[The Draft Interim Measures for the Administration of Asset-Serviced Trusts (for Public Comment) Have Been Issued] It is understood that several trust companies have recently received the draft Interim Measures for the Administration of Asset-Serviced Trusts (for Public Comment) issued by the regulator. The Measures consist of six chapters and forty-seven articles, clarifying not only the definition, business classification, and operating principles of asset-serviced trusts, but also stipulating that trust companies must strictly adhere to the provisions of these Measures in conducting asset-serviced trust business and are prohibited from using the name of asset-serviced trusts to substantively conduct asset management trust business. The Measures also explicitly require that the investment amount of a single asset-serviced trust in the same asset shall not exceed 25% of the paid-in capital of the trust, except for bank demand deposits, treasury bonds, central bank bills, policy bank bonds, and local government bonds, and except for securities investments made entirely according to the composition ratio of relevant indices. Non-standardized assets of a single entity and its related parties are considered as the same asset and the aforementioned ratio is calculated collectively. For private asset management products where the underlying assets of an asset-serviced trust involve non-standardized assets, the trust company must identify the non-standardized assets and calculate the aforementioned ratio accordingly.
