National Financial Regulatory Administration: Comprehensively standardize the entire process of trust product establishment, sales, and operation; strictly prohibit principal-guaranteed and return-guaranteed businesses and fund pool businesses.

On October 30, the National Financial Regulatory Administration issued the Measures for the Administration of Asset Management Trusts. The measures specify that when a trust company manages a trust product, it shall not, by any means, promise investors that the principal will not suffer loss or guarantee a minimum return, shall not set an expected rate of return, shall not conduct investment banking business in the name of a trust product to provide fundraising services for financiers, shall not conduct or participate in fund pool business featuring rolling issuance, collective operation, and separate pricing, and shall not facilitate other institutions or individuals in engaging in illegal or non-compliant activities. When a trust company manages a trust product, it shall perform its own management responsibilities, shall not sub-delegate, and shall not transfer management responsibilities to other institutions or individuals. Where a trust company lawfully entrusts another party to handle trust affairs on its behalf, it shall perform its supervisory obligations and shall not be exempted from its own responsibilities by reason of such entrustment. The measures shall take effect on January 1, 2027. The full text is as follows: Measures for the Administration of Asset Management Trusts (Promulgated by Order No. 5 [2026] of the National Financial Regulatory Administration on October 17, 2026, effective January 1, 2027) Chapter I General Provisions Article 1 For the purposes of strengthening supervision, preventing risks, regulating the asset management trust business activities of trust companies, and protecting the lawful rights and interests of trust parties, these Measures are formulated in accordance with the Trust Law of the People's Republic of China, the Law of the People's Republic of China on Regulation of and Supervision over the Banking Industry and other laws and regulations, as well as the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Yin Fa [2018] No. 106, hereinafter referred to as the Guiding Opinions) and the Measures for the Administration of Trust Companies (Order No. 8 [2025] of the National Financial Regulatory Administration). Article 2 These Measures apply to asset management trust business activities in which a trust company, within the territory of the People's Republic of China and pursuant to trust legal relationships, through non-public issuance of a collective fund trust plan, centrally manages, utilizes, or disposes of funds delivered by two or more (including two) settlors in its own name, and provides investment and management financial services. Asset management trusts (hereinafter referred to as trust products) shall comply with the Guiding Opinions. A trust product shall be initiated and established by a trust company, which shall serve as trustee. A trust product is a self-benefiting trust, where the settlor and the beneficiary are the same person, collectively referred to in these Measures as the investor. Article 3 The trust property of a trust product managed by a trust company as trustee (hereinafter referred to as trust product property) does not constitute a liability of the trust company to investors, nor does trust product property belong to the inherent property of the trust company. Property and income acquired by a trust company from the management and utilization of trust product property or under other circumstances shall be included in the trust product property. A trust company shall pay trust benefits to investors to the extent of the trust product property. Where a trust company manages trust product property and has performed its duties diligently in accordance with laws, regulations, and the trust documents, losses arising from the trust product property shall be borne by law to the extent of the trust product property; where a trust company fails to perform its duties diligently, causing losses to the trust product property, it shall bear corresponding compensation liability with its inherent property in accordance with law. Where a trust company undergoes liquidation due to revocation, dissolution, or being declared bankrupt, the trust product property shall not be included in its liquidation property. Article 4 A trust company managing and utilizing trust product property shall perform its duties diligently, fulfill the obligations of honesty, credibility, prudence, and effective management, and handle trust affairs for the maximum lawful interests of investors. When a trust company manages a trust product, it shall not, by any means, promise investors that the principal will not suffer loss or guarantee a minimum return, shall not set an expected rate of return, shall not conduct investment banking business in the name of a trust product to provide fundraising services for financiers, shall not conduct or participate in fund pool business featuring rolling issuance, collective operation, and separate pricing, and shall not facilitate other institutions or individuals in engaging in illegal or non-compliant activities. When a trust company manages a trust product, it shall perform its own management responsibilities, shall not sub-delegate, and shall not transfer management responsibilities to other institutions or individuals. Where a trust company lawfully entrusts another party to handle trust affairs on its behalf, it shall perform its supervisory obligations and shall not be exempted from its own responsibilities by reason of such entrustment. When a trust company manages a trust product, it shall comply with the principle of