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Interim Measures for the Equity Management of Trust Companies [Effective]
信托公司股权管理暂行办法 [现行有效]
【法宝引证码】

Order of the China Banking and Insurance Regulatory Commission 

中国银行保险监督管理委员会令

(No. 4 [2020]) (2020年第4号)

The Interim Measures for the Equity Management of Trust Companies, as adopted at the 11th executive meeting of the China Banking and Insurance Regulatory Commission on October 18, 2019, are hereby issued, and shall come into force on March 1, 2020. 《信托公司股权管理暂行办法》已于2019年10月18日经中国银保监会2019年第11次委务会议通过。现予公布,自2020年3月1日起施行。
Chairman: Guo Shuqing 主席 郭树清
January 20, 2020 2020年1月20日
Interim Measures for the Equity Management of Trust Companies 信托公司股权管理暂行办法
Chapter I General Provisions 

第一章 总 则

Article 1 For the purposes of strengthening the equity management of trust companies, regulating the acts of shareholders of trust companies, protecting the lawful rights and interests of trust companies, and trust parties, among others, protecting the lawful interests of shareholders, and promoting the sustainable and sound development of trust companies, these Measures are developed in accordance with the Company Law of the People's Republic of China, the Banking Supervision Law of the People's Republic of China, the Trust Law of the People's Republic of China and other laws and regulations.   第一条 为加强信托公司股权管理,规范信托公司股东行为,保护信托公司、信托当事人等合法权益,维护股东的合法利益,促进信托公司持续健康发展,根据《中华人民共和国公司法》《中华人民共和国银行业监督管理法》《中华人民共和国信托法》等法律法规,制定本办法。
Article 2 These Measures shall apply to trust companies legally formed within the territory of the People's Republic of China.   第二条 本办法适用于中华人民共和国境内依法设立的信托公司。
Article 3 Trust companies shall conduct equity management under the principles of categorized management, excellence and stability, clear structure, specific rights and responsibilities, orderly change, transparency and good faith.   第三条 信托公司股权管理应当遵循分类管理、优良稳定、结构清晰、权责明确、变更有序、透明诚信原则。
Article 4 The banking regulatory authority of the State Council and its local offices shall legally conduct penetrated regulation of the equities of trust companies under the principle of prudential supervision.   第四条 国务院银行业监督管理机构及其派出机构遵循审慎监管原则,依法对信托公司股权实施穿透监管。
Equity supervision shall be conducted in all links such as the formation of trust companies, equity change or adjustment of equity structure, business combination, division, dissolution, liquidation and other matters involving the trust company's equity management. 股权监管贯穿于信托公司设立、变更股权或调整股权结构、合并、分立、解散、清算以及其他涉及信托公司股权管理事项等环节。
Article 5 The banking regulatory authority of the State Council and its local offices shall regulate the equities of trust companies in accordance with the law, and investigate and punish relevant violations of laws and regulations committed by trust companies and their shareholders and other entities and individuals.   第五条 国务院银行业监督管理机构及其派出机构依法对信托公司股权进行监管,对信托公司及其股东等单位和个人的相关违法违规行为进行查处。
