CBRC mulling over polices reshaping trust industry, report
BEIJING, Dec. 29 (Xinhua) -- China Banking Regulatory Commission (CBRC), the country's top banking regulator, has released to trust companies a for-discussion version of the guidance on due diligence of trust companies' trust products, reports the Economic Information Daily quoting sources close to CBRC on Monday.
The report said that contents of the guidance cover due diligence requirements on the establishment, management and utilization and settlement termination of trust products.
In addition, a new package of regulatory rules such as new trust companies' classification ad rating guidance and trust registration and management measures will come out soon after soliciting public opinions.
Industrial experts hold that the clarification of trust companies' responsibilities through these new rules is to make preparations for breaking the historical yield-guarantee practice of trust products by trust companies. (Edited by Hou Yujie, firstname.lastname@example.org)