Chapter One General Provisions

Article 1 In order to regulate the fund trust business of trust companies and protect the legitimate rights and interests of fund trust investors, in accordance with the "Trust Law of the People's Republic of China", "Banking Regulatory Law of the People's Republic of China" and "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" ( Hereinafter referred to as the "Guiding Opinions") and related laws and regulations, these Measures are formulated.

Article 2 These Measures shall apply to trust companies established within the territory of the People's Republic of China to conduct fund trust business.

The term "fund trust business" as mentioned in these Measures refers to the trust business activities in which the trust company acts as the trustee and takes the maintenance and appreciation of trust property as the main trust service content according to the wishes of investors, and manages, uses, and disposes of the funds delivered by investors.

The term “fund trust” as mentioned in these Measures means that the trust company accepts investors to establish a trust with their legally owned funds, manages, uses or disposes of the trust property according to the agreement of the trust documents, pays the trust benefits according to the actual investment income, and distributes them at maturity. Asset management products for the remaining trust property. The fund trust shall be a self-benefit trust, the trustor and the beneficiary are the same person, and these Measures are collectively referred to as investors. Where the beneficial rights of the trust are subject to legal changes such as transfer or inheritance, the investors will change accordingly.

Article 3 A trust company’s management and use of trust funds shall abide by laws, administrative regulations, regulatory provisions of the Banking Regulatory Authority of the State Council, and trust documents, perform its duties, fulfill its obligations of honesty, trustworthiness, prudence and effective management, and serve the investors Handle trust affairs with the maximization of legitimate interests, and collect trust remuneration based on the trust services provided. The capital trust property is independent of the inherent property of the trust company and other trust properties managed by the trust company in accordance with the law.

Institutions and individuals investing in capital trusts shall bear their own investment risks and obtain trust benefits or bear losses. The trust company shall not promise investors in any way that the principal will not be lost or promise the minimum return.

When a trust company handles fund trust business, it must not provide channel services for the trustor or a third party to engage in illegal activities. The purpose of the trust stipulated in the trust document shall be the true and complete expression of the intention of the trustor. Where the trustor conceals the purpose of the trust or violates laws, administrative regulations or harms the public interest, the trust company shall not establish a trust for it.

Article 4 The banking regulatory agency of the State Council and its dispatched institutions shall supervise and manage the fund trust business of trust companies in accordance with the law.

Chapter II Business Management

Article 5 As the trustee of the fund trust, a trust company shall perform the following duties:

(1) Carry out due diligence in accordance with the law and issue due diligence reports.

(2) Handle the sales, registration and reporting of fund trusts in accordance with the law, and prepare and sign trust documents with investors.

(3) Open a separate trust property account for each fund trust, manage and keep separate accounts for the entrusted properties of different fund trusts under management, and invest in accordance with the trust documents.

(4) Determine the trust benefit distribution plan in accordance with the agreement in the fund trust documents, and distribute trust benefits to investors in a timely manner.

(5) Carry out fund trust accounting and prepare fund trust financial accounting report.

(6) Calculate and disclose the net value of the fund trust in accordance with the law, and determine the participation and exit prices of the fund trust.

(7) Handle information disclosure matters related to trust property management business activities.

(8) Keep records, account books, statements and other related materials of trust property management business activities, and shall not provide them to any institution or individual except for laws, administrative regulations, relevant provisions of the banking regulatory agency of the State Council or stipulations in trust documents.

(9) Exercising litigation rights or carrying out other legal acts on behalf of investors in the name of trustee.

(10) Other duties prescribed by laws, administrative regulations and the banking regulatory agency of the State Council.

Article 6 A trust company shall conduct classified management of fund trusts in accordance with the "Guiding Opinions" and the relevant regulations of the Banking Regulatory Authority of the State Council.

(1) According to the number of investors, it is divided into single fund trust and collective fund trust plan.

(2) Divided into closed fund trusts and open fund trusts according to different modes of operation.

(3) According to the nature of the investment, it is divided into fixed income fund trusts, equity fund trusts, commodity and financial derivatives fund trusts, and mixed fund trusts. The investment scope and proportion of various types of fund trusts shall comply with the "Guiding Opinions".