Article 6 A trust company and its shareholders shall fully disclose relevant information and accept social supervision in accordance with laws, regulations and regulatory requirements.   第六条 信托公司及其股东应当根据法律法规和监管要求,充分披露相关信息,接受社会监督。
Article 7 Trust companies, the banking regulatory authority of the State Council and its local offices shall strengthen the management of trust companies' major shareholders.   第七条 信托公司、国务院银行业监督管理机构及其派出机构应当加强对信托公司主要股东的管理。
“Major shareholders of a trust company” means shareholders that hold or control not less than 5% of shares or voting rights of the trust company or that hold less than 5% of total capital or total shares but have a significant impact on the business management of the trust company. 信托公司主要股东是指持有或控制信托公司百分之五以上股份或表决权,或持有资本总额或股份总额不足百分之五但对信托公司经营管理有重大影响的股东。
For the purposes of the preceding paragraph, “significant impact” shall include but not be limited to dispatching directors, supervisors or senior executives to a trust company, affecting the trust company's financial and business management decision-making through agreements or other methods, and other circumstances determined by the banking regulatory authority of the State Council and its local offices. 前款中的“重大影响”,包括但不限于向信托公司派驻董事、监事或高级管理人员,通过协议或其他方式影响信托公司的财务和经营管理决策,以及国务院银行业监督管理机构及其派出机构认定的其他情形。
Article 8 Each shareholder of a trust company shall have prominent core main business, have good social reputation, corporate governance mechanism, credit records, tax payment records, financial status as well as a clear and transparent equity structure, and comply with the provisions of laws and regulations and regulatory requirements.   第八条 信托公司股东应当核心主业突出,具有良好的社会声誉、公司治理机制、诚信记录、纳税记录、财务状况和清晰透明的股权结构,符合法律法规规定和监管要求。
Article 9 The equity structure of a trust company's shareholders shall be traceable back to ultimate beneficiaries level by level, and the relationship between such parties as its controlling shareholder, actual controller, affiliates, persons acting in concert and ultimate beneficiaries shall be clear and transparent.   第九条 信托公司股东的股权结构应逐层追溯至最终受益人,其控股股东、实际控制人、关联方、一致行动人、最终受益人等各方关系应当清晰透明。
The shareholding ratio of shareholders and their affiliates and persons acting in concert shall be calculated on a consolidated basis. 股东与其关联方、一致行动人的持股比例合并计算。
Article 10 An investor intending to purchase the shares of a trust company shall report in advance to the banking regulatory authority of the State Council or its local office for approval, except that the shares of a listed trust company held by the investor and its affiliates as well as persons acting in concert solely or aggregately fail to reach 5% of the company's total shares.   第十条 投资人入股信托公司,应当事先报国务院银行业监督管理机构或其派出机构核准,投资人及其关联方、一致行动人单独或合计持有上市信托公司股份未达到该公司股份总额百分之五的除外。
The official reply for the administrative licensing of proposed holding of not less than 5% of total shares of a trust company through a domestic or overseas stock market shall be valid for six months. 对通过境内外证券市场拟持有信托公司股份总额百分之五以上的行政许可批复,有效期为六个月。
Chapter II Shareholders' Responsibilities of Trust Companies 

