Kunlun Trust Development Research Weekly Information No. 173

Research Results
2014/11/04 15:56


Shanghai Free Trade Zone promulgated the "Trust Registration Trial Measures"

The absence of the trust registration system has always been a major obstacle to the development of China's trust industry, and the system is regrettable to be gradually made up. Following the "support for establishing a perfect registration platform for trusts and exploring the mechanism for the transfer of beneficiary rights of trusts" was written into the China (Shanghai) Pilot Free Trade Zone Ordinance, a few days ago the Shanghai Free Trade Zone Management Committee formally issued the Trial Measures for Trust Registration, benefiting the trust The mechanism of right transfer is gradually clear.

Clear trust registration mode

The promulgation of the Measures defined the mode of registration of trusts. According to the "Measures", the so-called trust beneficiary right refers to the right of the beneficiaries of the trust to obtain the trust benefits according to the relevant laws, regulations and trust documents. The rights and interests of the trust may be transferred and inherited according to law, except for the restrictions on trust documents. The registration of the trust beneficiary rights refers to the registration of trusts according to the application of the registered applicants, and the information about the beneficiary rights of the trust and its changes shall be recorded and the inquiry shall be provided to the society. "Measures" and make clear that the Trust applies for the registration of trust beneficiary rights, and the relevant subjects inquiring about the beneficiary rights of trust information apply to this approach; registration agencies to apply for information provided by the applicant and its certification materials for formal examination.

The Measures propose that a trust registration institution means a trust registration platform approved by the China Banking Regulatory Commission and registered in the Pudong New Area, Free Trade Zone, and conducts the registration of the trust beneficiary rights. It has an independent legal person qualification and must be registered under the " Measures require the formulation of business rules for the registration of beneficiary rights of the trust and shall be carried out with the consent of China's banking supervision institution. At the same time, when applying for the registration of the beneficiary rights of the trust, the applicant should be registered as the user of the registration system and input the registration information as required, and submit the documents required by the Measures to the registration authority.

As a basic system, the lack of trust registration system and the transfer of trust beneficiary rights have always been a problem that plagued the market. To explore the trust registration platform and the transfer of trust beneficiary rights in Shanghai FTZ is of great significance to the trust industry. First of all, it can enhance the liquidity of the trust share and further revitalize the trust asset, greatly enhancing its financial attributes. Second, after the liquidity of the trust share increases, the trust asset can have the opportunity to be converted from non-standard assets to standard assets for pledge, financing or even Buying and selling.

Registration information hierarchical query

In the aspect of effectiveness of publicity, the Measures proposed that after the registration of the beneficiary rights of the trust, the public notice should be made. At the same time, the registration authority should keep the relevant documents and materials properly and keep it for at least 15 years from the date of termination of the trust. As for the information disclosure issues that trust companies and trust principals are most concerned about, the "Measures" put forward the ideas of hierarchical inquiries and graded disclosure.

According to Article 26 of the Measures, the registration authority divides the registered information into four levels of inquiry according to the public, interested parties, trust parties and regulatory agencies, among which the public can check the name, type, purpose, deadline of the trust, The name of the trustee and other basic information; interested parties can check the relevant parts of its registration information; trust the parties can check with their own relevant parts of the registration information; regulatory agencies or other relevant departments can check the registration information and trust Set up documents, trust contracts and other types of registration application materials.

The hierarchical disclosure of registration information will help to avoid the disclosure of the trust property core information and the personal information of the trust client while maintaining the effectiveness and transparency of the registration of the trust and may accordingly increase the profit of the trust company and the trust client in registering the property Response level. However, due to the existence of different levels of inquiry, man-made information asymmetry may also create new problems.