fair dealing and shall not carry out illegal benefit transfer between different trusts, or between a trust and the trust company or a third party. Article 5 The National Financial Regulatory Administration and its local offices shall, in accordance with law, supervise and administer the asset management trust business of trust companies. Chapter II Establishment, Modification, and Termination of Trust Products Article 6 A trust company conducting asset management trust business shall meet the following requirements: (1) It has established a sound corporate governance structure and complete systems for internal control, risk management, compliance management, and accountability mechanisms in accordance with laws, regulations, and regulatory provisions; (2) It has professionals commensurate with various types of asset management trust business; (3) It has business premises, security measures, and information systems that meet the needs of asset management trust business; (4) Its various risk control indicators comply with the provisions of the National Financial Regulatory Administration; (5) Other conditions prescribed by the National Financial Regulatory Administration. Article 7 A trust company establishing a trust product shall meet the following requirements: (1) The trust purpose is lawful and compliant; (2) Investors are qualified investors; (3) The trust product is a self-benefiting trust; (4) The trust product property has a clear investment direction and investment strategy; (5) Trust beneficial rights are divided into trust units of equal shares; (6) Trust registration is handled in accordance with laws, regulations, and regulatory provisions; (7) The name of the trust product indicates the abbreviation of the trust company and the words "asset management trust product" or "asset management trust plan"; (8) Other requirements prescribed by the National Financial Regulatory Administration. Article 8 Trust products shall be issued to qualified investors through non-public means, and the number of investors in a single trust product shall not exceed 200. A qualified investor shall have risk tolerance commensurate with the trust product invested in and meet one of the following conditions: (1) A natural person with more than two years of investment experience and whose family financial net assets are not less than RMB3 million or equivalent foreign currency, or whose family financial assets are not less than RMB5 million or equivalent foreign currency, or whose average annual personal income in the past three years is not less than RMB400,000 or equivalent foreign currency; (2) A domestic legal entity whose net assets at the end of the most recent year are not less than RMB10 million or equivalent foreign currency; (3) Pension funds such as basic old-age insurance funds, social security funds, and enterprise annuities, and social public welfare funds lawfully established such as charitable funds; (4) Asset management products issued by institutions supervised by the financial regulatory authorities of the State Council; (5) Asset service trusts and public welfare charitable trusts; (6) Other circumstances deemed by the National Financial Regulatory Administration as qualified investors. Items (2) to (5) of the preceding paragraph are collectively referred to in these Measures as institutional investors. Article 9 The trust units of the same trust product invested by a single investor shall not exceed 50% of the total trust units of that trust product. The trust units of the same trust product invested by a single institutional investor and its affiliated enterprises shall not exceed 80% of the total trust units of that trust product in aggregate. Where an investor passively exceeds the above proportion due to factors such as redemption by other investors, the investor that passively exceeds the above proportion shall not add investment in the trust product until it is restored to compliance with the requirements. Where the manager of a single asset management product manages all asset management products that invest in the same trust product whose underlying assets involve non-standardized credit assets, the trust units invested in the same trust product shall not exceed 50% of the total trust units of that trust product in aggregate. Where the rules and regulations of the National Financial Regulatory Administration on trust products provide otherwise on investor concentration, such provisions shall prevail. Article 10 Where a trust product accepts investment from other asset management products, the trust company shall look through to identify the actual investors and the ultimate source of funds, and shall not consolidate the number of investors of other asset management products. The manager of the upper-tier asset management product shall inform the trust company of the type of actual investors and the review of the source of funds. The trust documents shall specify that the manager of the upper-tier asset management product strictly reviews the source of funds to ensure that the source of funds of the trust product is lawful and compliant. Article 11 Trust products are divided, according to different modes of operation, into closed-end trust products and open-end trust products; closed-end trust products may, according to risk-return characteristics, classify trust units into different classes and be designed as structured trust products; open-end trust products shall not be designed as structured trust products. Trust products are divided, according to different investment nature, into fixed-income trust products, equity trust products, commodity and financial derivatives trust products, and mixed trust products. Fixed-income trust products shall invest not less than 80% in credit assets such as deposits and bonds; equity trust