It turned out to be the People's Bank of China.

See below.

Article 51 A trust investment company shall formulate its own trust business and other business rules in accordance with regulations, establish and improve its various business management systems and internal control systems, and report them to the People's Bank of China for filing.

A trust investment company shall establish an internal audit department to audit and supervise the company's business operations.

The internal audit department of a trust and investment company shall submit an internal audit report to the company's board of directors at least every six months, and at the same time submit a copy of the above report to the People's Bank of China.

Article 52 A trust investment company shall establish accounts in accordance with the law, account for trust business and non-trust business separately, and account for each trust business separately.

The specific financial accounting system shall comply with the relevant regulations of the Ministry of Finance.

Article 53 A trust investment company shall establish and improve its financial accounting system in accordance with relevant national regulations, and truly record and fully reflect its business activities and financial status.

The company's annual financial accounting statements shall be audited by certified public accountants with corresponding qualifications.

Trust investment companies shall submit business reports, financial accounting statements of trust business and non-trust business, trust account catalogs and other relevant information to the People's Bank of China and relevant departments in accordance with regulations.

Article 54 The trust business department of a trust investment company shall be operationally independent from other departments of the company. Its personnel shall not work part-time with personnel of other departments of the company, and specific business information shall not be shared with other departments of the company.

Article 55 The People's Bank of China may inspect the business activities of trust investment companies regularly or irregularly.

When the People's Bank of China deems it necessary, it may order a trust investment company to hire an intermediary agency with corresponding qualifications to audit its business and financial status.

Trust investment companies shall provide relevant business and financial statements and information in accordance with the requirements of the People's Bank of China, and truthfully introduce relevant business conditions.

Article 56 The People's Bank of China shall implement a qualification review system for senior managers of trust and investment companies.

Those who have not passed the qualification review by the People's Bank of China or who fail the review or assessment may not hold the position.

Trust and investment companies shall conduct outgoing audits for senior managers who plan to leave their posts, and report the audit results to the People's Bank of China for record.

When the legal representative of a trust and investment company is changed, the original legal representative shall not leave office before the new legal representative has been qualified by the People's Bank of China.

Article 57 The People's Bank of China shall implement a trust business qualification examination system for trust practitioners of trust investment companies.

Those who pass the examination will be issued a trust practitioner qualification certificate by the People's Bank of China; those who have not taken the examination or fail the examination are not allowed to handle trust business.

The specific examination methods will be formulated separately by the People's Bank of China.

Article 58 If senior managers and trust practitioners of trust investment companies violate laws, administrative regulations or relevant provisions of the People's Bank of China, the People's Bank of China has the right to cancel their qualifications or professional qualifications.

Article 59 The People's Bank of China has the right to question the senior managers of trust and investment companies regarding major problems discovered in the supervision of trust and investment companies, and order them to take effective measures and make corrections within a time limit.

Article 60: If a trust investment company's management is in chaos and its operations are in trouble, the People's Bank of China shall order the company to take measures to rectify or reorganize, and recommend the replacement of senior managers.

The People's Bank of China may take over the company when it deems it necessary.

Article 61 Trust and investment companies may establish industry associations to implement industry self-discipline.

Trust and investment company associations shall accept the guidance and supervision of the People's Bank of China when carrying out activities.

Later it was the Banking Regulatory Commission.

Specifically, the trust industry is known as one of the four financial pillars. However, for a long time, the trust industry has lacked an authoritative and effective regulatory structure.

Whether it was the People's Bank of China or the current China Banking Regulatory Commission, the functional department that specifically manages trust companies is only the Trust Department under the non-bank department.

This kind of institutional setup cannot meet the objective needs of the development and supervision of the trust industry in the new era, and is also not commensurate with the important status of the trust industry.

The current lag in the construction of trust regulations may be directly related to the serious shortage of levels and staffing of trust supervision and management agencies.

In addition to the above-mentioned problems, another important flaw in the trust regulatory structure is that the supervision and management of the trust industry is actually artificially divided.

At present, in addition to the "Two Regulations" and other regulations passed by the China Banking Regulatory Commission to regulate and supervise trust companies, there are also corresponding regulations issued by the China Securities Regulatory Commission to regulate securities businesses, namely the "Interim Measures for the Management of Securities Investment Funds" and the "Open-ended Securities Investment Funds"

Pilot Measures"; the other is the China Securities Regulatory Commission's regulations on the entrusted investment management business of comprehensive securities companies.

It can be seen that the laws and regulations on trust supervision are actually reflected in three aspects: the China Banking Regulatory Commission regulates trust companies; the China Securities Regulatory Commission regulates fund companies; and the China Securities Regulatory Commission regulates securities companies.

We can separate the fund from trust legal principles and form a separate system, or it may not be appropriate to change the historically formed management structure. Therefore, the question that remains is how to keep these three aspects consistent.