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China Banking Regulatory Commission On The Amendment Of The Trust Company Of Collective Trust Funds Planning Administrative Policy Decision

Original Language Title: 中国银行业监督管理委员会关于修改《信托公司集合资金信托计划管理办法》的决定

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China Banking Regulatory Commission on the amendment of the trust company of collective trust funds planning administrative policy decision

    (February 4, 2009 Chinese Banking Regulatory Commission 2009 released 1th come into force on the date of promulgation), China Banking Regulatory Commission decided to trust collective trust investment plan administrative policy as follows: , A collection of the trust company trust program management of the fifth article, "natural number shall not be more than 50 people for a single trust plan, unlimited number of qualified institutional investors", changed to "natural number shall not be more than 50 people for a single trust scheme, but the single principal amount on more than 3 million individuals investors and unlimited number of qualified institutional investors.

    ”

    Second, a collection of the trust management of trust program 27th article "to provide management of the loan shall not exceed the plan received 30% of the balance of all trust" is amended as: "to provide management of the loan shall not exceed the plan received 30% of the balance of all trust, unless otherwise stipulated by China Banking Regulatory Commission."

    This decision shall come into force as of the date of.

    The Trust comprising management of trust program in accordance with this decision be modified accordingly, republished.

    Report: trust collective trust investment programs management approach (2009 revision)

    (2007 3rd China Banking Regulatory Commission announced on December 17, 2008, Chairman of the Chinese Banking Regulatory Commission for the 78th meeting of the collection on amendments to the trust company trust program management approach, the revision of the decision)

    Chapter I General provisions

    First to standardize the collection Fund trust a trust company business practices, safeguard the legitimate rights and interests of collective trust investment plan to the parties, in accordance with the People's Republic of China trust law and the People's Republic of China Banking Regulatory Act and other laws and regulations, these measures are formulated.

    Article People's Republic of China set up collective trust investment plan (hereinafter referred to as trust), consisted of a trust company as trustee, according to client wishes, for the benefit of the beneficiary, will be more than two (two) client focused on funding delivery management, use or disposal of financial trust operations, these measures shall apply.

    Third article trust plans property independent Yu trust of inherent property, trust shall not will trust plans property return into its inherent property; trust for trust plans property of management, and using or other case and made of property and returns, return into trust plans property; trust for law dissolved, and was law revoked or was law declared bankruptcy, reasons for liquidation of, trust plans property not belongs to its liquidation property.

    Fourth, using trust property trust management, should fulfill their duties to fulfil, careful due diligence obligations of good faith, for the services of the best interests of the beneficiary.

    Chapter II establishment of trust

    Fifth trust company trust plan has been established, should meet the following requirements:

    (A) trustee for qualified investors;

    (B) participation in the client as the only beneficiary of the trust;

    (C) natural number shall not be more than 50 people for a single trust scheme, but the single principal amount on more than 3 million individuals investors and unlimited number of qualified institutional investors;

    (D) the trust period not less than one year;

    (E) investments of trust funds with a clear direction and strategy, and in line with the State industrial policy, as well as other relevant provisions;

    (F) the beneficial right of the trust unit trust divided into equal shares;

    (G) the trust contract should stipulate the trustee remuneration except reasonable remuneration, on behalf of the trust shall in any direct or indirect trust property for themselves or others for profit;

    (VIII) other requirements prescribed by the China Banking Regulatory Commission.

    The sixth QFII mentioned in the preceding article shall refers to meet one of the following conditions, be able to identify risk, judgment and commitment of trust plan who:

    (A) investing in a unit trust scheme minimum amount of not less than 1 million Yuan to individuals, legal persons or other organizations established according to law;

    (B) personal or household financial assets total more than 1 million Yuan at the time of their subscription, and can provide proof of property of natural persons;

    (C) personal income annual income over the last three years more than RMB 200,000 or couples per year income total income in the last three years more than 300,000 yuan, and can provide proof of income of natural persons.