products shall invest not less than 80% in equity assets such as stocks and equity in unlisted enterprises; commodity and financial derivatives trust products shall invest not less than 80% in commodities and financial derivatives; mixed trust products invest in credit assets, equity assets, and commodity and financial derivatives assets, with the investment proportion in any one asset not reaching the standards for the preceding three categories. Where the aforementioned proportion limits are breached not due to subjective factors of the trust company, the trust company shall adjust to compliance within 15 trading days after the liquidity-restricted assets become sellable, transferable, or resume trading. During the duration of fixed-income trust products, equity trust products, and commodity and financial derivatives trust products, in order to avoid specific risks and with the consent of all investors, the proportion invested in the corresponding category of assets may be lower than 80%, but shall not remain lower than 80% for six consecutive months. The amount invested by a single investor in a single fixed-income trust product shall not be less than RMB300,000 or equivalent foreign currency; the amount invested in a single mixed trust product shall not be less than RMB400,000 or equivalent foreign currency; the amount invested in a single equity trust product or a single commodity and financial derivatives trust product shall not be less than RMB1 million or equivalent foreign currency. The amount invested by a single investor in a single trust product whose underlying assets involve non-standardized assets shall not be less than RMB1 million or equivalent foreign currency. During the duration of the trust product, the investment amount of a single investor shall continuously meet the above requirements, and shall not fall below the above requirements due to investor redemption, transfer, or other acts, except where the investment amount passively falls below the above requirements due to trust product dividends, distributions, net value fluctuations, etc. Article 12 The trust documents of a trust product shall include the following: (1) Risk disclosure statement for subscription (application); (2) Investor commitment letter; (3) Sales compliance confirmation; (4) Trust product prospectus; (5) Trust contract; (6) Other content prescribed by the National Financial Regulatory Administration. The risk disclosure statement for subscription (application), investor commitment letter, sales compliance confirmation, and trust contract shall be signed by the relevant parties in multiple counterparts. The trust company shall hold the original signed trust documents (including trust documents signed in electronic form) for each trust product. Article 13 The risk disclosure statement for subscription (application) shall include at least the following: (1) The trust product does not promise that the principal will not suffer loss or guarantee a minimum return, involves certain investment risks, and the investment risks shall be borne by investors in accordance with law; it is suitable for qualified investors whose risk identification and tolerance capabilities match the risk level of the trust product. (2) The trust company shall pay trust benefits to investors to the extent of the trust product property. Where the trust company manages trust product property and has performed its duties diligently in accordance with laws, regulations, and the trust documents, losses arising from the trust product property shall be borne by law to the extent of the trust product property; where the trust company fails to perform its duties diligently, causing losses to the trust product property, it shall bear corresponding compensation liability with its inherent property in accordance with law. (3) Historical performance of the trust company, trust managers, and other relevant institutions and personnel does not represent the actual future performance of the trust product. (4) By signing the risk disclosure statement for subscription (application), the investor indicates that it has carefully read and understood all trust documents. Article 14 The investor commitment letter shall include at least the following: (1) The investor commits to subscribe for (apply for) trust units with its true identity and lawfully owned (including lawfully managed) funds, and the source of funds complies with laws and regulations; (2) The investor commits that there is no circumstance of investing in the trust product with non-self-owned funds raised through loans, bond issuance, etc.; (3) The investor commits that there is no circumstance of illegally pooling funds of others to invest in the trust product; (4) The investor commits that it truly and completely enjoys the trust beneficial rights, and there is no circumstance of holding trust units on behalf of others; (5) The investor commits that the trust purpose is its own true and complete expression of intent, and there is no circumstance of concealing the trust purpose; (6) The investor commits that it has the risk identification and tolerance capability to invest in the trust product and makes investment decisions independently and prudently; (7) The investor commits that it has carefully read and understood all trust documents, is aware of the risk-return characteristics and risk level of the trust product, and is willing and able to bear the corresponding trust investment risks in accordance with law; (8) An institutional investor commits that it has completely and accurately provided the list of affiliated enterprises of the institution that co-invest in the product. Article 15 The sales compliance confirmation shall include at least the following: (1) The investor subscribes for (applies for) the trust product and