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China issues rules on classification of trust businesses to fend off systemic risks

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Published Fri, Mar 24, 2023 · 07:49 PM
    • Trust companies should divide their businesses into three categories – asset management, asset servicing and charitable trusts – to return to their original business, the China Banking and Insurance Regulatory Commission said.
    • Trust companies should divide their businesses into three categories – asset management, asset servicing and charitable trusts – to return to their original business, the China Banking and Insurance Regulatory Commission said. PHOTO: REUTERS

    CHINA’S banking and insurance regulator issued a notice on Friday (Mar 24) on standardising the classification of trust businesses to better fend off systemic risks.

    Trust companies should divide their businesses into three categories – asset management, asset servicing and charitable trusts – to return to their original business, the China Banking and Insurance Regulatory Commission said.

    Asset servicing trusts shall not provide “channeling” services for any illegal activities, the notice said. REUTERS

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