| | |
| Notice of China Banking Regulatory Commission on Strengthening the Supervision of the Structured Trust Business of Trust Companies | | 中国银行业监督管理委员会关于加强信托公司结构化信托业务监管有关问题的通知 |
(No. 2 [2010] of China Banking Regulatory Commission) | |
（银监通[2010]2号） |
All local CBRC offices, and trust companies directly under the supervision of the CBRC: | |
各银监局，银监会直接监管的信托公司： |
To regulate the structured trust business of trust companies, protect the legitimate rights and interests of the parties concerned to trust, encourage trust companies to make innovations and improve independent management ability, and guarantee the healthy and orderly development of the structured trust business, and pursuant to the Trust Law of the People's Republic of China, the Measures for the Administration of Trust Companies菊花碎了一地, the Measures for the Administration of Trust Companies' Trust Plans of Assembled Funds北大法宝 and other relevant laws and regulations, we hereby notify you of issues concerning trust companies' operation of the structured trust business as follows: | |
为规范信托公司开展结构化信托业务，保护信托当事人的合法权益，鼓励信托公司依法进行业务创新和培养自主管理能力，确保结构化信托业务健康、有序发展，根据《中华人民共和国信托法》、《信托公司管理办法》、《信托公司集合资金信托计划管理办法》等法律法规的规定，现就信托公司开展结构化信托业务的有关问题通知如下： |
| |
|
| I. Structured trust business is a trust business of assembled funds by which the trust beneficial right is divided into levels by a trust company according to the investor's risk appetite and income is distributed according to the arrangements of priority of the superior and posteriority of the inferior of beneficiary rights in the said levels so that investors with different risk tolerances and intents may make different earnings and undertake corresponding risks by investing in the beneficiary rights at different levels. | | 一、结构化信托业务是指信托公司根据投资者不同的风险偏好对信托受益权进行分层配置，按照分层配置中的优先与劣后安排进行收益分配，使具有不同风险承担能力和意愿的投资者通过投资不同层级的受益权来获取不同的收益并承担相应风险的集合资金信托业务。 |
For the purpose of this Notice, investors enjoying the priority beneficiary right are referred to as prior beneficiaries while those enjoying the posteriority beneficiary right are referred to as posterior beneficiaries. | |
本通知中，享有优先受益权的信托产品投资者称为优先受益人，所有享有劣后受益权的投资者称为劣后受益人。 |
| |
|
| II. Trust companies shall strictly observe the following principles in operating the structured trust business: | | 二、信托公司开展结构化信托业务，应当严格遵循以下原则： |
| |
|
| 1. Law abidance and regulation compliance; | | （一）依法合规原则。 |
| |
|
| 2. Matching between risk and revenue; | | （二）风险与收益相匹配原则。 |
| |
|
| 3. Sufficient information disclosure; and | | （三）充分信息披露原则。 |
| |
|
| 4. Impartiality, fairness and protecting the legitimate rights and interests of prior beneficiaries. | | （四）公平公正，注重保护优先受益人合法利益原则。 |
| |
|
| III. Trust companies that operate the structured trust business shall cultivate and build professional teams and security systems that meet the development needs of the business, improve the relevant rules, strengthen the building of the IT system, continuously improve the design of structured trust products, the management ability and the risk control ability, and create brands of structured trust products. | | 三、画风不对，如何相爱信托公司开展结构化信托业务，应当培养并建立与业务发展相适应的专业团队及保障系统，完善规章制度，加强IT系统建设，不断提高结构化信托产品的设计水平、管理水平和风险控制能力，打造结构化信托产品品牌。 |
| |
|
| IV. Investors in structured trust products shall be institutions or individuals able to identify and bear risks. | | 四、结构化信托产品的投资者应是具有风险识别和承担能力的机构或个人。 |
Trust companies that operate the structured trust business shall assess the risk adaptability of trust investors beforehand to know their risk appetite and risk tolerance, and fully disclose the investment risks including the risk of loss in the principal of investment. | |
