质的律师事务所对相关方案出具的法律意见书。

    (五)每个存续集合资金信托计划运行状况说明及流动性安排方案。

    (六)营业执照复印件、拟修订的公司章程草案及股东会决议。

    (七)高级管理人员和专业人员名单及从业履历。

    (八)公司董事长、总经理对申报材料真实性、准确性和完整性的承诺书。

    (九)银监会要求提交的其他文件和资料。

5. Any trust and investment company that has been approved to change its company name and renew its financial license shall comply with the following requirements:

(1) Industrial investments under pre-existing items shall be cleared up prior to December 31, 2007. Industrial investments subject to clearing-up process shall be tabulated and reported separately on a monthly basis specifying the asset quality status and clean-up deadline.

Subject to approval, the clearing deadline of financial industrial investment that does not exceed 20% as to the equity investment proportion, which is free of control, common control or major influence, and of good asset quality and significant investment income, may be postponed to March 1, 2010.

During the clearing-up of industrial investment, the trust and investment company shall not enter into any affiliated transaction with the invested entities, but may report any affiliated transaction relating to the clearing-up to the China Banking Regulatory Commission or local banking regulatory bureau for approval before the transaction is carried out.

Once the clearing-up of industrial investment under pre-existing items is complete, the net asset of the trust and investment company upon the full provision of various losses shall not be less than RMB300 Million.

(2) Cut down the scale of the borrowing and guarantee business gradually. Before related requirements of the new Measures are met, the trust and investment company shall not carry out new borrowing and guarantee business.

(3) The collective fund trust loan business newly accrued shall be assessed for the balance at the end of the year in accordance with the proportion specified in the new Measures based on the new collective fund trust business.

(4) The business newly accrued shall be in strict accordance with the newly approved business scope and the relevant requirements of the new Measures.

The local banking regulatory bureau of the place in which the trust and investment company is located shall supervise over and verify the clearing of industrial investments under pre-existing items and cashing of collective fund trust schemes of the trust and investment company on a regular basis. In the event that a tust and investment company that is approved to renew the financial license fails to finish the clearing of industrial investments prior to December 31, 2007, it shall be subject to regulatory measures such as suspension of business and cancellation of certain business qualifications in accordance with the relevant laws and regulations.

       五、获准变更公司名称并换发新的金融许可证的信托投资公司,应当遵守以下规定:

    (一)固有项下实业投资应当于2007年12月31日前清理完毕。应清理的实业投资逐月单独列表报告,并说明资产质量状况、清理结束时限。

    对股权投资比例不超过20%且不存在控制、共同控制或重大影响,资产质量良好、投资收益显著的财务性实业投资,经批准,清理完成期限可延迟到2010年3月1日。

    在实业投资清理期间,信托投资公司不得与被投资单位发生关联交易,但与清理事项有关的关联交易可向银监会或所在地银监局报告,经银监会或所在地银监局同意后进行交易。

    完成固有项下实业投资清理后,信托投资公司提足各项损失准备后的净资产应不低于3亿元人民币。

    (二)逐步压缩拆入、担保业务规模。在达到新办法相关要求前,信托投资公司不得新办拆入、担保业务。

    (三)新发生的集合资金信托贷款业务以新发生的集合资金信托业务为基数,按照新办法规定的比例要求对年末余额进行考核。

    (四)新发生业务应当严格执行新批准的业务范围及新办法有关规定。

    所在地银监局应定期对信托投资公司固有项下实业投资清理和集合资金信托计划兑付情况进行督促、考核。获准换发新的金融许可证的信托公司在2007年12月31日前未完成实业投资清理的,将依据有关法律、法规采取暂停业务、取消部分业务资格等监管措施。

6. The China Banking Regulatory Commission shall support any trust and investment company that has been approved to renew the financial license to provide trial schemes in business innovation and organization management, etc, give priority towards supporting it to carry out innovative business such as private equity investment trust, asset securitization, entrusted overseas financial management and real estate investment trust in accordance with the approval procedures. Reform measures that are intended to promote innovative development and institution regulation of the trust and investment companies will also be experimented upon and implemented .

       六、对获准换发新的金融许可证的信托投资公司,银监会鼓励其在业务创新、组织管理等方面主动提出试点方案,按照审批程序,优先支持其开展私人股权投资信托、资产证券化、受托境外理财、房地产投资信托等创新类业务。推进信托投资公司创新发展和机构监管的改革措施也将优先对其试行。

7. Any trust and investment company that plans to implement the arrangement during the transition period shall submit the following documents and materials in triplicate to the China Banking Regulatory Commission or the relevant local banking regulatory bureau within two months after this Notice is distributed:

(1) Scheme during the transition period. The scheme during the transition period shall at least include the deadline of the transition period, clearing scheme of industrial investments under pre-existing items, business adjustment regulation scheme, arrangement for transition of business surviving the expiration of the transition period to the new Measures, operating status of each surviving collective fund trust scheme and liquiditiy arrangement scheme, etc.