第二章 信托公司股东责任

Section 1 Shareholders' Qualification 

第一节 股东资质

Article 11 Upon the examination and approval of the banking regulatory authority of the State Council or its local office, domestic non-financial institutions, domestic financial institutions, overseas financial institutions and other investors recognized by the banking regulatory authority of the State Council may become the shareholders of trust companies.   第十一条 经国务院银行业监督管理机构或其派出机构审查批准,境内非金融机构、境内金融机构、境外金融机构和国务院银行业监督管理机构认可的其他投资人可以成为信托公司股东。
The provisions of the preceding paragraph in this Article shall not apply where the shares of the same listed trust company solely or aggregately held by an investor and its affiliates, and persons acting in concert fail to reach 5% of total shares of the trust company. 投资人及其关联方、一致行动人单独或合计持有同一上市信托公司股份未达到该信托公司股份总额百分之五的,不受本条前款规定限制。
Article 12 To be a shareholder of a trust company, a domestic non-financial institution shall meet the following conditions:   第十二条 境内非金融机构作为信托公司股东,应当具备以下条件:
(1) It is legally formed and has the legal person status. (一)依法设立,具有法人资格;
(2) It has a good corporate governance structure or an effective mode of organizational management. (二)具有良好的公司治理结构或有效的组织管理方式;
(3) It has good social reputation and good credit records and tax payment records. (三)具有良好的社会声誉、诚信记录和纳税记录;
(4) It has good business management and no record of major violation of laws and regulations in operations in the most recent two years. (四)经营管理良好,最近2年内无重大违法违规经营记录;
(5) It has good financial status, and has been continuously profitable in the last two accounting years, or in the last three accounting years if it obtains controlling shares. (五)财务状况良好,且最近2个会计年度连续盈利;如取得控股权,应最近3个会计年度连续盈利;
(6) Its net assets are not less than 30% of total assets after the year-end distribution (on the basis of consolidated financial statements), or its net assets are not less than 40% of total assets after the year-end distribution (on the basis of consolidated financial statements) if it obtains controlling shares. (六)年终分配后净资产不低于全部资产的百分之三十(合并财务报表口径);如取得控股权,年终分配后净资产应不低于全部资产的百分之四十(合并财务报表口径);
(7) If it obtains controlling shares, the balance of its equity investment shall not exceed 40% of the enterprise's net assets (including the amount of such investment, on the basis of consolidated financial statements), except for investment companies and holding companies recognized by the banking regulatory authority of the State Council. (七)如取得控股权,权益性投资余额应不超过本企业净资产的百分之四十(含本次投资金额,合并财务报表口径),国务院银行业监督管理机构认可的投资公司和控股公司除外;
(8) Other prudential conditions prescribed in the rules of the banking regulatory authority of the State Council. (八)国务院银行业监督管理机构规章规定的其他审慎性条件。
Article 13 A domestic financial institution as a shareholder of a trust company shall have a good internal control mechanism and a sound risk management system, and comply with the relevant laws, regulations and regulatory provisions on such type of financial institutions as well as conditions set out in Article 12 of these Measures (except that “it has been continuously profitable in the last three accounting years if it obtains controlling shares” in subparagraph (5), subparagraphs (6) and (7)).   第十三条 境内金融机构作为信托公司股东,应当具有良好的内部控制机制和健全的风险管理体系,符合与该类金融机构有关的法律、法规、监管规定以及本办法第十二条(第五项“如取得控股权,应最近3个会计年度连续盈利”、第六项和第七项除外)规定的条件。
Article 14 To be a shareholder of a trust company, an overseas financial institution shall meet the following conditions:   第十四条 境外金融机构作为信托公司股东,应当具备以下条件:
(1) It has the experience for the business management of the relevant international financial business. (一)具有国际相关金融业务经营管理经验;
(2) Its long-term credit rating assigned by an international rating institution recognized by the banking regulatory authority of the State Council has been “good” or above in the most recent two years. (二)国务院银行业监督管理机构认可的国际评级机构最近2年对其作出的长期信用评级为良好及以上;
(3) It has a good financial status and has been continuously profitable in the last two accounting years. (三)财务状况良好,最近2个会计年度连续盈利;
(4) It complies with the laws and regulations of the country or region where it is located and satisfies the prudential regulatory requirements of the regulatory authority, and has not committed any serious violation of laws and regulations in operations in the most recent two years. (四)符合所在国家或地区法律法规及监管当局的审慎监管要求,最近2年内无重大违法违规经营记录;