    Seventh trust company trust referral programs, specifications and detailed disclosure materials, express risk-return characteristics of trust scheme, fully disclose the risks involved in the trust schemes and risk principles, truthfully disclose the professional team qualifications, training and experience, you may not use any investor may affect the judgment of an independent risk misleading statements.

    Trust companies trust offsite referral programs, shall, before referral to the register, introduction to the China Banking Regulatory Commission agency of the provincial report.

    Eighth trust companies promote trust scheme, must not have the following behavior:

    (A) the promised loss of trust funds are not in any way, or in any way pledge minimum return on trust funds;

    (B) public marketing campaign;

    (C) delegate recommended non-financial institutions;

    (D) promotional materials containing content that is inconsistent with the trust document, or false record, misleading statement or material omission and so on;

    (E) the exaggerated introduced to the company's past operating performance, or malicious belittling counterparts;

    (Vi) other acts prohibited by the China Banking Regulatory Commission.

    The Nineth trust company trust plan has been established, that should do due diligence, feasibility analysis, legality, risk assessment, there are no related party transactions and other matters issued due diligence reports.

    Trust account for the tenth chicken roost file should contain the following:

    (A) subscription risk declaration;

    (B) trust plan brochures;

    (C) the contract of trust;

    (D) other content under the China Banking Regulatory Commission.

    11th subscription risk declaration shall contain at least the following:

    (A) plan does not commit to capital preservation and a minimum income, have certain investment risks for risk identification, assessment, sustainability is a strong and qualified investors;

    (B) the principal shall in all their legal capital subscription of unit trusts, not the illegal collections trust funds to participate in the programs of others; (C) the trust according to the trust document management risks arising out of the trust property, borne by the trust property.

    Breach of trust companies trust scheme documents, trust property damage caused by the improper handling of the trust Affairs, paid for by the trust to own assets; inadequate compensation, by the investors at their peril;

    (D) the client subscription risk sign the Declaration, which has been carefully read and understand all of the trust documents, and shall bear the corresponding trust investment risk.

    Subscription risks written in duplicate, indicating the client subscribed the number of trust units, respectively, by the Trustees and beneficiaries.

    12th trust scheme specifications should include at least the following:

    (A) the trust's basic situation;

    (B) the name and main contents of the trust scheme;

    (C) the trust contract summary;

    (D) the planned introduction date, the term of the trust and the trust unit price;

    (V) trust plan promotion agency name;

    (F) the trust managers list, record;

    (VII) legal opinions issued by the law firm;

    (H) the risk disclosure;

    (IX) other content under the China Banking Regulatory Commission.

    13th the trust contract shall set forth the following particulars:

    (A) the purposes of the trust;

    (B) the name of the trustee/custodian (or title) and address;

    (C) currency and amount of the Trust Fund;

    (D) the size and duration of the trust scheme;

    (E) the trust funds management, utilization and disposition of the specific methods or arrangements;

    (F) trust benefits calculations, time and method of delivery to the beneficiaries of the trust interest;

    (G) trust property taxes bear the cost, other methods of calculation and payment;

    (VIII) remuneration of Trustees during the calculation, payment and methods;

    (I) the classification and distribution of the trust property on termination of the trust;

    (J) the rights and obligations of the parties of the trust;

    (11) the beneficiaries convened, and the voting procedures and rules of procedure of the General Assembly;

    (12) new trustee selection system;

    (13) the risk disclosure;

    (14) the liability for breach of the trust parties and dispute resolution;

    (15) other matters agreed by the parties of the trust. 14th the trust contract shall be at Home right above in bold font contain the following text: trust management of the trust property to the dedication, honesty, credit, prudent and effective management of performance obligations. Trust Company pursuant to the trust contract management risks arising out of the trust property, borne by the trust property.

    Trust company due to violation of the trust contract, trust property damage caused by the improper handling of the trust Affairs, paid for by the trust to own assets; inadequate compensation, by the investors own.

