| Order of the China Insurance Regulatory Commission | | 中国保险监督管理委员会令2016年第2号 |
( No. 2 [2016]) | | （2016年第2号） |
| The Administrative Measures for the Indirect Investment of Insurance Funds in Infrastructure Projects, as deliberated and adopted at the chairman's executive meeting of the China Insurance Regulatory Commission on April 29, 2016, are hereby issued, and shall come into force on August 1, 2016. | | 《保险资金间接投资基础设施项目管理办法》已经2016年4月29日中国保险监督管理委员会主席办公会审议通过，现予公布，自2016年8月1日起实施。 |
| Chairman: Xiang Junbo | | 主 席 项俊波 |
| June 14, 2016 | | 2016年6月14日 |
| Administrative Measures for the Indirect Investment of Insurance Funds in Infrastructure Projects | | 保险资金间接投资基础设施项目管理办法 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 For the purposes of strengthening the administration of the indirect investment of insurance funds in infrastructure projects, preventing and controlling the risks in management and operation, guaranteeing the security of insurance funds, protecting the lawful rights and interests of the insurer, the insured and all parties, and promoting the stable and sound development of the insurance sector, these Measures are developed in accordance with the Insurance Law of the People's Republic of China, the Trust Law of the People's Republic of China, the Contract Law of the People's Republic of China, and other relevant laws and administrative regulations. | | 第一条 为了加强对保险资金间接投资基础设施项目的管理，防范和控制管理运营风险，确保保险资金安全，维护保险人、被保险人和各方当事人的合法权益，促进保险业稳定健康发展，根据《中华人民共和国保险法》、《中华人民共和国信托法》、《中华人民共和国合同法》等法律、行政法规，制定本办法。 |
| Article 2 For the purpose of these Measures, “indirect investment of insurance funds in infrastructure projects” means that the principal entrusts his or her insurance funds to the trustee, and the trustee creates an investment plan in its own name according to the principal's wishes, invests in infrastructure projects, and manages or disposes of insurance funds for the benefits of the beneficiary or for specific purposes. | | 第二条 本办法所称保险资金间接投资基础设施项目，是指委托人将其保险资金委托给受托人，由受托人按委托人意愿以自己的名义设立投资计划，投资基础设施项目，为受益人利益或者特定目的，进行管理或者处分的行为。 |
| Article 3 The principal that invests in an investment plan created by the trustee shall retain the custodian to take into custody property under the investment plan. The beneficiary shall retain an independent supervisor to oversee the management and operation of the investment plan. | | 第三条 委托人投资受托人设立的投资计划，应当聘请托管人托管投资计划的财产。受益人应当聘请独立监督人监督投资计划管理运营的情况。 |
| Article 4 The principal, the trustee, the beneficiary, the custodian, the independent supervisor and other parties that participate in the investment plan shall conduct relevant business activities in accordance with the law, and according to these Measures, enter into written contracts to indicate the rights and obligations of all parties. | | 第四条 委托人、受托人、受益人、托管人、独立监督人以及参与投资计划的其他当事人应当依法从事相关业务活动，并按照本办法规定，签订书面合同，载明各方的权利、义务。 |
| Article 5 Property under an investment plan shall be independent from the intrinsic property of the trustee, the custodian, the independent supervisor and any other natural person, legal person or organization that provides services for the management of the investment plan and from other properties managed by them. The property and income obtained by the trustee from managing, utilizing, selling, or otherwise disposing of property under the investment plan shall be incorporated into property under the investment plan. | | 第五条 投资计划财产独立于受托人、托管人、独立监督人及其他为投资计划管理提供服务的自然人、法人或者组织的固有财产及其管理的其他财产。受托人因投资计划财产的管理、运用、处分或者其他情形取得的财产和收益，应当归入投资计划财产。 |
| Article 6 Where the trustee, the custodian, the independent supervisor or any other natural person, legal person or organization that provides services for the management of an investment plan is liquidated for being dissolved, abolished or declared bankrupt in accordance with the law or for any other reason, the property under the investment plan is not liquidating property. | | 第六条 受托人、托管人、独立监督人及其他为投资计划管理提供服务的自然人、法人或者组织，因依法解散、被依法撤销或者被依法宣告破产等原因进行终止清算的，投资计划财产不属于其清算财产。 |