(2) Resolutions adopted by the board of directors of the company approving the implementation of the scheme during the transition period as well as legal opinions provided by a qualified law firm for related schemes.

(3) Other documents and materials to be submitted as required by the China Banking Regulatory Commission.

The relevant local banking regulatory bureau shall supervise over and check related matters of the trust and investment company against the scheme during the transition period.

       七、拟实施过渡期安排的信托投资公司,应当自本通知下发之日起2个月内,向银监会或所在地银监局报送下列文件和资料(一式三份):

    (一)过渡期方案。过渡期方案应当至少包括拟实施过渡期的时限、固有项下实业投资清理方案、业务调整规范方案、过渡期结束后存续业务与新办法的衔接处理安排、每个存续集合资金信托计划运行状况说明及流动性安排方案等。

    (二)批准实施过渡期方案的董事会决议和具备资质的律师事务所对相关方案出具的法律意见书。

    (三)银监会要求提交的其他文件和资料。

    所在地银监局应对照过渡期方案,对信托投资公司相关事项进行督促、考核。

8. The trust and investment company shall comply with the following requirements during the transition period:

(1) Clear up the industrial investment under pre-existing items in accordance with the progress specified in the scheme during the transition period and finish the clean-up prior to the expiration of the transition period.

During the clean-up of industrial investment, the trust and investment company shall not enter into any affiliated transaction with the invested unit, but may report any affiliated transaction relating to the clean-up to China Banking Regulatory Commission or local banking regulatory bureau for approval before the transaction is carried out.

(2) Cut down the scale of the borrowing and guarantee business gradually. Prior to the compliance with the related requirements of the new Measures, the trust and investment company shall not carry out new borrowing and guarantee business.

(3) No collective fund trust business may be marketed in other places.

(4) The following transitional measures shall apply to the collective fund trust business.

(a) The number of entrustees of each collective fund trust scheme shall not exceed 200 and the amount of each contract shall not be less than RMB 200,000 (including RMB 200,000).

(b) The amount of transfer of each benefit right shall not be less than RMB 200,000 (including RMB 200,000), the benefit right of an institutional investor shall not be transferred to a natural preson and the number of transferred benefit right of the collective fund scheme shall not exceed 200.

(c) In order to conduct the collective fund trust business, it is necessary to report to the China Banking Regulatory Commission or local banking regulatory bureau in advance. Where the China Banking Regulatory Commission or local banking regulatory bureau raises no objection within 20 working days, the trust and investment company can start marketing of the collective fund trust scheme.

(5) The new collective fund trust loan business shall meet the requirements for proportion specified in the new Measures prior to the expriation of the transition period based on the new collective fund trust business.

(6) In addition to the collective fund trust business, other new businesses shall also comply strictly with appropriate requirements of the new Measures.

       八、处于过渡期内的信托投资公司,应当遵守以下规定:

    (一)按照过渡期方案确定的进度逐步清理固有项下实业投资,并于过渡期结束前清理完毕。

    在实业投资清理期间,信托投资公司不得与被投资单位发生关联交易,但与清理事项有关的关联交易可向银监会或所在地银监局报告,经银监会或所在地银监局同意后可进行交易。

    (二)逐步压缩拆入、担保业务规模。在达到新办法相关要求前,信托投资公司不得新办拆入、担保业务。

    (三)集合资金信托业务不得进行异地推介。

    (四)开展集合资金信托业务可适用以下过渡性措施:

    1每个集合资金信托计划的委托人不得超过200个,每份合同金额不得低于人民币20万元(含20万元)。

    2受益权转让每份金额不得低于人民币20万元(含20万元),且机构投资者受益权不得向自然人转让,转让后的集合资金计划受益权在存续期内不得超过200份。

    3开展集合资金信托业务时,应当向银监会或所在地银监局事前报告。如银监会或所在地银监局在20个工作日内无异议,信托投资公司方可对集合资金信托计划进行推介。

    (五)新发生的集合资金信托贷款业务以新发生的集合资金信托业务为基数,在过渡期结束前达到新办法规定的比例要求。

    (六)除开展集合资金信托业务应按照本条有关规定外,其他新发生业务应当严格执行新办法有关规定。

9. The China Banking Regulatory Commission will not accept any application for qualifications of innovative business such as asset securitization and entrusted overseas financial management from any trust and investment company during the transition period.