    15th trustee before the subscription of unit trusts should be carefully read trust the entire contents of the file, and signature in the subscription risk declaration, affirms that is willing to take on trust investment risk.

    Trust company should be facilitated, ensure that the client can read or copy the trust file, and give the trust to clients original contract. 16th introducing trust trust company plans, can reach an agreement and sign a trust fund Agency cash by commercial banks. Clients subscribed in cash unit trusts, agent cash by commercial banks.

    When plan cash trust business of commercial banks is trust, should clearly define the rights and obligations of the parties, only agent receipt and payment responsibility of commercial banks, does not bear the trust of the investment risk.

    Trust company trust plan may be entrusted to qualified commercial banks on behalf of investors. 17th the trust plans to introduce expiration, failed to meet the conditions stipulated in the trust documents, trust company should be returned in the 30th after the expiration at the launching client has to pay the sum, plus interest on bank deposits.

    Resulting debts and costs, borne by the trust company to own property.

    After the 18th trust plans to set up, the trust company trust plan assets should be deposited into special trust account and client disclosure within five working days of the trust plan promotion, establishment.

    Chapter III custody of trust property 19th trust scheme capital guaranteed control.

    For non-cash type of trust property, the trust can be agreed by the parties to implement third party custody, but otherwise provided by the China Banking Regulatory Commission, from its provisions. During the existence of the trust, trust company should choose healthy commercial banks to serve as custodian.

    Safekeeping of the trust property accounts and the accounts of the trust property shall be the same account.

    Trust company trust plan file conventions requires the use of trust funds shall be provided to the custodian a written copy of the contract and funding a description of the purpose of the trust.

    20th a safekeeping agreement should include at least the following:

    (A) the name of the trustee/custodian, residence;

    (B) the rights and obligations of the trustee/custodian;

    (C) the places of custody of the trust property, contents, methods and standards;

    (D) custody of report content and format;

    (E) storage charges;

    (F) the custodian on trust business supervision and verification;

    (G) the parties have agreed on other content.

    21st the depository shall perform the following duties:

    (A) the safe custody of the trust property;

    (B) kept by the different trust plans to set up accounts, ensure the independence of the trust property;

    (C) confirmation and instructions to perform trust management using trust property, check the transactions of the trust property, funds and assets accounts;

    (D) records a trust fund allocations, preservation trust description of the purpose of funds;

    (E) report periodically to the custody issued by the trust;

    (Vi) other duties as stipulated by the parties concerned.

    The 22nd event of trust violations of laws and regulations and trust contracts, custodial operations, fiduciary trust company depository shall immediately give notice in writing to correct; when a major violation or seriously affect the safety of the trust property when the event occurs, the depositary shall promptly report to the China Banking Regulatory Commission.

    Fourth chapter trust scheme operations and risk management

    23rd trust management plan should be set up as a trust services, information processing, management of trust funds and other departments, and specify the trust managers and related staff. Each trust scheme is equipped with at least one trust manager.

    As a trust manager personnel shall comply with the conditions prescribed by the China Banking Regulatory Commission.

    24th trusts for different trust scheme, shall establish a separate account accounting and management.

    25th the trust funds can be combined using and use should be clearly the scope and investment ratios.

    Securities investment trust with trust funds, should adopt a portfolio approach, planned investments and investment strategies, and take effective measures to prevent the risk.

    26th trusts can use debt, equity, property rights and other viable uses of the trust funds.

    Trust with trust funds, should be agreed with the trust file consistent investments and investment strategies.

    27th trust management plan shall comply with the following provisions:

    (A) shall not provide security to others;

    (B) to provide management of the loan shall not exceed the plan received 30% of the balance of all trust, unless otherwise stipulated by China Banking Regulatory Commission;

    (C) trust funds may not be directly or indirectly used in the trust's shareholders and its affiliates, but all came from trust funds except for the shareholders or their affiliates;

    (Iv) not to own assets and transactions of the trust property;

    (V) different trust property shall not be traded;

    (F) the trust managed plans to invest in the same company may not be in the same project.