| The claims owned by property under the investment plan shall not be used to offset the debts incurred by the intrinsic property of the trustee, the custodian, the independent supervisor or any other natural person, legal person or organization that provides services for the management of the investment plan. The claims owned and debts incurred by properties under different investment plans shall not be offset mutually. | | 投资计划财产的债权，不得与受托人、托管人、独立监督人及其他为投资计划管理提供服务的自然人、法人或者组织的固有财产产生的债务相抵销。不同投资计划财产的债权债务，不得相互抵销。 |
| No enforcement may be conducted against property under an investment plan, except for the debts incurred by the implementation of the investment plan. | | 非因执行投资计划产生债务，不得对投资计划财产强制执行。 |
| Article 7 The indirect investment of insurance funds in infrastructure projects shall observe the principles of safety, benefits, liquidity, and asset-liability matching. The principal shall prudently make investment and prevent risks. The trustee, the custodian, the independent supervisor or any other natural person, legal person or organization that provides services for the management of the investment plan shall devote themselves to their duties, and perform their obligations of good faith, prudence and diligence. | | 第七条 保险资金间接投资基础设施项目，应当遵循安全性、收益性、流动性和资产负债匹配原则。委托人应当审慎投资，防范风险。受托人、托管人、独立监督人及其他为投资计划管理提供服务的自然人、法人或者组织，应当恪尽职守，履行诚实、信用、谨慎、勤勉的义务。 |
| Article 8 The China Insurance Regulatory Commission (hereinafter referred to as the “CIRC”) shall be responsible for formulating policies relating to the indirect investment of insurance funds in infrastructure projects. | | 第八条 中国保险监督管理委员会（以下简称中国保监会）负责制定保险资金间接投资基础设施项目的有关政策。 |
| The CIRC and relevant regulatory departments shall, in accordance with the law, conduct supervision and administration of all parties to the infrastructure projects indirectly funded by insurance funds and relevant business activities. | | 中国保监会与有关监管部门依法对保险资金间接投资基础设施项目的各方当事人和相关业务活动进行监督管理。 |
| Chapter II Investment Plans | | 第二章 投资计划 |
| Article 9 For the purpose of these Measures, “investment plan” means a financial instrument through which all parties agree on their rights and obligations in the form of a contract, and determine investment shares, amount, currencies, term or investment withdrawal methods, uses of funds, income payment, transfer of the beneficiary certificate, and other content. | | 第九条 本办法所称投资计划，是指各方当事人以合同形式约定各自权利义务关系，确定投资份额、金额、币种、期限或者投资退出方式、资金用途、收益支付和受益凭证转让等内容的金融工具。 |
| Article 10 An investment plan may invest in infrastructure projects by creditors' rights, stock rights, real rights and other feasible methods. | | 第十条 投资计划可以采取债权、股权、物权及其他可行方式投资基础设施项目。 |
| Where an investment plan invests in an infrastructure project by creditors' rights, it shall have specific repayment arrangements. If the investment plan invests in an infrastructure project by stock rights or public-private partnership, it shall select a project with a transparent charging and pricing mechanism, predictable and stable cash flows or specific withdrawal arrangements. | | 投资计划采取债权方式投资基础设施项目的，应当具有明确的还款安排。采取股权、政府和社会资本合作模式投资基础设施项目的，应当选择收费定价机制透明、具有预期稳定现金流或者具有明确退出安排的项目。 |
| Article 11 The infrastructure project invested by an investment plan shall meet the following conditions: | | 第十一条 投资计划投资的基础设施项目应当符合下列条件： |
| (1) It complies with national industry policies and relevant policies. | | （一）符合国家产业政策和有关政策； |
| (2) It has performed statutory procedures for project establishment, development, construction and operation, among others. | | （二）项目立项、开发、建设、运营等履行法定程序； |
| (3) The fundraiser has no bad credit record in the last two years. | | （三）融资主体最近2年无不良信用记录； |
| (4) It meets other conditions prescribed by the CIRC. | | （四）中国保监会规定的其他条件。 |
| Article 12 An investment plan shall not invest in any infrastructure project falling under any of the following circumstances: | | 第十二条 投资计划不得投资有下列情形之一的基础设施项目： |
| (1) Investment in the project is explicitly prohibited or restricted by the state. | | （一）国家明令禁止或者限制投资的； |
| (2) The project fails to obtain a legal and valid license as required by the state. | | （二）国家规定应当取得但尚未取得合法有效许可的； |