Article 7 A trust company shall sell collective fund trust plans on its own or entrust other trust companies, commercial banks, insurance companies, insurance asset management companies, securities companies, fund management companies, and other institutions recognized by the banking regulatory agency of the State Council to sell collective funds as agents Trust plan. Trust companies and sales agencies shall sell collective fund trust plans through business premises or their own electronic channels.

If the trust company entrusts other agencies to sell collective fund trusts, it shall clarify the admission standards and procedures of the agency sales agency, formulate complete agency sales management regulations, select qualified agency sales agencies, and clearly define the rights and obligations of both parties in the form of agency sales contracts , Clarify the responsibility for the relevant risks.

Article 8 Fund trusts are raised in a private manner for qualified investors, and the number of investors shall not exceed 200. The investment threshold of each qualified investor shall comply with the "Guiding Opinions". No unit or individual may break through the qualified investor standard or the number limit in disguised form by splitting trust shares or transferring the beneficial rights of shares. Except as otherwise provided by the banking regulatory agency of the State Council.

Qualified investors refer to natural persons, legal persons and other organizations that have the corresponding risk identification and risk tolerance capabilities, invest in a single fund trust not less than a certain amount and meet the following conditions:

(1) Having two years or more of investment experience, and satisfying that the family’s net financial assets are not less than RMB 3 million, or the family financial assets are not less than RMB 5 million, or the average annual income of the person in the past three years is not Less than 400,000 yuan.

(2) Domestic legal persons or other organizations established according to law with net assets of not less than RMB 10 million at the end of the most recent year.

(3) Pension funds such as basic pensions, social security funds, enterprise annuities, charity funds and other social welfare funds established in accordance with the law.

(4) Qualified Foreign Institutional Investor (QFII) and RMB Qualified Foreign Institutional Investor (RQFII).

(5) Asset management products issued in accordance with the law by institutions subject to the supervision of the State Council’s financial regulatory agency.

(6) Other circumstances deemed qualified investors by the banking regulatory agency of the State Council.

The fund trust accepts the participation of other asset management products, and does not combine the number of investors in other asset management products, but it should effectively identify the actual investors of the asset management products and the ultimate source of funds. When an asset management product participates in a fund trust, the manager shall provide the trust company with the actual investor qualifications of the asset management product.

Article 9 When a trust company or agency sales agency promotes and sells fund trusts, it shall classify the risk levels of the fund trusts, evaluate the risk identification and tolerance of individual investors, and classify the risk tolerance levels, and shall not sell to investors with higher risk levels The fund trust of its risk tolerance level. Individual investors who have not conducted risk identification and tolerance assessment for more than two years or have experienced situations that may affect their own risk tolerance should re-assess their risk tolerance when investing in capital trusts again.

Trust companies or sales agencies that promote and sell fund trusts through business premises or their own electronic channels shall perform the procedures for determining qualified investors, effectively identify the identity of investors, and fully understand the sources of funds, personal and family financial assets, liabilities, etc. Circumstances, take necessary means to verify, examine whether investors meet the qualified investor standards stipulated in these Measures, perform anti-money laundering obligations in accordance with the law, and conduct sales to individual investors in accordance with the relevant regulations of the State Council’s banking regulatory agency Audio and video recording.

Article 10: Trust companies recommending and selling capital trusts shall have standardized and detailed information disclosure materials, clearly indicate the type and risk level of capital trusts, fully disclose the characteristics of capital trusts’ risk and return and the principle of investor risk responsibilities, and remind investors to identify and manage And bear investment risks, and must not use misleading statements that may affect investors' independent risk judgments. The sales agency shall use the sales materials produced by the trust company, and shall not modify or add or delete materials without authorization.

Trust companies and sales agency agencies shall require sales personnel to fully disclose capital trust risks, keep relevant sales records of sales personnel, supervise sales personnel’s ethical qualifications, service compliance and service quality, etc., and complain about sales personnel’s investors Circumstances, misleading sales and other sales violations are included in the internal evaluation system.

The trust company shall ensure that investors can consult and copy all trust documents, confirm that investors have carefully read all the contents of the trust documents before subscribing to the fund trust, and declare that they are aware of the following:

(1) Capital trusts have investment risks and do not promise to guarantee principal and minimum returns.

(2) Investors shall participate in the fund trust with their own legally owned funds, and shall not participate in the fund trust with non-own funds raised by loan funds, bond issuance, or other illegally collected funds.

