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| Guiding Opinions of the General Office of the China Banking Regulatory Commission on the Risk Supervision of Trust Companies | | 中国银行业监督管理委员会办公厅关于信托公司风险监管的指导意见 |
| (No. 99 [2014] of the General Office of the China Banking Regulatory Commission) | | （银监办发[2014]99号） |
| All local offices of the China Banking Regulatory Commission (“CBRC”) and trust companies under the direct supervision of the CBRC: | | 各银监局，银监会直接监管的信托公司： |
| In order to implement the spirit of the relevant documents of the State Council on strengthening supervision over shadow banking and the deployment of the 2014 National Work Conference on Banking Supervision, effectively prevent and eliminate risks of trust companies, and promote the transformation and development of trust companies, the following guiding opinions are hereby offered: | | 为贯彻落实国务院关于加强影子银行监管有关文件精神和2014年全国银行业监督管理工作会议部署，有效防范化解信托公司风险，推动信托公司转型发展，现提出以下指导意见。 |
| I. General Requirements | | 一、总体要求 |
| Adhering to the principle of paying equal attention to preventing and eliminating risks and promoting transformation and development, having a comprehensive understanding of risk limits, proactively researching on the response plans, comprehensively applying market-based and legal means to properly eliminate risks, and maintaining the overall financial stability. Specifying the functional orientation of trust companies as “providing asset management as authorized by and on behalf of clients,” cultivating the trust culture of “due diligence of the seller and buyer beware,” promoting the business transformation and development of trust companies to return to their inherent business, and building trust companies into professional asset management institutions that serve investors, real economy, and people's livelihood. | | 坚持防范化解风险和推动转型发展并重的原则，全面掌握风险底数，积极研究应对预案，综合运用市场、法律等手段妥善化解风险，维护金融稳定大局。明确信托公司"受人之托、代人理财"的功能定位，培育"卖者尽责、买者自负"的信托文化，推动信托公司业务转型发展，回归本业，将信托公司打造成服务投资者、服务实体经济、服务民生的专业资产管理机构。 |
| II. Effectively Conducting Risk Prevention and Control | | 二、做好风险防控 |
| 1. Properly dealing with projects with risks | | （一）妥善处置风险项目 |
| (1) Implementing risk accountability. A sound risk accountability system for trust projects shall be established. Special persons shall be arranged for to follow up all trust projects, especially those with high risks, and individual responsibilities shall be specified. After the exposure of risks with a project, a trust company shall make every effort to dispose of risks and suspend the person in charge of the project from carrying out any new business before such risks are eliminated. The relevant responsible parties shall effectively fulfill risk elimination responsibilities such as promoting local governments' performance of functions, disposing of assets in a timely and proper manner, and communicating with and pacifying investors. | | 1.落实风险责任。健全信托项目风险责任制，对所有信托项目、尤其是高风险项目，安排专人跟踪，责任明确到人。项目风险暴露后，信托公司应全力进行风险处置，在完成风险化解前暂停相关项目负责人开展新业务。相关责任主体应切实承担起推动地方政府履职、及时合理处置资产和沟通安抚投资人等风险化解责任。 |
| (2) Promoting market-oriented risk disposal. According to the principle of “one countermeasure for one project” and market-oriented disposal, prudent and reliable market-oriented disposal methods such as disposal of collaterals, debt restructuring, and external bailout shall be explored. At the same time, means such as recovery to the guarantor and seeking judicial settlement shall be fully utilized to protect the lawful rights and interests of investors. | | 2.推进风险处置市场化。按照"一项目一对策"和市场化处置原则，探索抵押物处置、债务重组、外部接盘等审慎稳妥的市场化处置方式。同时，充分运用向担保人追偿、寻求司法解决等手段保护投资人合法权益。 |
| (3) Establishing a mechanism of liquidity support and capital replenishment. The shareholders of a trust company shall make a commitment or agree in the bylaws of the trust company that when the trust company has any liquidity risk, they will provide necessary liquidity support. Where the operating loss of a trust company erodes capital, the operating loss shall be deducted from the net capital in full amount, the business scale shall be downsized accordingly, or the shareholders shall replenish capital in a timely manner. Where a trust company violates the principle of prudent operation, seriously endangers the stable operation of the company, or impairs the lawful rights and interests of investors, the regulatory authority shall, in light of different circumstances, adopt regulatory measures, such as ordering the controlling shareholder to transfer equities and restricting the relevant shareholder's rights, according to the law. | | 3.建立流动性支持和资本补充机制。信托公司股东应承诺或在信托公司章程中约定，当信托公司出现流动性风险时，给予必要的流动性支持。信托公司经营损失侵蚀资本的，应在净资本中全额扣减，并相应压缩业务规模，或由股东及时补充资本。信托公司违反审慎经营规则、严重危及公司稳健运行、损害投资人合法权益的，监管机构要区别情况，依法采取责令控股股东转让股权或限制有关股东权利等监管措施。 |