信托公司在开展结构化信托业务前应对信托投资者进行风险适应性评估，了解其风险偏好和承受能力，并对本金损失风险等各项投资风险予以充分揭示。 |
Trust companies shall specially disclose risks such as mandatory buy-in and heavy losses in the principal of investment to posterior beneficiaries. | |
信托公司应对劣后受益人就强制平仓、本金发生重大损失等风险进行特别揭示。 |
| |
|
| V. Posterior beneficiaries in the structured trust business shall be qualified investors as described in the Measures for the Administration of Trust Companies' Trust Plans of Assembled Funds whose investment in a single structured trust product shall be not less than 1 million yuan. | | 五、结构化信托业务中的劣后受益人，应当是符合《信托公司集合资金信托计划管理办法》规定的合格投资者，且参与单个结构化信托业务的金额不得低于100万元人民币。 |
| |
|
| VI. Product design of the structured trust business: | | 六、结构化信托业务的产品设计： |
| |
|
| 1. The ratio between the investments of prior beneficiaries and posterior beneficiaries of a structured trust product shall be commensurate with the degree of risk of the basic assets of the product, but the weight of the posterior beneficiary right shall not be too low. | | （一）结构化信托业务产品的优先受益人与劣后受益人投资资金配置比例大小应与信托产品基础资产的风险高低相匹配，但劣后受益权比重不宜过低。 |
| |
|
| 2. In the design of structured trust products, trust companies shall work out a feasibility study report on each trust product. Such a report shall elaborate the structured levels of the beneficiary right, the risk control measures, the due diligence process and conclusion on posterior beneficiaries and the recommendation of the trust plan. | | （二）信托公司进行结构化信托业务产品设计时，应对每一只信托产品撰写可行性研究报告。报告应对受益权的结构化分层、风险控制措施、劣后受益人的尽职调查过程和结论、信托计划推介方案等进行详细说明。 |
| |
|
| 3. Trust companies shall reasonably arrange the position and duties of parties involved in the structured trust business in terms of investment management, and specify the powers, responsibilities and risks of the client, the beneficiary, the trustee, the investment advisor (if any) and other parties involved. | | （三）信托公司应当合理安排结构化信托业务各参与主体在投资管理中的地位与职责，明确委托人、受益人、受托人、投资顾问（若有）等参与主体的权限、责任和风险。 |
| |
|
| 4. In the operation of the structured trust business, trust companies may permit posterior beneficiaries to add capital under the circumstances stipulated in the trust documents. | | （四）结构化信托业务运作过程中，信托公司可以允许劣后受益人在信托文件约定的情形出现时追加资金。 |
| |
|
| VII. Trust companies that operate the structured trust business may not: | | 七、土豪我们做朋友好不好信托公司开展结构化信托业务不得有以下行为： |
| |
|
| 1. Use the trustee's professional advantages to seek illicit gains for themselves and damage the interests of other parties concerned to the trust; | | （一）利用受托人的专业优势为自身谋取不当利益，损害其他信托当事人的利益。 |
| |
|
| 2. Use the trustee's status to make inappropriate affiliated transactions or transmit illicit gains; | | （二）利用受托人地位从事不当关联交易或进行不当利益输送。 |
| |
|
| 3. Permit their shareholders or actual controllers to use the structured design of the trust business for illicit gains; | | （三）信托公司股东或实际控制人利用信托业务的结构化设计谋取不当利益。 |
| |
|
| 4. Allow the interested parties to act as posterior beneficiaries, including but not limited to trust companies themselves, their employees and their shareholders; | | （四）以利益相关人作为劣后受益人，利益相关人包括但不限于信托公司及其全体员工、信托公司股东等。 |
| |
|
| 5. Invest in the posterior beneficiary right with personal financial management capital of commercial banks; or | | （五）以商业银行个人理财资金投资劣后受益权。 |
| |
|
| 6. Commit any other act prohibited by the CSRC. | | （六）银监会禁止的其他行为。 |
| |
|
| VIII. Posterior beneficiaries of the structured trust business may not: | | 八、结构化信托业务劣后受益人不得有以下行为： |
| |
|