| (3) The subject is indefinite, the ownership is unspecific, or there are any other legal risks. | | （三）主体不确定或者权属不明确等存在法律风险的； |
| (4) The fundraiser fails to meet the statutory conditions for financing. | | （四）融资主体不符合融资的法定条件的； |
| (5) Any other circumstance prescribed by the CIRC. | | （五）中国保监会规定的其他情形。 |
| Article 13 An investment plan shall at least include the following legal documents: | | 第十三条 投资计划至少应当包括下列法律文书： |
| (1) The prospectus of the investment plan. | | （一）投资计划募集说明书； |
| (2) The entrustment contract entered into by the principal and the trustee, which shall at least cover the name of the investment plan, the management methods, the rights and obligations of all parties, the term or investment withdrawal methods, amount, the distribution and payment of income from property under the investment plan, the management expenses and remuneration, the subject undertaking the loss of property under the investment plan and the methods therefor, the liability for compensation for breach of contract, and the dispute resolution methods, among others. | | （二）委托人与受托人签订的受托合同，合同至少应当包括投资计划名称、管理方式、各方当事人权利义务、期限或者投资退出方式、金额、投资计划财产的收益分配和支付、管理费用和报酬、投资计划财产损失后的承担主体和承担方式、违约赔偿责任和纠纷解决方式等内容； |
| (3) The custody contract entered into by the principal and the custodian, which shall at least cover the scope of property under custody, the transfer of income from property under the investment plan, fund clearing, accounting and valuation, provisioning of expenses, and liability for compensation for breach of contract, among others. | | （三）委托人与托管人签订的托管合同，合同至少应当包括托管财产范围、投资计划财产的收益划拨、资金清算、会计核算及估值、费用计提、违约赔偿责任等内容； |
| (4) The investment contract or relevant agreement entered into by the trustee and the fundraiser, which shall at least cover the investment amount, term or investment withdrawal method, uses of funds, fund transfer methods, project management methods, operation and management, and liability for compensation for breach of contract, among others. | | （四）受托人与融资主体签订的投资合同或者相关协议，至少应当包括投资金额、期限或者投资退出方式、资金用途及划拨方式、项目管理方式、运营管理、违约赔偿责任等内容； |
| (5) The supervision contract entered into by the beneficiary and the independent supervisor, which shall at least cover the supervision scope of the independent supervisor, confirmation of transfer of funds beyond the quota, fund transfer methods, project management and operation, supervision of construction quality, and liability for compensation for breach of contract, among others. | | （五）受益人与独立监督人签订的监督合同，合同至少应当包括独立监督人的监督范围，超过限额的资金划拨确认以及资金划拨方式、项目管理运营、建设质量监督、违约赔偿责任等内容； |
| (6) Bylaws of the beneficiaries' meeting. | | （六）受益人大会章程； |
| (7) Legal documents on credit enhancement if the investment plan has credit enhancement arrangements. | | （七）投资计划具有信用增级安排的，应当包括信用增级的法律文件； |
| (8) Other legal documents prescribed by the CIRC. | | （八）中国保监会规定的其他法律文书。 |
| The legal documents prescribed in items (2) through (6) of the preceding paragraph shall indicate such matters as entrustment, custody, project investment, and supervision participated by other parties. | | 前款第（二）、（三）、（四）、（五）、（六）项规定的法律文书应当载明其他当事人参与的有关受托、托管、项目投资、监督等事项。 |
| Article 14 The prospectus of an investment plan shall at least indicate the following matters: | | 第十四条 投资计划募集说明书至少应当载明下列事项： |
| (1) Investment and management risks. | | （一）投资和管理风险； |
| (2) Objective of the investment plan and basic information on the infrastructure project, including the use, amount and term or investment withdrawal methods of project funds, repayment methods, guarantee clauses, liability for breach of contract, and information disclosure, among others. | | （二）投资计划目的和基础设施项目基本情况，包括项目资金用途、金额、期限或者投资退出方式、还款方式、保证条款及违约责任、信息披露等； |
| (3) Basic information on all parties, including their names, domiciles, contact information and their relationships. | | （三）各方当事人基本情况，包括名称、住所、联系方式及其关联关系； |
| (4) Investment feasibility analysis. | | （四）投资可行性分析； |
| (5) Business flow of the investment plan, including registration and custody matters, post-investment management, risk and control measures, liquidity arrangements, profit distribution, and account management. | | （五）投资计划业务流程，包括登记及托管事项、投后管理、风险及控制措施、流动性安排、收益分配及账户管理； |