It takes time to really break ice

In fact, for the introduction of the trust registration system and the transfer of beneficiary rights of trusts, the industry has not only made endless calls but also related efforts and attempts. At the level of trust companies, some trust companies have already opened up relevant product circulation platforms for investors who invest in their own products, mainly providing a service system for clients to help them directly withdraw from the investment in trust plans if necessary, Makes the company's trust products more liquid. At the same time, at the local platform level, as early as 2006, Pudong New Area in Shanghai set up the first trust registration center in China, the Shanghai Trust Registration Center with the approval of China Banking Regulatory Commission, which is mainly responsible for the registration of trusts. In early 2014, Shenzhen Qianhai also started to explore the establishment of a transfer market for trust beneficiary rights.

However, the Shanghai Trust Registration Center has been stuck in a regional platform and has not been given the response of most trust companies. Because the trust registration involves the trade secrets of the trust company and may lead to the leakage of customer information. In addition, the CBRC does not unify the registration of the lead trust company and does not directly designate an institution as the registration subject. At the same time, the current trust registration system level The lack of relevant supporting laws and regulations, resulting in the trust companies do not have the incentive to go to Shanghai Trust Registration Center to report the relevant product information.

The "Free Trade Zone" promulgated by the "measures", the industry said they all want to see the introduction of relevant rules, as well as the position of the China Banking Regulatory Commission. For most people, the "Measures" clarify the concepts related to the registration of trusts. However, it does not explain such issues as the pricing of trust benefits when they are transferred, and this is precisely a core issue. Only by studying the market-oriented pricing method, the non-standardized trust products can have a unified "identity card" so that investors can get more accurate information, in order to truly allow the trust to flow back.

Macro situation

Li Keqiang: Push Forward New-type Urbanization with People as the Core

On September 16, Member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier Li Keqiang presided over and held an important speech at a forum on the pilot work on promoting new-type urbanization. Li Keqiang said that the new urbanization is emphasizing "new" words and the core is writing "human" words. It is necessary to announce the implementation of the policy of differential settlement, explore the link between transfer payments and the urbanization of agriculturally-transferred population, and allow local governments to pass equity financing. Projects Financing, franchising and other ways to attract social capital investment, broaden financing channels, improve the carrying capacity of urban infrastructure, into the city farmers into urban housing and social security system. At the same time, it is necessary to scientifically plan, innovate and guarantee housing investment and financing mechanisms and land use policies, attract more social funds, strengthen the construction of public supporting facilities and promote the renovation of various shantytowns and urban villages where about 100 million people live; , Set up state-level industrial transfer demonstration areas wherever possible, encourage the eastern industrial park to start chain operations such as co-construction and custody in the central and western regions, enlarge and strengthen medium- and small-sized cities and counties in the central and western regions, enhance population carrying capacity and promote about 100 million People are urbanizing in the central and western regions and gradually reduce migratory bird migrations on a large scale.

Central Bank: Recently, or release 500 billion SLF, disguised lowered the reserve ratio

As economic downward pressure and liquidity pressure continue to attract attention, it is reported that the central bank informed the five major firms will each put 100 billion SLF each recently, the deadline of three months, the market generally interpreted as the central bank in essence Water, equivalent to about the same as the deposit reserve ratio cut 0.5 percentage points. Although the rate cut has not yet come, but the directional water has been substantially relaxed. The central bank to provide support for the five major banks, helping to ease the real economy, the cost pressure on funds to prevent the economy "hard landing."

Bureau of Statistics: Economic growth slowed in August

On September 13, the Bureau of Statistics released the economic data for August. The industrial added value above designated size increased by 6.9% YoY in real terms, a drop of 2.1 percentage points from the previous month, setting a new low of 68 months. The power generation decreased by 2.2% YoY, For the first time since the beginning of this year, the monthly growth was negative compared with the same period last year. The investment in fixed assets increased by 16.5% over the same period of previous year, a deceleration of 0.5 percentage points from the previous month. The investment in real estate development increased by 13.2% over the same period of previous year, a deceleration of 0.5 percentage points from the previous month. A spokesman for the National Bureau of Statistics said that in August, the growth of key economic indicators such as industry, electricity and investment dropped slightly. Both the global economic recovery turned warm again and the slump in foreign demand was also affected by special factors such as base figure and climate , Or the cumulative effect of the domestic real estate adjustment increases, companies take the initiative to adjust the structure of the transfer results. In this regard, we must conduct a comprehensive and scientific analysis and be calm and objective.