handles relevant procedures through the trust company or the agency sales institution; (2) The trust company or the agency sales institution has explained the risk level and risk warnings of the trust product; (3) The trust company or the agency sales institution has assessed the risk tolerance of ordinary investors, including natural persons, and classified their risk tolerance levels; (4) The risk level of the trust product sold by the trust company or the agency sales institution to ordinary investors, including natural persons, is equal to or lower than the investor's risk tolerance level; (5) The trust company or the agency sales institution does not, by any means, promise that the principal will not suffer loss or guarantee a minimum return. Article 16 The trust product prospectus shall include at least the following: (1) Basic information of the trust company; (2) The name and type of the trust product; (3) The risk level of the trust product; (4) A summary of the contents of the trust contract; (5) The sales period, trust term, and trust unit price of the trust product; (6) The name of the sales institution of the trust product; (7) The list and resumes of trust managers; (8) The legal opinion issued by a law firm; (9) Risk warning content; (10) Other content prescribed by the National Financial Regulatory Administration. Article 17 The trust contract shall state the following matters: (1) The trust purpose; (2) The names, domiciles, and responsibilities of the trustee and the custodian; (3) The currency and amount of the funds delivered; (4) The scale and term of the trust product, and the subscription and redemption arrangements for open-end trust products; (5) The risk level and risk-return characteristics of the trust product; (6) The specific methods or arrangements for the management, utilization, and disposal of trust product property; (7) The measurement method and frequency of the net value of trust units, the valuation method of trust product property, and the principles for determining the subscription and redemption prices of open-end trust products; (8) The content, method, and frequency of information disclosure of the trust product; (9) The calculation of trust benefits, and the time and method for delivering trust benefits to investors; (10) The bearing of taxes and fees on trust product property, and the accounting and payment methods of other expenses; (11) The calculation method, payment period, and method of trustee remuneration; (12) The attribution and distribution method of trust product property upon termination of the trust; (13) The rights and obligations of the trust parties; (14) The procedures and rules for convening, deliberating, and voting at the beneficiaries' meeting; (15) The method for selecting a new trustee; (16) The liability for breach of contract by the trust parties and the dispute resolution method; (17) The grounds and procedures for modification, rescission, and termination of the trust contract; (18) Other matters agreed upon by the trust parties. Article 18 The trust contract shall state the following text in conspicuous font in the upper right corner of the first page: "Trusts involve risks, and investment requires caution. Risks arising from the trust company's management of trust property pursuant to this trust contract shall be borne by investors in accordance with law. Disputes between investors and the trust company shall be handled in accordance with relevant laws and regulations and this trust contract." The trust contract shall list the trust product registration code in a prominent position on the first page of the main text and remind investors that they may query the trust product with China Trust Registration Co., Ltd. based on the registration code. Article 19 Before establishing a trust product, a trust company shall conduct due diligence and issue a due diligence report on matters such as feasibility analysis, legality, risk assessment, and whether there are related-party transactions. Where the trust documents provide for investment in other asset management products, the trust company shall conduct due diligence on the risk-return characteristics of the asset management products and their managers. A trust company shall uniformly classify the risk levels of trust products, with at least levels one to five from low to high. A trust company shall determine the risk level of each trust product in accordance with the principle of matching risk and return. A trust company shall determine the scope of investors suitable for sales for each trust product. Where the risk level of a trust product determined by an agency sales institution is inconsistent with that determined by the trust company, the agency sales institution shall adopt and disclose the risk level result of the trust product in accordance with the higher principle. A trust company shall determine different risk levels for the senior trust units and subordinated trust units of a structured trust product, and determine the scope of investors suitable for sales for trust units of different risk levels. Article 20 Where a trust company or an agency sales institution sells trust products, it shall, in accordance with regulatory provisions, assess the risk tolerance of ordinary investors, including natural persons, classify their risk tolerance levels, and sell to them trust products whose risk level is equal to or lower than their risk tolerance level. Where risk tolerance assessment has not been conducted for more than 12 months, or the investor voluntarily informs of circumstances that may affect its risk tolerance, the trust company or the agency sales institution shall re-conduct the risk tolerance assessment when selling trust products to ordinary investors, including natural persons. Article 21 A trust company