    28th trust trust trust income derived from the plan if trust planning document was not prescribed any other way, the trust income should be referred to the custodian to custody, a person shall not be diverted.

    Fifth chapter, modification, termination and liquidation of the trust scheme 29th during the existence of the trust, the beneficiary may transfer their holdings to qualified investors of unit trust.

    Trust company shall handle the formalities for the transfer of the right to benefits for beneficiaries. Split the beneficial right of the trust transfers, the transferee must not be a natural person.

    The beneficial right of the Trust-Agency and not subject to natural person or split transfer.

    30th under any of the following circumstances, the trust plans to terminate:

    (A) the trust term expires;

    (B) the beneficiaries of the General Assembly's decision to end;

    (C) the responsibilities of the trustee end, in accordance with the relevant provisions of the new trustees;

    (D) other circumstances stipulated in the trust scheme file. 31st trust scheme, trusts should be made within ten working days after the termination of liquidation of the handling of the trust Affairs reports after audit disclosed to beneficiaries.

    Stipulated in the trust documents does not require audits of the liquidation report, liquidation of the trust company can submit unaudited reports. 32nd after the liquidation of the remaining trust property shall, in accordance with the trust agreement according to the proportion of beneficiaries holding trust unit for distribution.

    Distribution can take cash, maintaining intact upon termination of the trust property or a mixture of both.

    Take cash, trust companies agreed to the trust document should be assigned before or before the expiration of the trust are trust property and cash in the beneficiary account. Ways of maintaining intact upon termination of the trust property, trust company should be in the trust after the expiry of the agreed period, complete with property in favour of transfer. Before the transfer of the trust property, the trust company is responsible for keeping. During custody, trust companies are not allowed to use the property. Deposit period earnings belong to the trust property, and custody costs are borne by the custodial trust property.

    Due to reasons of the beneficiary of the trust property cannot be transferred, trusts can be handled in accordance with the relevant laws and regulations.

    Article 33rd trust company should manage the trust scheme with actual trust of the proceeds allocated, no trust company trust income into his own property, or diverted from other losses or gains of the trust property to advance trust scheme.

    Sixth chapter information disclosure and supervision

    34th trust company shall, in accordance with the laws and regulations of provisions and agreed to the trust plans to file timely disclosure of information, and to ensure the authenticity, accuracy and completeness of the information disclosed.

    35th to the trust beneficiary is entitled to query information relating to his trust property and trust company shall, without prejudice to other legal rights and interests of the beneficiary of the premise, to provide accurate, timely and complete information and shall not refuse or buck-passing.

    Article 36th trust scheme was set up, trust should trust plan is different, making management of trust funds on a quarterly report, trust funds and income statement.

    37th trust funds management reports should include at least the following:

    (A) the trust property accounts opening;

    (B) the management, utilization and disposition, and income of the trust funds;

    (C) the Trust Manager changes;

    (D) the major explanation of the changes in management of trust funds;

    (E) involve litigation or damage to property, of the beneficiary's interest in the trust schemes;

    (F) the trust scheme agreed by the other contents of the file.

    Article 38th trust scheme of any of the following circumstances, the trust company should be informed of the situation within three working days after disclosure of the beneficiary and within seven working days from the date of disclosure of beneficiaries of trusts in writing responses:

    (A) the trust property may suffer heavy losses;

    (B) the serious deterioration of the financial situation of trust funds;

    (C) the trust scheme guarantees are unable to continue to provide effective security.

    39th trust company shall keep all the information management plan, retention period scheduled end date of the trust shall be not less than 15 years.

    40th the China Banking Regulatory Commission in accordance with the trust company trust plan implementation of the on-site inspection and off-site supervision and related information requirements trust management trust plans.