Central Bank: To lower the repo rate, this week net put 8 billion yuan

On September 17, the central bank conducted a 14-day repurchase of 10 billion yuan in the open market. On Tuesday, the central bank conducted the same operation of 15 billion yuan. The open-market due this week was 33 billion yuan, of which 18.0 billion yuan and 15.0 billion yuan were due on Tuesday and Thursday, all of which were 14-day repurchase operations. No reverse repo and central bank bills expire. From this point of view, this week achieved a total of 8 billion yuan of net delivery. In particular, the winning bid rate for open market operations today is 3.5%. This is the first time since the central bank restarted this round of repurchase at the end of July this year that the 14-day repurchase bid rate has declined for the first time, having remained at 3.7%. The successful bid rate also set a 14-day positive buyback from its lowest level since January 2011. The successful bid rate fell 20 basis points down to release a strong policy to guide the interest rate down signal.

Industry News

Everbright Xinglong Trust Co., Ltd. unveiled

On the morning of September 17, the opening ceremony of Everbright Xinglong Trust Co., Ltd. and "Guangtongtong" - the launch ceremony for supporting the development plan of small, medium and large enterprises in Gansu was held in Lanzhou. Liu Weiping, deputy secretary of Gansu Provincial Party Committee and governor, and Tang Shuangning, chairman of China Everbright Group Corporation, attended the ceremony and unveiled them. After the reorganization, Everbright Xinglong Trust Co., Ltd. will support Gansu's economic and social development as a strategic focus and strive to inject new vitality into the reform, opening up and rapid development of Gansu's financial industry.

Aijian Trust: Equity Fund subsidiary set up

On Sept. 12, Aijian Trust, the controlling shareholder of Aijian Trust, announced that on September 11, Aijian Asset Management (Shanghai) Co., Ltd., a shareholder of Aijian Trust, has completed the business registration and obtained the Business License of Enterprise Legal Person ". According to the disclosure of information in May this year, the shareholders of the company include Aijian Trust, Huatai Bairui Fund Management Co., Ltd. and Bairui Investment Co., Ltd., of which Huatai Bairui invested 42 million yuan, accounting for 42% Aijian Trust invested 38 million yuan, accounting for 38%, while Barry invested 20 million yuan, accounting for 20%.

Bank of Communications Trust: the first billion in financial leasing ABS

Bank of Communications Trust recently announced on September 16 issue of the first tranche of 2014 leasing of asset-backed securities, issue size of about 1.012 billion yuan, divided into priority A file, priority B file, secondary file three categories, priority A file The issue size of 805 million yuan, the first B-class issue size of 90 million yuan, the secondary file size of 117 million yuan. In addition to the secondary tranche, the coupon rate is the base rate plus the base spread, which will be subscribed by BOCOM Leasing and the priority tranche will be issued by the BOCOM Trust by way of bidding in the national inter-bank bond market. The smooth issuance of this product means that the first domestic financial leasing asset securitization product has landed, opening up new areas for the asset securitization business in the trust industry.

Air China Trust: Introducing credit loss credit insurance

Recently, China Life Insurance, Air China Trust and Yixin jointly announced that a series of products of "AVIC-Yixin Microcredit Financing Trust Plan" jointly issued by AVIC and Yixin have been cooperating with China Life Insurance Co., By the China Life Insurance for the series of products to provide financial institutions loan loss credit insurance services. In accordance with the agreement, Yixin as insured person, on the series of trust plans issued by CATIC Trust, the loss of credit insurance to China Life Insurance lending financial institutions loans, insured person in the Air China Trust. If the trust plan does not repay the borrower due due, the national life and property insurance will be based on pre-agreed terms and compensation limits, the borrower's default principal payments.