(3) The purpose of the trust as stipulated in the trust document shall be the true and complete expression of the intention of the investor, and there is no concealment of the purpose of the trust.

(4) Investors shall truly and completely enjoy the beneficial rights of the trust, and there shall be no circumstances in which they hold the beneficial rights of the trust for others.

(5) The trust property shall bear the risks arising from the trust company's management of the trust property in accordance with the trust documents. If a trust company violates laws, administrative regulations and trust documents and causes losses of trust property, the trust company shall compensate with its inherent property in accordance with the law.

(6) The historical performance of trust companies, trust managers, and other related institutions and personnel does not represent the actual effect of the future operation of the fund trust.

(7) Investors have carefully read and understood all trust documents, are aware of the risk-return characteristics and risk levels of capital trusts, and are willing to bear corresponding legal responsibilities and trust investment risks in accordance with the law.

Article 11 A trust plan for collective funds shall hire a custodian for custody. Single fund trusts can be agreed in the trust documents according to the wishes of investors. Where a single fund trust agrees not to hire a custodian, the measures to ensure the safety of the trust property and the dispute resolution mechanism shall be specified in the trust documents.

Article 12 A trust company's management and utilization of capital trust property shall meet the following requirements:

(1) The investment scope and investment ratio of the capital trust shall be stipulated in the trust documents. If the actual investment of trust funds exceeds the investment scope or investment ratio stipulated in the trust documents, the trust company shall obtain the written consent of all investors in advance or be approved by the beneficiary assembly.

(2) Capital trusts may not directly invest in commercial bank credit assets, and may not directly or indirectly invest in industries and fields where laws, regulations and national policies prohibit debt or equity investment.

(3) The market value of each collective fund trust plan holding stocks issued by a single listed company does not exceed 25% of the fund trust’s net assets, and each structured fund trust holds stocks issued by a single listed company. The maximum market value shall not exceed 20% of the net assets of the fund trust, unless approved by the banking regulatory agency of the State Council. All investors are qualified investors that meet the requirements of items (1), (2), (3), and (4) of the second paragraph of Article 8 of these Measures, and the investment amount of a single investor is not less than 10 million yuan The closed-end collective fund trust plan is not subject to the proportional restriction specified in this paragraph.

(4) All fund trusts managed by the same trust company holding stocks issued by a single listed company shall not exceed 30% of the market value of the tradable stocks of the listed company, unless otherwise prescribed by the banking regulatory authority of the State Council. Fund trusts that make securities investments in full accordance with the constituent ratios of the relevant indexes are not subject to the proportional restrictions in this paragraph and the preceding paragraph. If the trust company’s subjective factors break the proportional restrictions in this paragraph and the preceding paragraph, the trust company shall adjust to meet the requirements within ten trading days after the liquidity restricted assets can be sold, transferred, or resumed.

(5) Fund trusts that accept the participation of other asset management products may not reinvest in other asset management products other than public securities investment funds. The fund trust may invest in another layer of asset management products, but the invested asset management products may not reinvest in asset management products other than publicly offered securities investment funds. Where capital trust invests in other asset management products, the trust company shall thoroughly identify the underlying assets. The proportion of investment in the same or similar assets calculated by the fund trust in accordance with the penetration principle shall comply with the relevant regulations of the banking regulatory agency of the State Council.

(6) The total amount of non-standardized debt assets invested in the same financier and its related parties in all collective fund trust plans managed by the trust company shall not exceed 30% of the trust company’s net assets. The total amount of all collective fund trust plans managed by a trust company to provide loans to others or invest in other non-standardized debt assets shall not exceed 50% of the total amount of trust received in all collective fund trust plans at any point in time. Except as otherwise provided by the banking regulatory agency of the State Council.

Article 13 If the trust company's management of fund trusts involves the company's inherent property and related parties, it shall be conducted at a fair market price, and the transaction price shall not be higher than the price of similar transactions conducted with non-related parties during the same period, and shall comply with the following regulations:

(1) In accordance with laws, administrative regulations, the State Council’s banking regulatory agency and corporate accounting standards, the related parties of trust companies shall be fully and accurately identified, and the main shareholders and the controlling shareholders, actual controllers, and related parties , Concerted actors and ultimate beneficiaries are managed as related parties.

