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Clarification for trust products
By Feng Jie (China daily)
Updated: 2004-12-23 08:37

The China Banking Regulatory Commission (CBRC) said yesterday it has issued two circulars to clarify key issues on fast-growing trust projects and prevent financial risks.

The move follows the commission's warning earlier this month to trust companies that they should stop promising minimal yields on their projects. It is also the latest attempt by the regulator to prevent fresh financial risks from disrupting the gradual recovery of the nation's trust industry following a government-led consolidation.

Trust project rules promulgated in 2002 failed to provide specific clauses that govern such key areas as affiliated transactions, information disclosure and second-city promotions, which has "to some extent affected investors' understanding of trust risks," and is detrimental to the healthy development of trust companies, the CBRC said in a statement.

Trust companies that want to promote their trust projects simultaneously in two cities other than the city where it is incorporated need to have at least 500 million yuan (US$60 million) in net assets after setting aside adequate loss provisions, and must have at least two trust projects in force in the city of incorporation, according to the circulars.

Transactions with any affiliated party must not exceed 50 per cent of the trust projects the companies are promoting, the commission said.

The trust companies are also required to present due diligence reports on both their investors and the projects in which the funds are being invested. Such reports should contain feasibility studies and examine related risk prevention mechanisms.

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