Source of this article: Times Finance Author: Zhou Mengmei
Source: Picture Worm Creative
The trillion trust company was warned.
Recently, the Jiangsu Securities Regulatory Bureau has taken administrative supervision measures against CITIC Trust Co., Ltd. (hereinafter referred to as "CITIC Trust") by issuing a warning letter.
According to the information disclosed by the Jiangsu Securities Regulatory Bureau, in April 2020, CITIC Trust became the manager of the asset-backed special plan of Nanjing Shimao Hilton Hotel. In July 2022, the mortgage assets related to the special plan were seized by the court due to other case disputes, and CITIC Trust failed to take necessary measures to understand the status of the mortgage assets in a timely manner and failed to disclose the major matters of the seizure of the mortgage assets in a timely manner after learning of the disputes. The above-mentioned behavior violated the relevant regulations on the management of securitization business, so a warning letter was issued to him.
Source: Official website of Jiangsu Securities Regulatory Bureau
CITIC Trust is a leading enterprise in the trust industry. According to its 2023 annual report, the company's trust assets reached 2.06 trillion yuan. In recent years, CITIC Trust has continued to reduce the scale of its trusts in the real estate sector. According to its annual report, at the end of 2020 ~ the end of 2023, the scale of its trust assets invested in the real estate field decreased from 199.476 billion yuan to 132.476 billion yuan, and the proportion of assets in the real estate field also decreased from 16.29% at the end of 2020 to 6.43% at the end of 2023.
CITIC Trust has also been penalized for stepping on other real estate-related projects.
In December 2023, the State Administration of Financial Supervision and Administration publicly disclosed information on the administrative penalties imposed on CITIC Trust Co., Ltd. CITIC Trust was fined 600,000 yuan for "illegally investing funds in real estate development projects where the developer or its controlling shareholder does not have secondary or above development qualifications".
Source: Official website of the State Administration of Financial Supervision and Administration
Since the beginning of this year, the regulator has continuously increased the risk mitigation and prevention of the trust industry. In the context of strong supervision in the industry, trust companies frequently suffer huge fines.
According to incomplete statistics from Times Finance, there were 4 trust fines exceeding (including) 1 million yuan during the year.
On June 14, Guotong Trust was fined 5.85 million yuan for 13 violations of laws and regulations, one of the reasons for which it was fined was "illegal distribution of trust products through non-financial institutions"; On April 30, Lujiazui Trust was fined 4.2 million yuan for seven violations of laws and regulations, including failing to use trust loans according to the agreed purpose, and it had been fined 300,000 yuan in early April; On February 18, the administrative penalty information released by the Beijing Supervision Bureau of the State Administration of Financial Supervision showed that Yingda Trust was fined 1 million yuan for violations of laws and regulations; On January 15, Kunlun Trust was fined 5.4 million yuan by the Ningbo Regulatory Bureau.
In addition, in May this year, Guoyuan Trust and AVIC Trust were fined 650,000 yuan and 400,000 yuan respectively. Based on this calculation, the above six companies received a total of 17.8 million yuan in fines during the year.
"The supervision (trend) of the trust industry in the first half of 2024 continues the trend of strict and tight financial supervision." Liao Hekai, an analyst of Jinle Function Trust, told Times Finance that in recent years, financial supervision has been continuously strengthened, the retrospective and correction of past violations, and the punishment and accountability are both right and right, and the professionalism continues to improve, and more emphasis is placed on the systematic "one game of chess" overall management, constantly compressing the system arbitrage space, and the supervision work is becoming more and more refined, and the details of specific business violations are fully grasped.
A number of trust companies have suspended third-party agency businessIn addition to frequent fines, the trust company's sales channels may be controlled.
Recently, there is news in the market that some trust companies have received guidance from the regulatory authorities and are required to completely suspend the third-party consignment business. Times Finance has learned that a number of trust companies have stopped selling through third-party channels.
"At present, our company's trust products need to be purchased on the direct sales platform, and the company has stopped all third-party sales in the middle of this month." Daye Trust staff told Times Finance, "Now regulatory requirements require trust companies to cooperate with three parties. ”
The staff of the National Trust also told Times Finance that there are only two channels at present: bank and direct sales; The relevant staff of Jingu Trust told Times Finance that "at present, external channels are basically suspended."
Under strict supervision, trust companies are also actively responding.
Taking the construction of sales channels as an example, many trust companies are currently building direct sales channels and building wealth centers, including recruiting wealth consultants, financial consultants and other positions, and building their own sales teams.
Times Finance noticed that in the past month, many companies such as Jingu Trust, Chongqing Trust, Braim Trust, Yuecai Trust, and Daye Trust have recruited wealth consultants (financial consultants) and other positions on the official website, official WeChat and recruitment software, and many trust companies have introduced that they are building regional wealth centers.
According to the official WeChat recruitment poster of Jingu Trust, it recruits regional wealth centers and family team leaders, and their job responsibilities include "forming a team and completing the promised team management goals", and the work locations include Guangzhou and Shenzhen; Yuecai Trust said in the recruitment poster that it was recruiting the person in charge of the Chengdu Wealth Center to be responsible for the team formation of the Chengdu Wealth Center; Daye Trust is also recruiting wealth team leaders in Guangzhou, Beijing, Shanghai, Hangzhou, Fuzhou, Wuhan and other regions.
"This means that related companies have a need to expand their subsequent business and seek to expand their local business in the form of self-built wealth centers." Liao Hekai said to Times Finance.