(5) It has a good corporate governance structure, internal control mechanism and a sound risk management system. (五)具有良好的公司治理结构、内部控制机制和健全的风险管理体系;
(6) The financial regulatory authority of the country or region where it is located has established a sound supervision and administration cooperation mechanism with the banking regulatory authority of the State Council. (六)所在国家或地区金融监管当局已经与国务院银行业监督管理机构建立良好的监督管理合作机制;
(7) It has effective anti-money laundering measures. (七)具有有效的反洗钱措施;
(8) The country or region where it is located is in good economic condition. (八)所在国家或地区经济状况良好;
(9) Other prudential conditions set out in the rules of the banking regulatory authority of the State Council. (九)国务院银行业监督管理机构规章规定的其他审慎性条件。
An overseas financial institution that invests in and purchases the shares of a trust company shall follow the principles of long-term shareholding, optimizing governance, business cooperation and avoiding competition, and abide by the relevant provisions of the state on foreign investors' investment within China. 境外金融机构投资入股信托公司应当遵循长期持股、优化治理、业务合作、竞争回避的原则,并遵守国家关于外国投资者在中国境内投资的有关规定。
Article 15 Financial products may hold shares of a listed trust company, but the total shares of the same listed trust company held by the financial products controlled by a single investor, issuer or manager and its actual controller, affiliates and persons acting in concert shall not exceed 5% of total shares of the trust company.   第十五条 金融产品可以持有上市信托公司股份,但单一投资人、发行人或管理人及其实际控制人、关联方、一致行动人控制的金融产品持有同一上市信托公司股份合计不得超过该信托公司股份总额的百分之五。
A major shareholder of a trust company shall not hold shares of the trust company through financial products issued or managed by it or controlled by it through other means. 信托公司主要股东不得以发行、管理或通过其他手段控制的金融产品持有该信托公司股份。
A natural person may hold the shares of a listed trust company, but may not serve as a major shareholder of the trust company, except as otherwise provided for by the banking regulatory authority of the State Council. 自然人可以持有上市信托公司股份,但不得为该信托公司主要股东。国务院银行业监督管理机构另有规定的除外。
Article 16 An investor or its controlling shareholder or actual controller may not serve as a major shareholder of a trust company under any of the following circumstances:   第十六条 投资人及其控股股东、实际控制人存在以下情形的,不得作为信托公司主要股东:
(1) It has many affiliated enterprises, complicated and non-transparent equity relations and frequent and abnormal affiliated transactions. (一)关联企业众多、股权关系复杂且不透明、关联交易频繁且异常;
(2) It is listed as an object subject to joint sanctions for dishonesty by relevant departments. (二)被列为相关部门失信联合惩戒对象;
(3) It has any record of bad investment on the open market. (三)在公开市场上有不良投资行为记录;
(4) It frequently changes its equity or actual controller. (四)频繁变更股权或实际控制人;
(5) It seriously evades debts due. (五)存在严重逃废到期债务行为;
(6) It provides any false materials or makes any misstatement, or has ever invested in the trust industry and provides any false materials or makes any misstatement. (六)提供虚假材料或者作不实声明,或者曾经投资信托业,存在提供虚假材料或者作不实声明的情形;
(7) It assumes major responsibility for business failure or major violation of laws and regulations of the trust company invested in by it, or of any other financial institution ever invested in by it, and less than five years have elapsed since then. (七)对曾经投资的信托公司经营失败或重大违法违规行为负有重大责任,或对曾经投资的其他金融机构经营失败或重大违法违规行为负有重大责任且未满5年;
(8) It has not actually carried out business for a long period, or it suspends its business operation or enters into bankruptcy liquidation or is involved in any guarantee, litigation, arbitration or other major matter that may seriously affect its sustained operation. (八)长期未实际开展业务、停业或破产清算或存在可能严重影响持续经营的担保、诉讼、仲裁或者其他重大事项;
(9) It refuses to accept or obstructs the lawful regulation by the financial management department. (九)拒绝或阻碍金融管理部门依法实施监管;
(10) It was investigated and punished by the financial management department or relevant government department due to its violation of laws and regulations, which has adverse effects. (十)因违法违规行为被金融管理部门或政府有关部门查处,造成恶劣影响;
(11) Other circumstances that may have a material adverse impact on the performance of shareholders' responsibilities or on the trust company. (十一)其他可能对履行股东责任或对信托公司产生重大不利影响的情形。
Except as provided for in the preceding paragraph of this Article, no investor whose controlling shareholder or actual controller is a financial product may serve as a major shareholder of the trust company. 除本条前款规定外,投资人的控股股东、实际控制人为金融产品的,该投资人不得为信托公司主要股东。
Section 2 Equity Acquisition 