       九、银监会不受理过渡期内信托投资公司资产证券化、受托境外理财等创新类业务资格的申请。

10. The trust and investment company that implements arrangement during the transition period may apply to the China Banking Regulatory Commission for terminating the transition period in advance, changing the company name and business scope, etc., after the clearing-up of industrial investment is complete and the business is adjusted to meet the requirements of the new Measures. The net asset of the trust and investment company that applies for termination of the transition period after the provisions for various losses are fully made shall not be less than RMB 300 Million.

The administrative licensing procedures of the above matters shall be in accordance with Article 2 of this Notice.

       十、实施过渡期安排的信托投资公司,在完成实业投资清理且业务调整已达到新办法要求后,可提前向银监会提出结束过渡期、变更公司名称和业务范围等事项的申请。申请结束过渡期的信托投资公司提足各项损失准备后的净资产不得低于3亿元人民币。

    上述事项的行政许可程序按照本通知第二条执行。

11. When filing an application to terminate the transition period and to renew the financial license, the trust and investment company shall submit the following documents and materials in triplicate:

(1) Documents and materials to be submitted as required in Items (1), (5), (6), (7), (8) and (9) of Article 4 of this Notice.

(2) Implementation of the scheme during the transition period includes clearing-up of industrial investment under pre-existing items and adjustment of existing business (including sizing-down of the collective fund trust loan business, guarantee business and inter-banking borrowing business, etc., as well as regulation of affiliated transactions).

(3) Other documents and materials to be submitted as required by the China Banking Regulatory Commission.

       十一、信托投资公司申请结束过渡期并换发新的金融许可证应报送下列文件和资料(一式三份):

    (一)本通知第四条第一、五、六、七、八、九项要求提交的文件和资料。

    (二)过渡期方案落实情况,包括固有项下实业投资清理情况、现有业务调整情况(包括集合资金信托贷款、担保、同业拆入等业务压缩情况、关联交易规范情况等)等。

    (三)银监会要求提交的其他文件和资料。

12. The local banking regulatory bureau shall approve the application for change of business scope and renewal of the financial license in a prudential manner, strictly pursuant to the relevant requirements of the new Measures and this Notice, depending on overall operating status, policy construction and provision of professionals of the trust and investment company and in view of the effects of clearing-up of industrial investment, business adjustment and liquidity arrangement of the surviving collective fund trust schemes.

In the event the China Banking Regulatory Commission otherwise specifies provisions for examination and approval of qualifications for innovative business such as asset securitization and entrusted overseas financial management, such provisions shall prevail.

       十二、所在地银监局要严格按照《新办法》和本通知有关规定,根据信托投资公司整体经营状况、制度建设和专业人员配备情况,结合公司固有项下实业投资清理效果、业务调整和存续集合资金信托计划的流动性安排等要素,审慎核准其变更业务范围和换发新的金融许可证的申请。

    对资产证券化、受托境外理财等创新类业务资格的审批,银监会另有规定的,从其规定。

13. After the implementation of the new Measures, any business of a trust and investment company that is during the contract performance period may be conducted until the termination of the contract.

       十三、新办法实施后,信托投资公司正在合同执行期的业务可履行至合同结束。

14. With effect from the date of promulgation of the new Measures, the trust and investment company that implements arrangement during the transition period shall carry out business in accordance with the requirements of this Notice; the trust and investment company that applies for change of company name and business scope shall conduct business within the originally approved business scope in accordance with the requirements of the new Measures before the application is approved.

       十四、自新办法正式施行之日起,实施过渡期安排的信托投资公司应按本通知要求开展业务;申请变更公司名称和业务范围等事项的信托投资公司,在有关申请获批前,应在原已批准的业务范围内按新办法有关规定开展业务。

15. Any trust and investment company that is undergoing re-organization or plans to introduce qualified strategic investors shall comply with the relevant requirements of the new Measures.

       十五、正在重组或拟引进合格战略投资者的信托投资公司,应执行新办法的有关规定。

16. Any trust and investment company that fails to complete the clearing-up of industrial investment under pre-existing items or conduct business in accordance with the requirements of the new Measures prior to March 1, 2010 shall be ordered to re-organize itself, or exit the market, in accordance with the relevant laws and regulations.

February 14, 2007

       十六、在2010年3月1日后仍未完成固有项下实业投资清理或无法按照新办法要求开展业务的信托投资公司,将依据有关法律法规责令其进行重组或市场退出。

二○○七年二月十四日