[Preview of the Weekly] How Does Trust Regulatory Rating Reshape the Industry? (AI Translation)
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- China's financial regulatory authority, the National Financial Supervisory Administration, released the 'Interim Measures for Trust Company Regulatory Rating and Graded Classification Supervision' on November 16, 2023. This updated system emphasizes risk management and behavior supervision for trust companies and introduces a systemic impact assessment to tailor regulatory measures based on classification results.
- The new rating system consists of five modules: corporate governance, capital requirements, risk management, behavior management, and business transformation. These are weighted differently and can result in a score out of 100 points. Based on this score, trust companies are ranked from level 1 to 6, with levels 5 and 6 indicating high-risk entities.
- The measures aim to guide trust companies through business transformation towards asset management trusts, asset service trusts, and charitable trusts while implementing differentiated supervision to promote industry consolidation. Concerns have been raised about ensuring consistency and fairness in applying qualitative criteria across different regional bureaus of the financial supervisory authority.
文｜财新周刊 刘冉
By Caixin Weekly's Liu Ran
在近几年信托业风险频发、业绩下滑、业务转型加速的背景下，信托公司的监管评级体系优化升级，并在此基础上形成分级分类的差异化监管制度。2023年11月16日，国家金融监督管理总局（下称“金监总局”）发布《信托公司监管评级与分级分类监管暂行办法》（下称《监管评级办法》）。与2016年底发布的《信托公司监管评级办法》相比，《监管评级办法》对监管评级模块的设置体现了加强信托公司风险管理和行为监管的思路，同时首次提出进行信托公司系统性影响评估，并依据分类分级结果匹配监管措施。
Against the backdrop of frequent risks, declining performance, and accelerated business transformation in the trust industry in recent years, the regulatory rating system for trust companies has been optimized and upgraded. This has led to the formation of a differentiated regulatory system based on graded classifications. On November 16, 2023, China's National Financial Regulatory Administration (referred to as "NFRA") issued the "Interim Measures for Trust Company Regulatory Ratings and Graded Classification Supervision" (hereinafter referred to as "Regulatory Rating Measures"). Compared with the "Trust Company Regulatory Rating Measures" released at the end of 2016, the new "Regulatory Rating Measures" reflect an approach that strengthens risk management and behavior supervision of trust companies. For the first time, it proposes an assessment of systemic impact by trust companies and matches regulatory measures according to the results of classification and grading.
具体而言，新的信托公司监管评级体系包括五大模块：公司治理、资本要求、风险管理、行为管理和业务转型，分别被赋予权重20%、20%、20%、30%和10%，满分100分，并设定对评级调升和调降的若干调整因素。监管部门将据此对67家信托公司开展监管评级，结果分为1—6级，数值越大反映机构风险越大，3级（含）以上为良好，5级和6级（即60分以下）的为高风险机构。
Specifically, the new regulatory rating system for trust companies comprises five modules: corporate governance, capital requirements, risk management, conduct management, and business transformation. These are assigned weights of 20%, 20%, 20%, 30%, and 10% respectively, with a total score of 100 points. Several adjustment factors have been set for raising or lowering the ratings. Regulatory authorities will use this system to evaluate the 67 trust companies, with results categorized into six levels. A higher number indicates greater institutional risk; levels above 3 (inclusive) are considered good, while levels 5 and 6 (i.e., scores below 60) are deemed high-risk institutions.
在常规监管评级的基础上，金监总局还对信托公司开展系统性影响评估，即选定上一年度末全部信托业务实收信托规模最大的30家信托公司作为参评机构，从资产管理类信托资产规模（25%）、资产服务类信托资产规模（10%）、公益慈善类信托资产规模（5%）、资产管理类信托自然人投资者人数（25%）、资产管理类信托金融机构投资者数量（15%）及金融机构认购的信托资产规模（15%）、同业负债余额（5%）七大模块评分，满分100分；总分在85分以上（含）的为具有系统性影响的信托公司。
Building on routine regulatory ratings, the China Banking Regulatory Commission also conducts systemic impact assessments for trust companies. Specifically, it selects the 30 trust companies with the largest actual trust scale in all trust businesses at the end of the previous year to participate in the assessment. The evaluation is based on seven key areas: asset management-type trust assets scale (25%), asset service-type trust assets scale (10%), public welfare and charitable trust assets scale (5%), number of natural person investors in asset management-type trusts (25%), number of financial institution investors in asset management-type trusts (15%), scale of trust assets subscribed by financial institutions (15%), and interbank liability balance (5%). The total score is out of 100 points; a score of 85 or above indicates that a trust company has systemic influence.
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