(2) Trust funds shall not be used to conduct improper transactions, illegal transfer of interests, insider trading and market manipulation with related parties, including but not limited to investing in fake projects of related parties, jointly purchasing listed companies with related parties, and injecting capital into the institution.

(3) When a trust company uses trust funds directly or indirectly to provide financing to the company and its related parties, or invest in securities issued by the company and its related parties, or other assets held by the company, it shall check the counterparty, transaction target, and other assets in advance. The trading conditions shall be explained to all investors, the written consent of all investors shall be obtained, and the investors and custodian shall be notified afterwards. When a trust company conducts transactions with the property of a collective fund trust plan and its inherent property, it shall disclose information in accordance with the provisions of this paragraph. When a trust company conducts transactions with a single-fund trust property and its inherent property, it shall obtain written consent from investors.

(4) The amount of trust funds directly or indirectly used by the trust company for the company and its affiliates shall not exceed 10% of the company’s net assets, and the total amount directly or indirectly used for the company and its affiliates shall not More than 30% of the company's net assets. The total amount of trust funds directly or indirectly used by the trust company of the collective fund trust plan for the company and its related parties shall not exceed 15% of the company's net assets.

Article 14 The investment cooperation institution of a capital trust shall be an institution that has professional qualifications, complies with laws, administrative regulations and the relevant provisions of the State Council’s financial supervision and management institution, and is subject to the supervision of the State Council’s financial supervision and management institution in accordance with the law. Investment cooperation institutions include but are not limited to issuers of asset management products invested by capital trusts, investment consultants related to capital trust investment management, etc.

When a trust company chooses an investment cooperation institution that is qualified for a private equity investment fund manager to act as a capital trust, it shall meet the following conditions:

(1) Private equity investment fund managers who have been registered with the China Securities Investment Fund Association for one year and have no records of major violations of laws and regulations.

(2) To act as a securities investment fund trust investment cooperation institution, it shall be a private securities investment fund manager.

(3) Those who act as private equity investment funds trust investment cooperation institutions shall be private equity or venture capital fund managers.

(4) Other conditions stipulated by the financial regulatory agency of the State Council.

The investment cooperation institution entrusted by a trust company to an overseas financial management fund trust shall comply with the relevant regulations of the State Council’s banking regulatory agency on the entrusted overseas financial management trust business.

Article 15 A trust company carrying out fixed-income securities investment fund trust business may, subject to the agreement in the trust documents or the written consent of all investors, conduct standardized repurchase of debt assets in the open market or other approvals approved by the banking regulatory agency of the State Council Method to integrate funds, and should meet the following requirements:

(1) The total assets of each structured collective fund trust plan shall not exceed 140% of its net assets.

(2) The total assets of each unstructured fund trust shall not exceed 200% of its net assets.

When calculating the total assets of the fund trust, the trust company shall calculate the total assets of the asset management products invested by the fund trust in accordance with the principle of penetration.

Trust companies carrying out other fund trust businesses other than fixed-income securities investment fund trust business shall not provide external guarantees with trust property, shall not use trust property in the form of sell-back repurchase, shall not incorporate or disguise funds into the banking regulatory agency of the State Council. Unless otherwise specified.

Article 16 The ratio of priority to inferior levels of structured fund trusts shall match the level of risk of the underlying assets, and meet the following requirements:

(1) The ratio of priority to inferior levels of fixed income fund trusts shall not exceed three to one.

(2) The ratio of priority to inferior levels of equity fund trusts shall not exceed one to one.

(3) The ratio of priority to inferior grades of commodities and financial derivatives, and hybrid fund trusts shall not exceed two to one.

The intermediate share of structured fund trusts should be included in the priority. Structured fund trusts shall not reinvest in other hierarchical asset management products.

Article 17 A trust company shall establish, manage, establish accounts, account, and liquidate separately for each fund trust, and must not develop or participate in fund pool business with rolling issuance, collective operation, or separate pricing. Transaction of trust property of different fund trust products managed by the company.

The trust company shall reasonably determine the term of the assets invested by the capital trust, strengthen the management of term mismatch, and meet the following requirements:

(1) The term of a closed fund trust shall not be less than 90 days. The liquidity of the assets invested by the open fund trust should match the redemption needs of investors, and ensure that sufficient cash, demand deposits, treasury bonds, central bank bills, policy financial bonds and other assets with good liquidity are held.