or an agency sales institution shall remind investors to carefully read the trust documents and confirm that the investor signs and seals the risk disclosure statement for subscription (application), investor commitment letter, sales compliance confirmation, and trust contract before subscribing for (applying for) trust units. Content that the trust company considers requiring special attention from investors shall be marked in a conspicuous manner in the trust documents. Trust companies and agency sales institutions shall facilitate investors' access to or copying of the trust documents listed in Article 12 of these Measures, and provide investors with the original trust contract (including trust contracts signed in electronic form). Article 22 A trust company shall reasonably charge trustee remuneration based on the content of trust services and specify it in the trust contract. Trustee remuneration may be divided into fixed remuneration and performance-based remuneration. Fixed remuneration may be regularly charged as a fixed amount, or regularly charged as a fixed proportion of the paid-in trust or net assets, or regularly charged as a combination of both. The frequency and proportion of performance-based remuneration shall match the duration of the trust product, the distribution of trust benefits, and the characteristics of investment operations. Performance-based remuneration shall be charged from exit funds, cash dividends, or liquidation funds; among them, performance-based remuneration charged from cash dividends is limited to trust products that have not engaged investment advisors, and the charging frequency shall not be more than once every six months. The proportion of performance-based remuneration charged shall not exceed 60% of the investment returns above the benchmark specified in the trust contract. Apart from reasonable remuneration, a trust company shall not, under any name, directly or indirectly seek benefits for itself or others with trust product property. A trust company shall not smooth the net value of trust products by charging remuneration, and remuneration already charged shall not be replenished or returned to the trust product in any form. Where a trust company engages an investment advisor for a trust product, the method and standard for charging the investment advisory fee shall be specified in the trust contract. The portion of the investment advisory fee charged in a fixed manner may be regularly charged as a fixed amount, a fixed proportion of the paid-in trust or net assets, or a combination of both; the portion of the investment advisory fee charged in a non-fixed manner shall be charged from exit funds or liquidation funds, and the proportion charged shall not exceed 60% of the investment returns above the benchmark specified in the trust contract. Expenses paid by a trust company with trust product property shall be specified in the trust contract or notified to investors in writing. Expenses paid by a trust company with trust product property shall have a genuine transaction basis and fair transaction prices; the trust company shall not pay fees to third parties that have not provided substantive services, shall not pay third parties fees that do not match the services they provide, and shall not significantly deviate from the prices of similar services provided by similar business entities. Article 23 Where the sales period of a trust product expires and the establishment conditions specified in the trust documents are not met, the trust company shall return the amounts already paid by investors within 30 days after the expiration of the sales period and pay interest at the prevailing bank demand deposit rate for the same period. Related debts and expenses arising therefrom shall be borne by the trust company with its inherent property. Article 24 After the establishment of a trust product, the trust company shall deposit the trust product property into a dedicated trust product property account and disclose the sales and establishment of the trust product to investors within five working days. Article 25 China Trust Registration Co., Ltd. shall handle trust product registration in accordance with the provisions of the National Financial Regulatory Administration, record information on trust products and trust product property, and strengthen the tracking and monitoring of trust product registration. Article 26 During the duration of a trust product, investors may transfer the trust units they hold to qualified investors, unless otherwise provided in the trust documents. The transfer of trust units by investors shall not breach the qualification and number limits for qualified investors. A single trust unit shall not be split. Where trust units held by investors are subject to centralized trading and circulation, the trust company shall open beneficial right accounts for investors at China Trust Registration Co., Ltd. and entrust China Trust Registration Co., Ltd. to handle the registration and custody of trust units. Where the National Financial Regulatory Administration provides otherwise, such provisions shall prevail. The trust documents shall provide that investors transferring their trust units shall go through transfer procedures through the trust company. When handling transfer procedures, the trust company shall confirm the compliance of the transferee's qualified investor status and risk tolerance level, perform risk disclosure obligations to the transferee, and require the transferee to carefully read all trust documents and sign the risk disclosure statement for subscription (application), investor commitment letter, sales compliance confirmation, and trust contract. After the transfer, the qualification and number of investors in the trust product shall comply with the provisions