第二节 股权取得

Article 17 An investor may purchase the shares of a trust company by such means as investing in the formation of a trust company, subscribing for new capital of a trust company, acquiring the equity held by other shareholders of a trust company by agreement, call auction or other means.   第十七条 投资人可以通过出资设立信托公司、认购信托公司新增资本、以协议或竞价等途径取得信托公司其他股东所持股权等方式入股信托公司。
Article 18 An investor that purchases the shares of a trust company shall perform the procedures prescribed in laws and regulations as well as the company's bylaws. If the duties of state-owned asset management, financial management and other departments are involved, the relevant provisions shall be complied with.   第十八条 投资人入股信托公司应当履行法律法规和公司章程约定的程序。涉及国有资产管理、金融管理等部门职责的,应当符合相关规定。
Article 19 An investor shall, before purchasing the shares of a trust company, effectively conduct due diligence, fully understand the trust company's functional positioning, the nature and risk characteristics of the trust business, as well as the shareholders' responsibilities and obligations that shall be assumed, fully obtain such information as the business management and actual risks of the trust company to be invested in.   第十九条 投资人入股信托公司前应当做好尽职调查工作,充分了解信托公司功能定位、信托业务本质和风险特征以及应当承担的股东责任和义务,充分知悉拟入股信托公司经营管理情况和真实风险底数等信息。
The investor that purchases the shares of a trust company shall have proper purpose of purchasing shares and true willingness to make capital contribution. 投资人入股信托公司应当入股目的端正,出资意愿真实。
Article 20 An investor that plans to purchase the shares of a trust company shall make a written undertaking to abide by laws, regulations, regulatory provisions and the company's bylaws, and provide an explanation on the purpose of purchasing shares of the trust company.   第二十条 投资人入股信托公司时,应当书面承诺遵守法律法规、监管规定和公司章程,并就入股信托公司的目的作出说明。
Article 21 An investor that plans to serve as a major shareholder of a trust company shall have sustainable capital replenishment capability and make a written undertaking to replenish capital to the trust company when necessary in accordance with regulatory provisions.   第二十一条 投资人拟作为信托公司主要股东的,应当具备持续的资本补充能力,并根据监管规定书面承诺在必要时向信托公司补充资本。
Article 22 An investor that plans to serve as a major shareholder of a trust company shall provide an explanation of its equity structure level by level up to its actual controller and ultimate beneficiaries, as well as the affiliation or acting-in-concert relationship with other shareholders.   第二十二条 投资人拟作为信托公司主要股东的,应当逐层说明其股权结构直至实际控制人、最终受益人,以及与其他股东的关联关系或者一致行动关系。
Article 23 An investor shall purchase the shares of a trust company with its own funds obtained from legal sources rather than entrusted funds, debt funds and other funds not owned by it, and its amount of capital contribution shall not exceed the size of net assets according to the standards of its individual financial statements. The banking regulatory authority of the State Council and its local office may retrospectively identify the source of the investor's own funds under the principle of penetration.   第二十三条 投资人应当使用来源合法的自有资金入股信托公司,不得以委托资金、债务资金等非自有资金入股,出资金额不得超过其个别财务报表口径的净资产规模。国务院银行业监督管理机构及其派出机构可以按照穿透原则对自有资金来源进行向上追溯认定。
Article 24 No investor may entrust others or accept the entrustment of others to hold the equity of a trust company.   第二十四条 投资人不得委托他人或接受他人委托持有信托公司股权。
Article 25 A same investor and its affiliates and persons acting in concert shall not purchase non-controlling shares of more than two trust companies or purchase controlling shares of more than one trust company. 快醒醒开学了  第二十五条 同一投资人及其关联方、一致行动人参股信托公司的数量不得超过2家,或控股信托公司的数量不得超过1家。
The investor's merger, acquisition or restructuring of a high-risk trust company with the approval of the banking regulatory authority of the State Council shall not be subject to the restriction of the preceding paragraph of this Article. 投资人经国务院银行业监督管理机构批准并购重组高风险信托公司,不受本条前款规定限制。
Section 3 Equity Holding 