(2) Where a fund trust invests directly or indirectly in non-standardized debt assets, it shall be a closed fund trust. The termination date of non-standardized debt assets shall not be later than the maturity date of the closed-end fund trust.

(3) Where a capital trust invests directly or indirectly in the equity of an unlisted company and its right to (receipt) of benefits, it shall be a closed-end capital trust and specify the exit arrangements for the equity and its right to (receive) of benefits. The withdrawal date of the equity of unlisted companies and their right to receive (receive) benefits shall not be later than the expiry date of the closed-end fund trust.

Article 18 When conducting fund trust business, a trust company shall abide by the "Accounting Standards for Business Enterprises" and "Guiding Opinions" and other relevant regulations on the valuation of financial instruments, and confirm and measure the net value of the fund trust in accordance with the method and frequency agreed in the trust documents. .

A trust company shall establish a fund trust net worth management system and information system to ensure that valuers have the ability, resources and independence to measure net worth, and reflect and supervise the trust property management in a timely, accurate and complete manner.

Article 19 The trust company shall stipulate the content, method, channel, frequency and the responsibilities of all parties in the fund trust documents, and shall be timely, accurate, and timely in accordance with laws, administrative regulations, relevant regulations of the banking regulatory agency of the State Council, and trust documents. Complete disclosure of information to ensure that investors can access and copy the disclosed information in accordance with the law.

Article 20: Where the fund trust documents should stipulate that investors transfer the beneficial rights of the trust, they shall go through the procedures for the transfer of the beneficial rights through the trust company. If the procedures for the transfer of the beneficial rights have not been completed, the investors shall bear corresponding legal liabilities.

When the trust company handles the procedures for the transfer of beneficiary rights, it shall confirm the compliance of the transferee’s qualified investor status and risk tolerance level, perform the obligation of risk notification to the transferee, and the transferee shall carefully read all the contents of the trust documents. And affirm that you are aware of the matters listed in paragraph 3 of Article 10 of these Measures. After the transfer, the number of qualified investors in the fund trust shall comply with the provisions of these Measures, and the investor's risk tolerance level shall match the fund trust risk level.

The trust company shall make a liquidation report for handling trust affairs within ten working days after the termination of the capital trust, and disclose it to investors after audit. If the trust documents stipulate that the liquidation report does not need to be audited, the trust company may submit an unaudited liquidation report. The remaining trust property after liquidation shall be distributed in accordance with the trust documents. The trust company shall properly keep all the materials for the management of the fund trust, and the retention period shall not be less than 15 years from the date of termination of the fund trust.

Chapter III Internal Control and Risk Management

Article 21 The board of directors and the senior management of a trust company shall fully understand the fund trust business and the various risks it faces, determine the overall strategy and policy for the fund trust business, and establish a management system, internal control system and management system that are compatible with it. Investor protection mechanism, with required human and material resources such as business processing system, accounting system and management information system.

When a trust company engages in fund trust business, it shall set up departments for the use of trust funds, information processing, etc., and be staffed with professionals commensurate with the nature of the fund trust business and risk management requirements, and allocate at least one trust manager for each fund trust.

Article 22 A trust company shall, based on the nature and risk characteristics of the fund trust business, establish a sound fund trust business management system, including investor suitability management, access management, investment decision-making, risk management, compliance management, personnel and authorization management , Sales management, investment cooperation agency management, custody, valuation, accounting and information disclosure, etc.

Trust companies shall formulate and implement risk management policies and procedures for various fund trust businesses, and effectively identify, monitor and control the credit risks, liquidity risks, market risks and other risks of fund trusts. A trust company shall establish a sound internal control system for fund trust business as an integral part of the trust company's overall internal control system.

A trust company shall conduct an internal audit of the fund trust business at least once a year, an external audit of the internal control of the fund trust business at least once a year, and an external audit of the fund trust in accordance with the method and frequency agreed in the trust documents. The trust company shall timely submit the external audit report of the fund trust business to the banking regulatory agency.

Article 23 A trust company shall ensure that the fund trust business is separated from its inherent business, separated from other trust businesses, separated between fund trusts, and separated from other business operations.

