Trust Industry Gets Five Years to Comply With New Rules

China’s $3 trillion trust industry faces another revamp as regulators introduce new rules to bring the once-freewheeling industry under effective oversight.

Several trust companies received notices from regulators telling them to report on business operations using new business categories, Caixin learned. The move suggests that new rules outlined in April to categorize trust businesses with specific requirements have been put into effect, triggering an industrywide overhaul.