| (6) Creation and termination of the investment plan. | | （六）投资计划的设立和终止； |
| (7) Tax payment under the investment plan. | | （七）投资计划的纳税情况； |
| (8) Other matters as agreed upon in the investment plan or prescribed by any law, administrative regulation or the CIRC. | | （八）投资计划约定或者法律、行政法规以及中国保监会规定的其他内容。 |
| Investment and management risks shall be indicated at a conspicuous place of the prospectus of the investment plan. | | 投资和管理风险应当在投资计划募集说明书的显著位置加以提示。 |
| Article 15 All parties to an investment plan shall agree upon in writing in the investment plan the standards for the provisioning of trust management expenses, custody expenses, supervision expenses and other remunerations, calculation methods, modes of payment, clauses on contract performance guarantee, and liability for the breach of contract, among others. | | 第十五条 投资计划各方当事人应当在投资计划中书面约定受托管理费、托管费、监督费和其他报酬的计提标准、计算方法、支付方式、保证履约条款以及违约责任等内容。 |
| All parties shall, under the principle of market fairness, rationally determine the relevant fee rates by taking into comprehensive consideration operating cost, requirements for the performance of functions, and other factors. The relevant parties may, upon negotiation, increase or decrease the amount of remuneration agreed upon, and amend the agreements on remuneration. | | 各方当事人应当按照市场公允原则，综合考虑运营成本、履职需要等因素合理确定相关费率水平。有关当事人经协商同意，可以增减约定报酬的数额，修改有关报酬的约定。 |
| Article 16 The beneficiary's rights under an investment plan shall be divided into shares of equal amount. | | 第十六条 投资计划的受益权应当分为金额相等的份额。 |
| The beneficiary shall hold the beneficiary's rights through the beneficiary certificate. The beneficiary may transfer the beneficiary certificate. The transferee of the beneficiary certificate shall be a qualified investor with risk recognition and tolerance. If the beneficiary certificate is transferred, the transferee shall succeed to the rights and obligations of the original beneficiary, and the rights and obligations of all other parties to the investment plan will not change due to transfer. | | 受益人通过受益凭证表明受益权。受益人可以转让受益凭证。受益凭证的受让方应当是具有风险识别和承受能力的合格投资者。受益凭证转让的，受让人承继原受益人的权利义务，投资计划其他各方当事人的权利义务不因转让发生变化。 |
| The rules for the transfer of the beneficiary certificate under an investment plan shall be otherwise developed by the CIRC. | | 投资计划受益凭证转让规则，由中国保监会另行制定。 |
| Article 17 An investment plan shall be terminated under any of the following circumstances: | | 第十七条 有下列情形之一的，投资计划终止： |
| (1) The cause for termination as agreed upon in the investment plan occurs. | | （一）发生投资计划约定的终止事由； |
| (2) The existence of the investment plan is against the objective of the investment plan. | | （二）投资计划的存续违反投资计划目的； |
| (3) The objective of the investment plan has been realized or cannot be realized. | | （三）投资计划目的已经实现或者不能实现； |
| (4) The investment plan is cancelled or rescinded. | | （四）投资计划被撤销或者解除； |
| (5) The termination is agreed upon by the parties to the investment plan through negotiation. | | （五）投资计划当事人协商同意； |
| (6) Any other circumstance as agreed upon in the investment plan or prescribed by any law, administrative regulation or the CIRC. | | （六）投资计划约定或者法律、行政法规以及中国保监会规定的其他情形。 |
| Article 18 After the termination of an investment plan, the trustee shall complete the clearing of the investment plan within 90 days as of the date of termination, and issue an audited clearing report to the relevant parties and the regulatory department. | | 第十八条 投资计划终止后，受托人应当在终止之日起90日内，完成投资计划清算工作，并向有关当事人和监管部门出具经审计的清算报告。 |
| The beneficiary, other right holders of property under the investment plan and relevant parties to the investment plan shall make comments within 30 days of receipt of the clearing report. If they do not raise any written objection, it shall be deemed that they have accepted the clearing report, and the liability of the trustee shall be removed for the matters listed in the clearing report, unless the trustee has any misconduct. | | 受益人、投资计划财产的其他权利归属人以及投资计划的相关当事人应当在收到清算报告之日起30日内提出意见。未提书面异议的，视为其认可清算报告，受托人就清算报告所列事项解除责任，但受托人有不当行为的除外。 |
