Chapter 1 General Provisions Article 1 In order to strengthen the supervision and management of trust companies, regulate the business activities of trust companies, and promote the healthy development of the trust industry, in accordance with the Trust Law of the People's Republic of China and the Trust Law of the People's Republic of China,
These Measures are formulated in accordance with the Bank of China Supervision and Administration Law and other laws and regulations.
Article 2 The term "trust company" as mentioned in these Measures refers to a financial institution established in accordance with the Company Law of the People's Republic of China and these Measures to mainly engage in trust business.
The term "trust business" as mentioned in these Measures refers to the business activities of a trust company, for the purpose of operating business and collecting remuneration, and undertakes trust and handles trust affairs as a trustee.
Article 3 Trust property does not belong to the trust company’s inherent property, nor does it belong to the trust company’s liabilities to the beneficiaries.
When a trust company is terminated, the trust property does not belong to its liquidation property.
Article 4 When a trust company engages in trust activities, it shall abide by the provisions of laws and regulations and the stipulations of the trust documents, and shall not damage the national interests, the interests of the public and the legitimate rights and interests of the beneficiaries.
Article 5 The China Banking Regulatory Commission shall supervise and manage trust companies and their business activities.
Chapter 2 Institutional Establishment Article 6 The establishment of a trust company shall take the form of a limited liability company or a joint-stock company.
Article 7 The establishment of a trust company must be approved by the China Banking Regulatory Commission and obtain a financial license.
Without the approval of the China Banking Regulatory Commission, no unit or individual may operate trust business, and no operating unit may use the word "trust company" in its name.
Except as otherwise provided by laws and regulations.
Article 8 To establish a trust company, the following conditions must be met: (1) Have company articles of association that comply with the "Company Law of the People's Republic of China" and the provisions of the China Banking Regulatory Commission; (2) Have the qualifications of the China Banking Supervision and Administration Commission
Shareholders who are qualified to participate in shares specified by the committee; (3) Have the minimum amount of registered capital stipulated in these Measures; (4) Have directors, senior managers and trust practitioners who have the qualifications stipulated by the China Banking Regulatory Commission and trust practitioners suitable for their business
personnel; (5) Have a sound organizational structure, trust business operating procedures and risk control systems; (6) Have business premises, safety precautions and other business-related facilities that meet the requirements; (7) China Banking Regulatory Commission
Other conditions specified.
Article 9 The China Banking Regulatory Commission shall examine the application for the establishment of a trust company in accordance with laws, regulations and prudential supervision principles, and make a decision to approve or disapprove; if it disapproves, the reasons shall be stated.
Article 10 The minimum registered capital of a trust company is RMB 300 million or its equivalent in freely convertible currency, and the registered capital shall be paid-in monetary capital.
Applications to operate enterprise annuity funds, securities underwriting, asset securitization and other businesses must meet the minimum registered capital requirements stipulated in relevant laws and regulations.
The China Banking Regulatory Commission may adjust the minimum registered capital of trust companies based on the needs of the development of the trust company industry.
Article 11 Without the approval of the China Banking Regulatory Commission, a trust company shall not establish a branch or establish a disguised branch.
Article 12 If a trust company has any of the following circumstances, it shall be approved by the China Banking Regulatory Commission: (1) Change of name; (2) Change of registered capital; (3) Change of company domicile; (4) Change of organizational form;
(5) Adjust the business scope; (6) Change directors or senior managers; (7) Change shareholders or adjust the equity structure, except if the circulating shares of a listed company do not reach 5% of the company’s total shares; (8) Modify the company’s articles of association
; (9) Merger or division; (10) Other circumstances specified by the China Banking Regulatory Commission.
Article 13 If a trust company applies for dissolution due to reasons for division, merger or dissolution specified in the company's articles of association, it shall be dissolved after approval by the China Banking Regulatory Commission, and a liquidation team shall be organized to conduct liquidation in accordance with the law.
Article 14 If a trust company is unable to pay off its due debts and its assets are insufficient to pay off its debts or it obviously lacks the ability to pay off its debts, it may file a bankruptcy application with the People's Court with the consent of the China Banking Regulatory Commission.
The China Banking Regulatory Commission may directly apply to the People's Court for reorganization or bankruptcy liquidation of the trust company.
Article 15 When a trust company terminates, its responsibility for managing trust affairs shall also terminate.
The liquidation team shall properly keep the trust property, make a report on the handling of trust affairs and handle the transfer of the trust property to the new trustee.
If there are other provisions in the trust document, such provisions shall prevail.