    China Banking Regulatory Commission on the spot checks or trust violations found in off-site supervision, should be in accordance with the People's Republic of China banking regulatory provisions of the Act and other laws and regulations, to suspend operations, restrict shareholder rights and other regulatory measures.

    Beneficiaries of the seventh chapter of the General Assembly

    Beneficiaries of the 41st General Assembly made up of all the beneficiaries of the trust scheme, exercises its powers in accordance with this regulation.

    42nd to appear the following trust scheme files without prior agreement, consideration by the General Assembly shall convene the beneficiary decides:

    (A) terminate the trust contract or extend the trust period;

    (B) change the way use of trust property;

    (C) the trustee;

    (D) increase the remuneration of the trustee;

    (E) the plan file conventions required Assembly of the beneficiary of the other trust matters.

    Beneficiaries of the 43rd General Assembly convened by the trustee, the trustee is not required when called or is unable to call, on behalf of 10% trust units above the beneficiary's right to call their own.

    The 44th General Assembly convened the beneficiaries, the convenor should beneficiaries of at least ten working days notice in advance of the General Assembly to convene, format of meetings, consideration of the matter, proceedings and voting issues.

    Beneficiary Assembly will not vote on the matter without notice.

    45th beneficiary can take the site held by the General Assembly, can also take communication meeting.

    Has one vote for each trust unit, beneficiaries of the beneficiary may appoint proxies to attend the meeting and to exercise the right to vote.

    Beneficiaries of the 46th General Assembly representing 50% of the beneficiaries of the trust unit shall participate in, may convene; decision in consideration of the General Assembly, shall be subject to two-thirds per cent of the voting rights held by the beneficiaries participating in the General Assembly by; replacement of Trustees, change use of trust property, early termination of the trust contract shall be adopted by the beneficiaries participating in the General Assembly plenary.

    Matters decided by the General Assembly of the beneficiary, shall promptly notify the relevant parties, and to report to the China Banking Regulatory Commission.

    The eighth chapter penalty

    47th trust company trust plan does not comply with the relevant provisions of this approach has been established, the China Banking Regulatory Commission shall order rectification fails, fines of between 100,000 yuan and 300,000 yuan the circumstances are especially serious, can be closed for rectification or revoke their financial licenses.

    48th trust company trust plan in violation of the relevant provisions of the measures for the promotion, by the China Banking Regulatory Commission ordered to stop, return and raise funds plus interest on bank deposits and a penalty of 200,000 yuan and 500,000 yuan constitutes a crime, criminal responsibility shall be investigated according to law.

    49th article trust management trust plans violation this approach about provides of, by China banking supervision Management Committee ordered corrected; has illegal proceeds of, confiscated illegal proceeds, and at illegal proceeds 1 time times above five times times following fine; no illegal proceeds of, at 200,000 yuan above 500,000 yuan following fine; plot special serious or late not corrected of, can ordered closed reorganization or revoked its financial license; constitute crime of, law held criminal.

    50th trusts failing to the approach to information disclosure or disclosure of information any false record, misleading statement or material omission, the China Banking Regulatory Commission ordered corrective action, and a penalty of 200,000 yuan and 500,000 yuan; damages are caused to the beneficiary shall bear liability.

    51st trust company set up, administer trust scheme there are other violations, the China Banking Regulatory Commission under the People's Republic of China banking regulatory provisions of the Act and other laws and regulations, take the appropriate penalties.

    The Nineth chapter supplementary articles

    52nd more (two) single fund trust for the same item, the principal shall comply with the qualified investors as provided herein, and the application of this regulation.

    53rd chattel trusts and real estate trust and other property, and property transfer of trust beneficiary right split, shall comply with the relevant provisions of these measures.

    54th explain these measures by the China Banking Regulatory Commission. 55th these measures shall come into force on March 1, 2007, the original of the interim measures for the management of trust and investment company capital trust (the people's Bank of China Decree [2002] 7th) no longer applies.