of these Measures, and the risk tolerance level of ordinary investors, including natural persons, shall be equal to or higher than the risk level of the trust product. Lawful inheritance shall not be subject to the requirements of this paragraph. Article 27 Upon termination of a trust product, the trust company shall, within ten working days after termination, produce a liquidation report on the handling of trust affairs and disclose it to investors. Where the trust documents provide that the liquidation report requires auditing, the trust company shall simultaneously disclose the audit opinion on the liquidation report. Where liquidation cannot be completed within ten working days after termination of the trust product, the trust company shall disclose to investors within ten working days after termination of the trust product and disclose the liquidation report within five working days after completion of liquidation. A trust company shall distribute the actual property returns generated from the management of trust product property, and shall not include trust product property returns in its inherent property, or advance the principal or property returns of the trust product with other funds or assets outside the trust product property. The collection and payment of the trust industry protection fund shall be executed in accordance with its provisions. Chapter III Operational Management of Trust Products Section 1 Management System and Management Rules Article 28 A trust company shall, based on the nature and risk characteristics of trust products, establish and improve management systems and monitoring and investigation mechanisms covering the establishment, modification, and termination of all trust products, ensuring that trust products continuously comply with the substance of asset management business and regulatory provisions. Article 29 A trust company managing trust products shall establish departments serving trust products, such as trust product property utilization and information processing departments. Each trust product shall be staffed with at least one trust manager. A trust company shall establish and improve systems for capability assessment, training, assessment and evaluation, accountability, and recusal of trust business personnel, ensuring that trust business personnel possess the necessary professional knowledge, industry experience, and management capabilities, comply with codes of conduct and professional ethics standards, and avoid conflicts of interest. Article 30 A trust company shall ensure the separation of asset management trust business from inherent business, the separation of asset management trust business operations from inherent business operations, the separation of trust product property from other trust property, and the separation of property of different trust products. A trust company shall establish separate accounting accounts for different trust products for separate accounting and separate management. Article 31 A trust company shall establish a trust unit net value management system, calculate the net assets of trust products and the net value of trust units in accordance with enterprise accounting standards, the Guiding Opinions, and relevant regulatory provisions, and disclose them to investors. The net value of trust units shall timely, accurately, and completely reflect the status of trust product property, and shall not be subject to separate pricing detached from the actual return level and risk factors of the underlying assets. When there is sufficient evidence that the measurement methods of the relevant assets and liabilities of the trust product can no longer truly and fairly reflect their value, the trust company shall promptly adjust the measurement methods of the net value of trust units and related assets and disclose them to investors. Article 32 A trust company shall, at least once a year, conduct product-by-product external audits of the net value generation during the duration of trust products that simultaneously meet the following conditions: (1) the underlying assets involve non-standardized assets; (2) direct investors include natural persons. Trust products meeting the above conditions with a duration of less than one year shall undergo at least one external audit of net value generation during the duration or liquidation period. A trust company shall promptly take corrective measures for problems found in external audits. Article 33 A trust company shall establish a full-process investor rights and interests protection system, keep consumer complaint channels open, and establish and improve mechanisms for investor rights and interests protection review, consumer complaint handling, diversified dispute resolution, and emergency handling. A trust company shall clarify the scope of major matters in investor rights and interests protection, and major matters in investor rights and interests protection shall be deliberated by the special committee for the protection of the rights and interests of settlors and beneficiaries. Section 2 Sales of Trust Products Article 34 A trust company shall establish and improve a sales management system covering sales personnel, promotional and sales materials, agency sales institutions, and customer information protection, and incorporate sales management into the scope of internal assessment and audit. Article 35 A trust company may sell trust products itself or entrust other trust companies, commercial banks, insurance companies, securities companies, and other institutions prescribed by the National Financial Regulatory Administration to sell trust products as agents. No other institution or individual may sell trust products as an agent, or conduct trust product sales in disguised form by displaying, introducing, or comparing