Foreign Trade Trust: Elected insurance asset management association expert director unit

Recently, at the inaugural meeting of China Insurance Asset Management Association and the first member congress, the foreign trade trust was elected as the expert governing unit. At present, the foreign trade trust has established a cooperative relationship with nearly 20 insured ones with a total scale of nearly 3 billion yuan. After the establishment of China Insurance Asset Management Association, it will be responsible for the issuance and registration of insurance asset management products, establishing an exchange channel for insurance asset management information, exploring effective ways for insurance asset management products to realize liquidity, and promoting, leading and standardizing market innovation.

Zijin Trust: Hold "Virtuous" public welfare activities

From September 13 to September 14, Zijin Trust held a charity event in Nanjing Children's Hospital. Since 2011, the "Zijin Trust-Houde Series" charity trust program has donated and helped children suffering from serious illness in difficult families as the trust purpose to introduce the trust model into social public welfare undertakings, give full play to the special funds for trusts, and close the management, Information disclosure strict platform system advantages, bringing together all the parties to help endanger the poor and help children with serious illness. As of the end of August 2014, "Zijin Trust Hau Tak Series" public welfare trust program has raised a total of more than 180 million yuan, a total of 101 rough families to help weather the storm.

Huarong Trust: Zhengling Group Trust plans sufficient pledges

Huarong Trust recently told the media that Zhengling Group Trust plans pledges sufficient to control the risks. In March 2013, Huarong Trust issued the first and second products of the "Huarong Liuzhou Zhengling Group Trust Loan Collective Fund Trust Plan" with a total scale of 270 million yuan and a term of 6-24 months. Later, the trust program financing side after another broke the police investigation of the information, and the main security guarantor actual controller because of the police have been involved in the control. Huarong Trust said that the pledge of the project was commercial land at People's Square in downtown Liuzhou with an estimated value of 527 million yuan and strong liquidity ability to cover the principal and interest of loans.

Berry Trust: Internet Auction Trust Program Mortgage

Recently a valuation of 9.1855 trillion auction assets of justice debut Taobao, set a record auction network auction history. The assets of the $ 900 million Taobao Judicial Auction are under construction at Phase I of Jiu Ce High-tech Industry Base (Lundu Building) at the intersection of Tianxiang Road and Xiangtai Road, Xiqing District, Tianjin with a total GFA of 149,600 Square meter. The auctioned assets were mortgaged by the Baili Trust Tianjin Jiu Ce Project. The project was established in April 2012 with raised funds of 400 million yuan. The expected annualized return is 9% -10% with a term of one year. As the financing side of the capital chain into a dilemma, after the expiration of 2013 by an institutional investors take the plate, after one year of turnover failed, recently started the judicial process.

Pu Yi Wealth: collective trust income fell in August

Pu Yi Wealth data show that in August a total of 56 trust companies issued 486 collection trust products, the number of issuers decreased 120 models. Not only did the number of issuances slightly fall, but the expected returns also fell in groups. The highest expected rate of return decline is in the business sector of 1 to 2 (non-inclusive) products, the highest average expected rate of return of such products fell 0.72 percentage points qoq, fell to 8.71%. In addition, the term structure of the yield rate appears to be upside down with products generally below 9% over three years and an average expected maximum expected rate of return of products with annual yields ranging from 2 to 3 years in the real estate area down to 9.78%. The highest average expected yield over 3 years Yield is only 8.15%. Pu Yi Wealth researcher pointed out that in August reduced collective trust income, mainly related to loose market funds and loose.

Present: Kunlun Trust Co., Ltd. shareholders, directors, supervisors and senior management

Distribution: CNPC Asset Management Co., Ltd., Kunlun Trust Co., Ltd. departments

Editor: And Jin to feed: Lin Yin proof: Lin Yin

Tel: 010-63597713 Post Code: 100033 Address: Beijing Financial Street, No. 1 Jinyaguang Building, Room 716, Block B

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