| 1. Hold the posterior beneficiary right on behalf of others; | | （一）为他人代持劣后受益权。 |
| |
|
| 2. Seek for profits by insider information trading, inappropriate affiliated transactions or other violations of laws or regulations; or | | （二）通过内幕信息交易、不当关联交易等违法违规行为牟取利益。 |
| |
|
| 3. Transfer their own trust beneficiary right to a third party after the risk or income of the right is determined. | | （三）将享有的信托受益权在风险或收益确定后向第三方转让。 |
| |
|
| IX. Trust companies shall observe the following provisions when operating the structured securities investment trust business: | | 九、信托公司开展结构化证券投资信托业务时，应遵守以下规定： |
| |
|
| 1. Specifying the scope of products and ratio of securities investment. Trust companies may set different limits on the ratio of investment according to the liquidity differences of various securities investment products, but the shares held by a single trust product in a same company may not exceed 20% of the net assets of the product. | | （一）明确证券投资的品种范围和投资比例。可根据各类证券投资品种的流动性差异设置不同的投资比例限制，但单个信托产品持有一家公司发行的股票最高不得超过该信托产品资产净值的20％。 |
| |
|
| 2. Scientifically and reasonably setting the stop-loss lines. Stop-loss lines shall be set based on the capital ratio between different levels of the beneficial right, accept rigid stress tests and are able to prevent losses in the prior beneficiary right to a certain extent. | | （二）科学合理地设置止损线。止损线的设置应当参考受益权分层结构的资金配比，经过严格的压力测试，能够在一定程度上防范优先受益权受到损失的风险。 |
| |
|
| 3. Arranging enough securities trading dealers and sticking to the market-to-market method. Position shall be closed under the trust contract when the net value of a structured securities investment trust product falls to the stop-loss line or even below. | | （三）配备足够的证券交易操作人员并逐日盯市。当结构化证券投资信托产品净值跌至止损线或以下时，应按照信托合同的约定进行平仓处理。 |
| |
|
| X. A trust company shall establish a mechanism for communication with the local CBRC office regarding the development of structured trust products, and submit reports on its structured trust products of the last quarter on a quarterly basis. Such a report shall at least cover the size, level-division design, scope of investment, investment strategy and limit on the ratio of investment of each structured trust product, as well as the name and subscription amount of each posterior beneficiary. | | 十、信托公司应就结构化信托产品的开发与所在地银行业监督管理机构建立沟通机制，并按季报送上季度开展的结构化信托产品情况报告，报告至少包括每个结构化信托产品的规模、分层设计情况、投资范围、投资策略和比例限制以及每个劣后受益人的名称及认购金额等。 |
| |
|
| XI. All local CBRC offices shall strengthen the supervision and administration of the structured trust business of trust companies; where any trust company fails to operate the structured trust business according to the relevant provisions or this Notice, order it to correct and restrict or suspend its structured trust business; and, if the circumstances are serious, impose an administrative penalty upon it. | | 十一、各银监局应切实加强对信托公司开展结构化信托业务的监管。对未按有关法规和本通知要求开展结构化信托业务的信托公司，应责令其改正，并限制或暂停其开展结构化信托业务；情节严重的，应依法予以行政处罚。 |
| |
|
| XII. China Trustee Association may formulate the relevant standards and self-disciplinary conventions for the sector in light of the actual situations of the structured trust business of trust companies. | | 十二、中国信托业协会可根据信托公司开展结构化信托业务的实际情况，制订相关行业标准和自律公约。 |
| |
|
| XIII. This Notice shall come into force on February 10, 2010. | | 十三、本通知自2010年2月10日起实施。 |
All local CBRC offices shall timely forward this Notice to all sub-offices and trust companies within your respective jurisdictions. | |
请各银监局及时将本通知转发至辖内相关银监分局及信托公司。 |
China Banking Regulatory Commission | |
中国银行业监督管理委员会 |
February 5, 2010. | |
2010年2月5日 |
| |
|
| | | |
| | | |