the characteristic information of a single or multiple trust products and directly or indirectly providing subscription, application, or redemption services. Where a trust company entrusts another institution to sell trust products as an agent, it shall clarify the access standards and procedures for agency sales institutions and provide the agency sales institution with the suitability management standards and requirements for the relevant trust products. The agency sales institution shall perform suitability obligations such as qualified investor assessment and suitability matching. The trust company and the agency sales institution shall define the rights and obligations of both parties in accordance with regulatory provisions and sign an agency sales agreement. Article 36 A trust company or an agency sales institution shall sell trust products through business premises or its own electronic channels. A trust company or an agency sales institution shall, in accordance with regulatory provisions, make audio and video recordings of the process of selling to natural person investors through business premises, and make complete and objective records of the key stages of selling to natural person investors through its own electronic channels. Trust companies and agency sales institutions shall strengthen anti-money laundering management in accordance with relevant provisions. A trust company or an agency sales institution shall effectively identify the identity of investors and the source of funds, perform the procedures for determining qualified investors, and take necessary means for verification. Article 37 Trust companies and agency sales institutions shall establish and improve management systems for qualification assessment, continuing training, and follow-up evaluation of sales personnel, retain sales records of sales personnel, incorporate investor complaints, misleading sales, and other non-compliant acts into the assessment indicator system, and shall not adopt an assessment method that uses sales performance as the sole assessment and reward indicator for sales personnel. Article 38 A trust company selling trust products shall have standardized promotional and sales materials, clearly indicate the risk level of the trust product, disclose in a conspicuous manner the risks of investing in the trust product and the principle of risk bearing, and truthfully disclose the resumes and professional experience of professional team members such as trust managers. Promotional and sales materials include trust documents, promotional materials, etc. Where a trust product intends to directly invest in other asset management products, the trust product prospectus and trust contract shall explain the investment strategy and risk-return characteristics of the underlying asset management products. Agency sales institutions shall use the promotional and sales materials produced by the trust company and shall not modify, add, or delete them without authorization. Article 39 Trust companies and agency sales institutions shall lawfully perform investor information protection obligations and prevent investor information from being improperly collected, used, transmitted, and leaked. Where trust companies and agency sales institutions share investor information with other institutions, they shall specify this in the trust contract or obtain investor consent in advance, and require other institutions to perform investor information protection obligations. Article 40 Trust companies and agency sales institutions shall not engage in the following acts when selling trust products: (1) Promising investors by any means that the principal will not suffer loss or guaranteeing a minimum return, or providing guarantees for trust product property by any means; (2) Conducting public marketing and promotion through newspapers, radio, television, the Internet, and other media, or through lectures, report meetings, leaflets, notices, self-media, etc.; (3) Entrusting institutions that do not comply with the provisions of these Measures to conduct sales; (4) Promotional and sales materials containing content inconsistent with the trust product prospectus or trust contract, or containing false records, misleading statements, material omissions, etc.; (5) Predicting the actual performance of trust products; (6) Using a performance comparison benchmark without explaining the reason for selection, calculation basis, or calculation method; (7) Exaggerating the company's past operating performance and the performance of trust products, or maliciously disparaging peers; (8) Proactively recommending to investors trust products whose risk level is higher than their risk tolerance level; (9) Circumventing the qualification and number limits for qualified investors in disguised form by splitting and transferring trust beneficial right shares, etc.; (10) Improperly signing trust product documents or conducting risk tolerance assessment on behalf of investors; (11) Other acts prohibited by the National Financial Regulatory Administration. Section 3 Custody of Trust Product Property Article 41 A trust company shall select a commercial bank with sound operations to independently custody trust product property. The custody account for trust product property shall be a dedicated trust product property account. Where a trust company needs to use the funds of a trust product in accordance with the trust documents, it shall provide the custodian with a copy of the trust contract and an explanation of the use of funds. Article 42 The custody agreement shall include at least the following: (1) The names and domiciles of the trustee and the custodian; (2) The rights and obligations of the trustee and the custodian; (3) The premises, content, methods, and standards for the custody of trust