The total share of a trust company using its own funds to participate in a single collective fund trust plan managed by the company shall not exceed 20% of the total received trust share of the trust. The amount that a trust company directly or indirectly participates in the collective fund trust plan managed by the company with its own funds shall not exceed 50% of the trust company's net assets. If the aforementioned ratio exceeds the standard due to changes in the scale of the collective fund trust plan and other factors, the trust company shall adjust to meet the requirements within 30 trading days in accordance with the regulations of the banking regulatory agency of the State Council and the trust documents.

When conducting fund trust business, a trust company shall abide by the principles of market-oriented transactions and fair transactions to maximize the legitimate rights and interests of investors, and shall not conduct it between fund trusts, fund trust investors, or fund trust investors and other market entities. Transfer of benefits.

The trust company shall establish an effective investor complaint handling mechanism, clarify the channels, procedures and methods for accepting and handling investor complaints, and properly handle investor complaints in accordance with laws, administrative regulations, relevant regulations of the banking regulatory agency of the State Council, and trust documents.

Article 24 A trust company shall dynamically monitor and control the credit risk of each fund trust. Trust companies shall strengthen the asset quality management of fund trust assets that bear credit risks, confirm the book value of assets in accordance with the principle of prudence, and classify risks at least quarterly in accordance with the relevant provisions of the Banking Regulatory Authority of the State Council on loan risk classification.

The trust company shall effectively identify, monitor and control the liquidity risk of each fund trust, incorporate the fund trust business into the normalized stress testing mechanism, and formulate and continuously update the liquidity emergency plan.

A trust company shall establish an operational risk prevention and control mechanism covering the business links of fund trust establishment, registration, sales, investment and information disclosure, and perform entrusted management responsibilities according to law.

The trust company shall, based on the quality of the assets invested by the fund trust, objectively judge the possibility of risk loss being transmitted to the balance sheet, and confirm the estimated liabilities in accordance with the Accounting Standards for Business Enterprises. When a trust company conducts fund trust business, it shall measure risk capital in accordance with the regulatory provisions of the State Council’s banking regulatory agency on trust company capital management.

Chapter IV Supervision and Administration

Article 25 A trust company engaged in fund trust business shall perform its trust registration and reporting obligations in accordance with the following provisions:

(1) Handle trust registration in accordance with the relevant regulations of the banking regulatory agency of the State Council.

(2) When a trust company uses trust funds directly or indirectly to provide financing to the company and its related parties, or invest in securities issued by the company and its related parties, or other assets held by it, the trust company shall make a payment ten working days in advance. Banking regulatory agency report. Where a trust company and its related parties transfer the beneficiary rights of a fund trust managed by the company to the outside, the trust company shall report to the banking regulatory agency one by one ten working days in advance. If a trust company conducts transactions with its inherent property and capital trust property, it shall report in advance in accordance with the provisions of this paragraph.

(3) The trust company shall, within ten working days from the end of each quarter, report to the banking regulatory agency the related party transactions that have occurred during the quarter, transactions of inherent property and trust property, and participation of inherent funds or trust funds in the company. The managed fund trust status report, including but not limited to the relevant transactions of the quarter, the transaction list, and the description of the quarterly related transactions except property custody, account opening, and fund supervision.

Article 26 The banking supervision and administration institution shall implement off-site supervision and on-site inspection of the fund trust business carried out by trust companies in accordance with the law.

The trust company shall submit to the banking regulatory agency the financial and accounting statements, statistical reports, external audit reports and other materials required by the banking regulatory agency to the banking regulatory agency in accordance with regulations, and timely report to the banking regulatory agency Major events that adversely affect the company or investors and the proposed response measures.

According to the needs of performing their duties, the banking regulatory agency may conduct supervision and management conversations with trust company directors and senior managers, hold meetings with trust company supervisors and other staff, and require relevant personnel to discuss the fund trust business and risks carried out by the trust company Explain the major management issues.

Article 27 Where a trust company engages in fund trust business activities in violation of laws and regulations, the banking regulatory authority shall order it to make corrections within a time limit in accordance with the "Banking Regulatory and Management Law of the People's Republic of China". If a trust company fails to make corrections within the time limit, or its behavior seriously endangers the stable operation of the trust company or damages the legitimate rights and interests of other trust parties, the banking regulatory agency shall have the right to supervise in accordance with Article 37 of the Banking Regulatory Law of the People’s Republic of China Measures.