| Article 19 All parties to an investment plan shall distribute income from the investment plan and relevant property in strict accordance with the time and procedures agreed upon in the investment plan. | | 第十九条 投资计划的各方当事人应当严格按照投资计划约定的时间和程序，分配投资计划收益和有关财产。 |
| Article 20 Where the trustee, the custodian or the independent supervisor violates the provisions of these Measures or those agreed upon in the investment plan, which causes any loss to the property under the investment plan, it shall assume corresponding compensatory liability in accordance with the law. | | 第二十条 受托人、托管人、独立监督人违反本办法规定或者投资计划约定，造成投资计划财产损失的，应当依法承担相应赔偿责任。 |
| Chapter III Principal | | 第三章 委托人 |
| Article 21 For the purpose of these Measures, “principal” means an insurance company, insurance group company, or insurance holding company formed within the territory of the People's Republic of China with the approval of the CIRC (hereinafter referred to as the “insurance institution”), or any other qualified investor with risk recognition and tolerance. | | 第二十一条 本办法所称委托人，是指在中华人民共和国境内，经中国保监会批准设立的保险公司、保险集团公司和保险控股公司（以下简称保险机构）以及其他具有风险识别和承受能力的合格投资者。 |
| One or several principals may invest in one investment plan, and one principal may invest in several investment plans. | | 一个或者多个委托人可以投资一个投资计划，一个委托人可以投资多个投资计划。 |
| Article 22 An insurance institution, as the principal of an investment plan, shall meet the following conditions: | | 第二十二条 保险机构作为投资计划委托人，应当符合下列条件： |
| (1) It has the investment approval resolution of the company's board of directors or institution authorized by the board of directors. | | （一）具有公司董事会或者董事会授权机构批准投资的决议； |
| (2) It has established sound investment decision-making and authorization mechanisms, risk control mechanisms, business operation flows, internal management rules and accountability rules. | | （二）建立了完善的投资决策和授权机制、风险控制机制、业务操作流程、内部管理制度和责任追究制度； |
| (3) It has introduced a mechanism for the custody of property under the investment plan. | | （三）引入了投资计划财产托管机制； |
| (4) It has a certain number of relevant professional investors. | | （四）拥有一定数量的相关专业投资人员； |
| (5) It has no record of serious violation of law or regulation on investment in the last three years. | | （五）最近3年无重大投资违法违规记录； |
| (6) Its solvency complies with the relevant provisions of the CIRC. | | （六）偿付能力符合中国保监会有关规定； |
| (7) It meets other conditions prescribed by the CIRC. | | （七）中国保监会规定的其他条件。 |
| Where an insurance institution authorizes an insurance asset management company or any other professional management institution to perform relevant rights and obligations on behalf of it, it shall not be subject to the restriction of item (4) of the preceding paragraph. | | 保险机构委托保险资产管理公司等专业管理机构，代其履行委托人相关权利义务的，不受前款第（四）项限制。 |
| Article 23 The principal shall perform the following functions: | | 第二十三条 委托人应当履行下列职责： |
| (1) Assessing the investment feasibility of the investment plan. | | （一）评估投资计划的投资可行性； |
| (2) Testing the risks and risk tolerance of the investment plan, and formulating risk prevention measures and plans. | | （二）测试投资计划风险及承受能力，制定风险防范措施和预案； |
| (3) Selecting the trustee and the custodian, and agreeing on the beneficiary's rights. | | （三）选择受托人和托管人，约定受益人权利； |
| (4) Signing the entrustment contract with the trustee, determining the management form of the investment plan, agreeing on the power for the management, utilization and disposal of the trustee, and overseeing the trustee's performance of duties. | | （四）与受托人签订受托合同，确定投资计划管理方式，约定受托人管理、运用及处分权限，监督受托人履行职责的情况； |
| (5) Overseeing the custodian's performance of functions. | | （五）监督托管人履行职责的情况； |
| (6) Agreeing on the methods for the calculation and withdrawal of remuneration for the relevant parties and the payment methods. | | （六）约定有关当事人报酬的计提方法和支付方式； |
| (7) Obtaining on a periodical basis information on the management, utilization, revenues and expenditures and disposal of property under the investment plan and information on project construction, management and operation from relevant parties, and requiring them to make specific explanations. | | （七）定期向有关当事人了解投资计划财产的管理、运用、收支和处分情况及项目建设和管理运营信息，并要求其作出具体说明； |