product property; (4) The content and format of the custody report; (5) Custody fees; (6) The custodian's supervision and verification of the trust product; (7) Other content agreed upon by the parties. Article 43 The custodian shall perform the following duties: (1) Safely keep trust product property. (2) Set up separate accounts for different trust product property under custody to ensure the independence of trust product property. (3) Confirm and execute the trust company's instructions for the management and utilization of trust product property, check the transaction records, funds, and property accounts of trust product property, and calculate the net value of trust products. (4) Record the fund transfer status of trust products and keep the trust company's explanations of the use of funds. (5) Issue custody reports to the trust company on a regular basis. (6) Supervise the investment operations of the trust company. Where it is found that the trust company invests in violation of laws, regulations, the trust contract, or the custody agreement, the custodian shall refuse to execute; where a transaction has already been concluded in accordance with trading procedures or refusal to execute is impossible, the custodian shall promptly remind the trust company. Where the trust company refuses to correct, the custodian shall promptly report to the local office of the National Financial Regulatory Administration. The trust company shall provide necessary information support for the custodian to perform its supervision duties over the investment operations of trust products. (7) Other duties agreed upon by the parties. Section 4 Investment Management of Trust Products Article 44 A trust company utilizing trust product property shall match the trust purpose and risk level of the trust product and be consistent with the investment direction and investment strategy specified in the trust documents. A trust company utilizing trust product property shall have clear legal relationships and use it for genuine, lawful, and effective underlying assets, including treasury bonds, local government bonds, central bank bills, government agency bonds, financial bonds, bank deposits, large-denomination certificates of deposit, interbank certificates of deposit, corporate credit bonds, asset-backed securities issued in the interbank bond market and the stock exchange market, other credit assets, stocks, depositary receipts, other equity assets, public securities investment funds, commodities and financial derivatives, and other assets recognized by the National Financial Regulatory Administration. Where the utilization of trust product property by a trust company involves provisions of other competent business authorities, it shall also meet the relevant qualification requirements and management provisions. Article 45 Where a trust company uses trust product property for securities and futures investment, it shall open and use securities and futures accounts in accordance with the provisions of financial management departments, and shall not lend, lease, or transfer them. Where a trust company uses trust product property for securities and futures investment, it shall clearly specify in the trust documents whether to set a stop-loss line and the principles for setting it. Where the trust documents provide for setting a stop-loss line, it shall be reasonably set according to the investment strategy and return volatility level, and the specific conditions and operation methods for stop-loss shall be clarified. Where a trust company invests in securities with the funds of a structured trust product, it shall set a stop-loss line according to the risk characteristics of the investment portfolio. A trust company shall establish a monitoring mechanism for abnormal transactions in the financial market and monitor and verify trading acts and results. A trust company shall monitor same-direction and reverse transactions in the same asset in the financial market by different trust products. The same trust product shall not conduct reverse transactions within the same trading day. Where same-day reverse transactions are indeed necessary due to investment strategies or liquidity, etc., the relevant personnel shall be required to provide the decision-making basis and keep written records for future reference. Unless otherwise provided by the National Financial Regulatory Administration. Article 46 Where a trust product directly or indirectly invests in non-standardized assets, it shall be a closed-end trust product. The termination date or exit date of non-standardized assets shall not be later than the termination date of the closed-end trust product. Where a trust product directly invests in non-standardized assets, the trust company shall disclose the type, investment proportion, term, and risk characteristics of the non-standardized assets and the circumstances of the user of trust funds. A trust company shall track the flow of funds directly invested in non-standardized credit assets, stipulate the cooperation obligations of the user of trust funds in the relevant contracts, take necessary means for verification, and prevent the flow of funds from violating relevant provisions. Where a trust product indirectly invests in non-standardized assets through asset management products, the asset management product invested in by the trust product shall be a closed-end product, and its termination date shall not be later than the termination date of the trust product. The trust company shall look through to identify the non-standardized assets and disclose them to investors. During the duration of a closed-end trust product, where part of the non-standardized assets invested in matures, terminates, or exits, the trust company may, in accordance with the trust documents