China Issues Final Rules for Overhaul of $3 Trillion Trust Industry

What’s new: China finalized new rules that are set to bring about a broad overhaul and more effective oversight for the country's $3 trillion trust industry.

The China Banking and Insurance Regulatory Commission (CBIRC) issued the final version of rules Wednesday on trust business classifications, to take effect June 1.

Under the new rules, trust businesses would be divided into three categories — asset management, asset servicing and charitable trusts — and would be subject to different regulatory requirements.