| 2. Effectively strengthening the prevention and control of potential risks | | （二）切实加强潜在风险防控 |
| (1) Strengthening due diligence management. Trust companies shall effectively perform the duties of trustees, strengthen due diligence management in an all-dimensional, whole-process, and dynamic manner by starting with links such as product design, due diligence investigation, risk management and control, product marketing, subsequent management, information disclosure and risk disposal, diligently perform their functions, and reduce compliance risks, legal risks, and operational risks. Trust companies shall improve their capabilities of dynamic valuation of underlying assets and the monitoring of the use of funds, and take strict precautions against misappropriation of funds. | | 1.加强尽职管理。信托公司应切实履行受托人职责，从产品设计、尽职调查、风险管控、产品营销、后续管理、信息披露和风险处置等环节入手，全方位、全过程、动态化加强尽职管理，做到勤勉尽责，降低合规、法律及操作风险。提升对基础资产的动态估值能力和对资金使用的监控能力，严防资金挪用。 |
| (2) Strengthening risk assessment. Trust companies shall effectively conduct risk inspection of existing projects, understand changes in risks in a timely manner, and develop response plans. At the same time, trust companies shall strengthen the overall judgment of macro-economic situations, specific industry trends, and regional financial environment, and pay attention to risks that may arise from policy adjustments and changes. Trust companies shall, on a regular basis, conduct pressure tests in real estate and other key fields of risks. | | 2.加强风险评估。信托公司要做好存续项目风险排查工作，及时掌握风险变化，制定应对预案。同时，加强对宏观经济形势和特定行业趋势、区域金融环境的整体判断，关注政策调整变化可能引发的风险。对房地产等重点风险领域定期进行压力测试。 |
| (3) Regulating product marketing. The standards for eligible investors shall be followed. It shall be specified in the product description that no investor may gather funds from others to purchase trust products in violation of regulations and a violator shall assume the corresponding liability and legal consequences. The private offering standards shall be followed, and no product information may be delivered to unspecific clients. Trust companies shall properly divide investor groups, adhere to the principle of selling suitable products to suitable clients, and practically assume the liabilities of sellers. Trust companies shall observe the principle of good faith, effectively perform the obligation of “due diligence of the seller,” and fully reveal risks to investors in the product marketing, and may not have acts such as false disclosure and misleading sale. Trust companies shall strengthen risk education of investors to raise the awareness of “buyer beware” of investors. Under the premise that a trust company has diligently performed its duties, investors shall, by following the principle of “buyer beware,” assume risk and losses themselves. Keeping marketing records by a trust company in the manner of sound recording or video recording shall be gradually achieved. The Measures for the Administration of Collective Fund Trust Plans of Trust Companies shall be strictly implemented so as to prevent any third-party non-financial institution from transferring sale risks to trust companies. Where any promotional recommendation in violation of regulations is identified, the regulatory department shall suspend the corresponding business of the trust company and hold its senior executives accountable. | | 3.规范产品营销。坚持合格投资人标准，应在产品说明书中明确，投资人不得违规汇集他人资金购买信托产品，违规者要承担相应责任及法律后果。坚持私募标准，不得向不特定客户发送产品信息。准确划分投资人群，坚持把合适的产品卖给适合的对象，切实承担售卖责任。信托公司应遵循诚实信用原则，切实履行"卖者尽责"义务，在产品营销时向投资人充分揭示风险，不得存在虚假披露、误导性销售等行为。加强投资者风险教育，增强投资者"买者自负"意识。在信托公司履职尽责的前提下，投资者应遵循"买者自负"原则自行承担风险损失。逐步实现信托公司以录音或录像方式保存营销记录。严格执行《信托公司集合资金信托计划管理办法》，防止第三方非金融机构销售风险向信托公司传递。发现违规推介的，监管部门要暂停其相关业务，对高管严格问责。 |
| (4) Effectively overhauling capital pool. No trust company may carry out non-standard asset management capital pool and other business with features of shadow banking. For the business of non-standard asset management capital pool that has been carried out by a trust company, the trust company shall investigate, gather facts, form an overhaul plan, and submit it to the regulatory authority before June 30, 2014. All trust companies shall, in light of their actual circumstances, promote the overhaul of capital pool business in a progressive, proactive, and steady manner. All local offices of the CBRC shall strengthen supervision and guidance, and avoid liquidity risks arising from “one size fits all.” | | 4.做好资金池清理。信托公司不得开展非标准化理财资金池等具有影子银行特征的业务。对已开展的非标准化理财资金池业务，要查明情况，摸清底数，形成整改方案，于2014年6月30日前报送监管机构。各信托公司要结合自身实际，循序渐进、积极稳妥推进资金池业务清理工作。各银监局要加强监督指导，避免因"一刀切"引发流动性风险。 |
| ．．．．．． | | ．．．．．． |
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