If the banking regulatory agency discovers violations of laws and regulations by fund trust investors, sales agents, custodians, financiers, investment cooperation institutions, etc., it has the right to order the trust company to take countermeasures and notify relevant financial management of the violations department.

Article 28 Where a trust company engages in fund trust business activities that violates laws and regulations, the banking regulatory agency shall impose penalties in accordance with the "Banking Regulatory Law of the People's Republic of China" and other laws and regulations. The banking regulatory agency may deal with the directly responsible directors, senior managers and other directly responsible persons in accordance with Article 48 of the Banking Regulatory Law of the People’s Republic of China and the Measures for Punishment of Financial Illegal Acts. ; Anyone suspected of committing a crime shall be transferred to the judicial organs according to law.

Chapter 5 Supplementary Provisions

Article 29 The meaning of the following terms in these Measures:

Single fund trust refers to a fund trust in which a single investor participates with his legally owned funds.

A collective fund trust plan refers to a fund trust in which two or more investors participate with their legally owned funds.

A closed-end fund trust refers to a fund trust that has a definite termination date, and investors are not allowed to subscribe or redeem from the date of establishment to the termination date.

Open fund trust refers to a fund trust in which the total amount of fund trust trust units is not fixed from the date of establishment to the date of termination, and investors can subscribe or redeem on the open day and at the corresponding place according to the agreement in the trust documents.

Structured fund trust means that the trust company divides the fund trust into different levels of shares according to the order in which the principal and trust benefits are paid. The distribution of trust benefits of different levels of shares is not calculated according to the proportion of shares, but is separately agreed in the contract , A capital trust that distributes trust benefits in accordance with the arrangement of priority and inferior beneficial rights. Trust beneficiaries who enjoy preferential beneficiary rights are called priority beneficiaries, and trust beneficiaries who enjoy inferior beneficiaries are called inferior beneficiaries.

A securities investment fund trust refers to a fund trust that invests in securities that are publicly issued in accordance with the law and are publicly traded on a trading venue that meets legal requirements.

Standardized creditor's rights assets refer to creditor's rights assets that meet the definition in Article 11 of the Guiding Opinions. Debt assets other than standardized debt assets are non-standard debt assets.

Service trust business does not belong to the term “fund trust” as mentioned in these Measures, and the provisions of these Measures are not applicable. Service trust business means that the trust company uses its system advantages and service capabilities in account management, property independence, risk isolation, etc., to provide the trustor with asset transfer, fund settlement, property supervision, protection, and inheritance in addition to asset management services. , Distribution and other trust business of entrusted services.

Public welfare (charitable) trust business does not belong to the term “fund trust” as mentioned in these Measures, and the provisions of these Measures are not applicable. Public welfare (charitable) trust business refers to the trust company’s management and disposal of trust assets in accordance with the trustee’s wishes in accordance with the Trust Law of the People’s Republic of China, the Charity Law of the People’s Republic of China, and the Measures for the Administration of Charitable Trusts. Carry out trust business for public welfare (charity) activities.

Article 30 These Measures shall come into force on the day of the year.

"Notice of the China Banking Regulatory Commission on Printing and Distributing the Guidelines for Business Cooperation between Banks and Trust Companies" (Yinjianfa [2008] No. 83), "Notice of the General Office of the China Banking Regulatory Commission on Further Strengthening the Risk Management of Trust Companies' Bank-trust Cooperative Wealth Management Business" (Bank Jianbanfa [2008] No. 297), "Notice of the China Banking Regulatory Commission on Further Regulating Issues Related to Bank-trust Cooperation" (Yinjianfa [2009] No. 111), "Notice of the China Banking Regulatory Commission on Regulating Matters Related to Banking and Trust Cooperation" (Yinjianfa [2010] No. 72), "Notice of the China Banking Regulatory Commission on Further Regulating Bank-trust Wealth Management Cooperation Business" (Yinjianfa [2011] No. 7), "China Banking Regulatory Commission's General Office of the China Banking Regulatory Commission on matters related to the bill trust business of trust companies "Notice" (Yinjianbanfa [2012] No. 70) shall be repealed at the same time.

If the regulations and normative documents announced before the implementation of these Measures are inconsistent with the provisions of these Measures, these Measures shall prevail. The Banking Regulatory Authority of the State Council is responsible for the interpretation of these Measures.