The China Banking Regulatory Commission ("CBRC") has recently issued the Administrative Measures for Trust Registration (the "Measures"), effective from September 1, 2017.
The Measures mainly provide for the definition of trust registration and applicable procedures for this purpose, administration of accounts for trust beneficiary rights, administration of trust registration information, regulatory requirements, etc., establishing a unified trust registration system for China's trust sector. The Measures specify that trust registration is classified into the preliminary registration, initial registration, registration for alterations, registration for termination, and registration for corrections; the China Trust Registration Co., Ltd. ("CTR") is in charge of accepting applications for trust registration and handling the trust registration according to the law. With offering basic services for the trust sector as its major functions, instead of being aimed at seeking profits, the CTR will not charge any fee for trust registration. Additionally, the Measures stress that the trust registration information should be protected under the law and also impose strict confidentiality requirements on the management and use of trust registration information. Furthermore, the Measures specify a three-month transition period to ensure the trust registration is initiated steadily.