第三节 股权持有

Article 26 The shareholders of a trust company shall abide by laws, regulations, regulatory provisions and the company's bylaws, exercise shareholders' rights and fulfill statutory obligations in accordance with the law.   第二十六条 信托公司股东应当遵守法律法规、监管规定和公司章程,依法行使股东权利,履行法定义务。
Article 27 No major shareholder of a trust company may abuse shareholders' rights or exert its influence to intervene in the decision-making and management power to which the board of directors and the senior management are entitled according to the company's bylaws, or directly intervene in or exert influence to intervene in the business management of the trust company bypassing the board of directors and the senior management, conduct tunneling, or damage the lawful rights and interests of any trust party, the trust company or any other shareholder, among others, in any other form.   第二十七条 信托公司主要股东不得滥用股东权利干预或利用其影响力干预董事会、高级管理层根据公司章程享有的决策权和管理权,不得越过董事会和高级管理层直接干预或利用影响力干预信托公司经营管理,进行利益输送,或以其他方式损害信托当事人、信托公司、其他股东等合法权益。
Article 28 In line with the principle of penetration, no shareholder of a trust company and the trust company may directly or indirectly hold shares in each other.   第二十八条 按照穿透原则,信托公司股东与信托公司之间不得直接或间接交叉持股。
Article 29 Any major shareholder of a trust company that nominates a candidate for a director or supervisor of the trust company according to the company's bylaws shall abide by the conditions and procedures prescribed in laws and regulations and the company's bylaws. No controlling shareholder may set up any approval procedures for the personnel election results of the (general) meeting of shareholders or the personnel appointment resolutions of the board of directors.   第二十九条 信托公司主要股东根据公司章程约定提名信托公司董事、监事候选人的,应当遵循法律法规和公司章程规定的条件和程序。控股股东不得对股东(大)会人事选举结果和董事会人事聘任决议设置批准程序。
Where a trust company has shareholders that hold or control less than 5% of shares or voting rights of the company, at least one independent director or external supervisor shall be nominated by such type of shareholders. 信托公司存在持有或控制信托公司百分之五以下股份或表决权的股东的,至少应有一名独立董事或外部监事由该类股东提名产生。
Article 30 A major shareholder of a trust company shall effectively manage the concurrent holding of positions by any of its directors, supervisors and senior executives in the trust company or any other affiliate so as to prevent conflicts of interest.   第三十条 信托公司主要股东应当对其与信托公司和其他关联机构之间董事、监事和高级管理人员的交叉任职进行有效管理,防范利益冲突。
Major shareholders of the trust company and their affiliates and senior executives of the trust company may not hold a concurrent position in each other. 信托公司主要股东及其关联方与信托公司之间的高级管理人员不得相互兼任。
Article 31 Major shareholders of a trust company shall establish an effective risk isolation mechanism to prevent the transmission and transfer of risks among shareholders, the trust company and other affiliated institutions.   第三十一条 信托公司主要股东应当建立有效的风险隔离机制,防止风险在股东、信托公司以及其他关联机构之间传染和转移。
Article 32 Shareholders of a trust company shall abide by laws, regulations and the provisions of the trust company on affiliated transactions, shall not conduct inappropriate affiliated transactions with the trust company or exert its influence on the business management of the trust company to seek illicit benefits and infringe upon the lawful rights and interests of the trust company, other shareholders, and trust parties, among others.   第三十二条 信托公司股东应当遵守法律法规和信托公司关联交易相关规定,不得与信托公司进行不当关联交易,不得利用其对信托公司经营管理的影响力获取不正当利益,侵占信托公司、其他股东、信托当事人等合法权益。
Article 33 Shareholders of a trust company shall make an undertaking in the trust company's bylaws not to pledge the trust company's equity held by them or set up trust or any other financial product with equity and its beneficiary (income) right, except under special circumstances where the banking regulatory authority of the State Council or its local office takes risk disposal or takeover measures, among others.   第三十三条 信托公司股东应当在信托公司章程中承诺不将所持有的信托公司股权进行质押或以股权及其受(收)益权设立信托等金融产品,但国务院银行业监督管理机构或其派出机构采取风险处置或接管措施等特殊情形除外。
Where the shares of the same listed trust company solely or aggregately held by an investor and its affiliates, and persons acting in concert fail to reach 5% of total shares of the trust company, it shall not be subject to the restriction of the preceding paragraph of this Article. 投资人及其关联方、一致行动人单独或合计持有同一上市信托公司股份未达到该信托公司股份总额百分之五的,不受本条前款规定限制。
Article 34 A shareholder of a trust company shall notify the trust company in writing within 15 days from the date of occurrence of the following circumstances:
......
   第三十四条 信托公司股东应当自发生以下情况之日起十五日内,书面通知信托公司:
......

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