Circular of the China Banking Regulatory Commission on Issuing the Administrative Measures for Trust Registration

Circular of the China Banking Regulatory Commission on Issuing the Administrative Measures for Trust Registration
Circular of the China Banking Regulatory Commission on Issuing the Administrative Measures for Trust Registration

Yin Jian Fa [2017] No.47

August 25, 2017

All the offices of the China Banking Regulatory Commission and China Trust Registration Corporation Limited,

The Administrative Measures for Trust Registration (the "Measures") are hereby issued to you for your conscientious implementation by combining with the following requirements.

I. A three-month transitional period is set for the implementation of the Measures, namely from September 1 to November 30, 2017. During the transitional period, all trust companies shall carry out product reports to the banking regulatory authority in accordance with the provisions of the Guiding Opinions of the General Office of the China Banking Regulatory Commission on the Supervision and Administration over the Risks of Trust Companies (Yin Jian Ban Fa [2014] No.99) while conducting the trust registration in accordance with the Measures. After the transitional period, the aforesaid product reports shall be subject to the Measures.

II. For the trust products established or validly existing before the implementation of the Measures, the trust registration may not be required for those products which expire before June 30, 2018 (inclusive); for those trust products still existing after June 30, 2018, the trust registration shall be made up in accordance with the Measures before July 1, 2018.

Administrative Measures for Trust Registration

Chapter I General Provisions

Article 1 For the purpose of regulating trust registration activities, protecting the legitimate rights and interest of the parties to the trust and promoting the continuous and healthy development of the trust industry, the Measures are formulated in accordance with the Trust Law of the People's Republic of China, the Banking Regulation Law of the People's Republic of China and other laws and regulations.

Article 2 For the purpose of the Measures, the "Trust Registration" refers to the act of recording the trust products of a trust institution and information on its beneficial rights, as well as other information as stipulated by the banking regulatory authority under the State Council and their changes by China Trust Registration Corporation Limited (the "Trust Registration Corporation").
For the purpose of the Measures, the "trust institutions" refers to the trust companies established in accordance with the law and the other institutions recognized by the banking regulatory authority under the State Council.

Article 3 A trust institution conducting trust business shall handle trust registration, unless otherwise stipulated by the law, administrative regulations or the banking regulatory authority under the State Council.

Article 4 The activities of trust registration shall follow laws, administrative regulations and the relevant provisions of the banking regulatory authority under the State Council, conform to the principle of good faith, and shall not damage national interests and social public interests.

Article 5 The Trust Registration Corporation which takes the provision of basic trust services as its major function shall insist on the principle of compliance with laws and regulations and stable operation, and faithfully fulfill the trust registration and the other relevant functions.

Article 6 The Trust Registration Corporation shall have the premises, facilities and safety precautions compatible with trust registration activities and the fulfillment of other functions, shall establish an independent, safe and effective trust registration system and the relevant supporting system, strengthen the information technology guarantee, and practically protect the legitimate rights and interests of the parties to the trust and other related parties.

Article 7 The banking regulatory authority under the State Council shall conduct the supervision and administration over the trust registration and the relevant activities in accordance with the law.

Chapter II Trust Registration Application

Article 8 The application of trust registration shall be filed by a trust institution, unless otherwise stipulated by the law, administrative regulations or the banking regulatory authority under the State Council.

Article 9 The trust registration information shall cover the information on trust products, their beneficial rights and changes, including the name of trust products, trust category, trust purposes, trust term, parties to the trust, trust property and the distribution of trust benefits.

Article 10 A trust institution shall apply for the pre-registration of trust products (the "trust pre-registration") five working days earlier than the issue date of the collective money trust plan or two working days before the establishment of the single fund trust and property trust, and obtain the sole product code from the Trust Registration Corporation.
For the application for trust pre-registration, the following documents shall be submitted:
1.
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