| (8) Requiring the trustee to adjust the management methods of property under the investment plan according to the provisions of relevant laws and administrative regulations and as agreed upon in the investment plan, or if the investment plan fails to meet the beneficiary's interests due to any unexpected special cause. | | （八）根据有关法律、行政法规规定以及投资计划的约定或者因未能预见的特别事由致使投资计划不符合受益人利益的，要求受托人调整投资计划财产的管理方法； |
| (9) Requiring the trustee to restore property under the investment plan to the original status and making compensation if the trustee violates any relevant legal provisions or those agreed upon in the investment plan, which causes any loss to the property under the investment plan. | | （九）受托人违反有关法律规定和投资计划约定，造成投资计划财产损失的，要求受托人恢复投资计划财产原状、给予赔偿； |
| (10) Dismissing the trustee or the custodian according to those as agreed upon in the investment plan and the provisions of these Measures if the trustee or the custodian disposes of property under the investment plan against the objective of the investment plan, or has gross negligence in the management, utilization or disposal of property under the investment plan. | | （十）受托人、托管人违反投资计划目的处分投资计划财产或者管理、运用、处分投资计划财产有重大过失的，根据投资计划的约定和本办法的规定解任受托人、托管人； |
| (11) Retaining the accounting books and statements, among others, on investment under the investment plan. | | （十一）保存投资计划投资会计账册、报表等； |
| (12) Accepting the CIRC's supervision and administration, and submitting the relevant documents and materials in a timely manner. | | （十二）接受中国保监会的监督管理，及时报送相关文件及材料； |
| (13) Other functions as agreed upon in the investment plan or prescribed by any law, administrative regulation or the CIRC. | | （十三）投资计划约定或者法律、行政法规以及中国保监会规定的其他职责。 |
| Article 24 The principal shall not commit any of the following conduct: | | 第二十四条 委托人不得有下列行为： |
| (1) Investing in any investment plan that fails to be registered according to relevant provisions. | | （一）投资未依照有关规定注册的投资计划； |
| (2) Illegally transferring insurance funds by utilizing the investment plan or transferring illicit interests to affiliated parties. | | （二）利用投资计划违法转移保险资金、向关联方输送不正当利益； |
| (3) Obstructing any relevant party's performance of functions as agreed upon in the investment plan. | | （三）妨碍相关当事人履行投资计划约定的职责； |
| (4) Committing any conduct prohibited in the investment plan or by any law, administrative regulation or the CIRC. | | （四）投资计划约定或者法律、行政法规以及中国保监会禁止的行为。 |
| Chapter IV Trustee | | 第四章 受托人 |
| Article 25 For the purpose of these Measures, “trustee” means a trust company, an insurance asset management company, an industry investment fund management company or any other professional management institution that invests in infrastructure projects in its own name for the beneficiary's benefits, according to the principal's wishes and as agreed upon in the investment plan. | | 第二十五条 本办法所称受托人，是指根据投资计划约定，按照委托人意愿，为受益人利益，以自己的名义投资基础设施项目的信托公司、保险资产管理公司、产业投资基金管理公司或者其他专业管理机构。 |
| The trustee and the custodian, independent supervisor or fundraiser shall not be the same person, and the trustee and the independent supervisor or fundraiser shall not be affiliated. | | 受托人与托管人、独立监督人、融资主体不得为同一人，且受托人与独立监督人、融资主体不得具有关联关系。 |
| Where the trustee and the custodian are affiliated, the trustee shall disclose to all parties to the investment plan in a timely manner, and report to the CIRC. | | 受托人与托管人具有关联关系的，应当及时向投资计划各方当事人披露，并向中国保监会报告。 |
| Article 26 To create an investment plan, the trustee shall have the corresponding investment management capability. The specific rules shall be otherwise developed by the CIRC. | | 第二十六条 受托人设立投资计划，应当具备相应的投资管理能力。具体规则由中国保监会另行制定。 |
| Article 27 The trustee that creates an investment plan shall register the plan with the registration institution designated by the CIRC. | | 第二十七条 受托人设立投资计划，应当向中国保监会指定的注册机构注册。 |
The trustee shall submit registration materials according to the requirements of the registration institution. The registration materials submitted by the trustee shall be true, complete and standard.
．．．．．． | | 受托人应当按照注册机构的要求报送注册材料。受托人报送的注册材料应当真实、完备、规范。
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