National Financial Regulatory Administration: Comprehensively standardize the entire process of trust product establishment, sales, and operation; strictly prohibit principal-guaranteed and return-guaranteed businesses and fund pool businesses.

Zhitong Finance APP has learned that on October 30, the National Financial Regulatory Administration issued the "Administrative Measures for Asset Management Trusts." The measures clearly stipulate that when trust companies manage trust products, they must not in any way promise investors that the principal will not suffer losses or guarantee a minimum return, must not set expected rates of return, must not conduct investment banking business in the name of trust products to provide fundraising services for financiers, must not conduct or participate in capital pool business characterized by rolling issuance, collective operation, and separate pricing, and must not facilitate other institutions or individuals in engaging in illegal and non-compliant activities. When trust companies manage trust products, they shall perform their independent management responsibilities, must not subcontract, and must not transfer management responsibilities to other institutions or individuals. If a trust company entrusts other parties to handle trust affairs on its behalf in accordance with the law, it shall perform supervisory obligations and must not be exempted from its own responsibilities due to such entrustment. The measures shall take effect on January 1, 2027.