The State Financial Supervisory Administration issued the “Administrative Measures on Asset Management Trusts”. The regulations state that trust companies manage trust products, must not promise investors no loss of principal or guarantee a minimum return in any way, must not set expected returns, must not carry out investment banking services to raise funds for financiers under the name of trust products, must not carry out or participate in fund pool operations with the characteristics of rolling issuance, pooled operation, or separate pricing, and must not facilitate other institutions or individuals to engage in illegal and illegal activities. When managing trust products, trust companies shall perform independent management duties, shall not transfer entrustment, and shall not cede management responsibilities to other institutions or individuals. Where a trust company entrusts another party to handle trust matters on its behalf according to law, it shall perform supervisory duties and shall not exempt itself from responsibility by entrusting another party. When managing trust products, trust companies shall abide by the principle of fair trade, and shall not transfer illegal benefits between different trusts, trusts and trust companies, or third parties.

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