Final Rules Issued For Financial Trusts Reform - Herald

The China Banking and Insurance Regulatory Commission (CBIRC) released its final version of reforms for the trust industry that will see firms in the sector classified into separate categories, each with distinct rules, according to the 21st Century Herald. Trust companies will have to submit plans to the CBIRC and enter a three-year transition period to ensure an orderly adaptation and exit non-compliant business . The final version remains largely unchanged from the previous draft version, with wording added to obligate firms to ensure investor awareness of the nature of the trust industry, according to the Herald.