Bank agent: Trust companies are not allowed to set up branches and outlets, so they face many difficulties in conducting business. It is suggested that banks and trusts be allowed to cooperate, enjoy customer resources and sell trust plan products as agents under the premise of not exceeding the condition of "200 copies of 50,000 yuan". You can even add the words "The Bank only acts as an agent for the sale of trust plans and does not undertake any investment management and income guarantee obligations" in the product description.
Risk control: project risk and expected rate of return risk, like any investment behavior, mainly depend on project selection, income model and management ability. First, the credit risk of trust companies should be strictly managed according to the principle of special accounts and special personnel: establish a financial firewall and consciously accept the inspection by the competent authorities. Strengthen the professional spirit of trust managers and establish the credit evaluation and professional access mechanism of trust managers; The second is the liquidity risk of the trust plan. Since trust plans cannot be traded publicly, it is necessary to allow the transfer of beneficial rights. Especially for long-term trust plans, liquidity is a key factor in their development and design. Trust companies should be allowed to study the possibility of "counter trading".
Capital utilization: Capital utilization includes three aspects: investment, mode and purpose. Most collective fund trust plans decide the investment and use of funds, regardless of the use of funds (or turn the use into profit). Some collective fund trust plans do not specify the investment and mode of fund utilization, but highlight the specific use of fund utilization, but the product has not been well reflected in the market.
Management risks and benefits: According to the limit of "200 copies of 50,000 yuan", the amount raised by a trust plan is about 20 million yuan to 30 million yuan (statistics show that the average contract amount is 654.38+10,000 yuan to150,000 yuan). According to the average management rate of 1%, the annual management fee is 200,000 ~ 300,000 yuan. The development of trust plan products, from project screening, research and development, listing and sales, tracking management to the final successful completion, consumes a lot of human and financial resources, and the cost is greater than the income. On the other hand, the due diligence management of trust companies does not bear investment risks, but bears management risks and reputation risks such as profit expectation and final withdrawal. Therefore, the trust plan must have a considerable scale and duration, and the trust company will have the enthusiasm for development.
Form of management fee: the relevant laws and regulations do not stipulate the specific standards for trust companies to collect fees. Most of the direct costs are borne by the trust plan, and the management fees are collected in stages. It is necessary to formulate corresponding industry standards and guide prices through the coordination mechanism within the industry, and gradually form the so-called "industry rules." It is convenient for cost accounting and business comparison, and it is also conducive to safeguarding the interests of the entrusting party.
Entrusted management: According to the principle of "personal management" of trust, trust funds are required to be operated by trust companies. But in fact, it is difficult for trust companies to implement the principle of personal management because of the diversification of capital investment and the different ways of using funds. This requires trust companies to establish effective supervision, restraint, early warning, risk identification and control mechanisms and measures during product design and management.
Definition of management responsibility: According to laws and regulations, trust companies shall not promise that trust funds will not suffer losses and minimum income. At the same time, it also stipulates that the trust company shall be liable for the loss of trust funds caused by its violation of the agreement in the trust documents. Because of the different positions of the principal and the trustee, it will inevitably lead to different judgments. It is not good for trust companies to write it into law easily. Therefore, it is necessary to list some terms in the form of cases in contracts or other documents to avoid unnecessary disputes.
Supervision: The supervision of collective fund trust has the characteristics of routine, that is, the design and launch of trust plan products need neither approval nor approval, but supervision is carried out through routine inspection and audit. This reflects the guiding ideology of "encouraging innovation and strict supervision" of the competent authorities, which is conducive to the development of collective fund trusts. But "easing" is a double-edged sword, and the above-mentioned easing policy is based on strict restrictive conditions. In other words, the trust company can send as much as it wants, and it is very free to send as much as it wants. However, it must meet the conditions of "200 copies, 50,000 yuan, pure private placement and localization" (although the latter two restrictions are not explicit, they are true). This is actually a small cage for freedom, and I am afraid it may not adapt to the national conditions of China. The author thinks it is necessary to consider the strategy of "relaxing restrictions and strengthening supervision".
Taxation and other supporting institutional environment: Taxation is a professional problem encountered by the trust industry in China. The national tax department said that the formulation of special tax policies for the trust industry is not on the agenda of the State Administration of Taxation. The trust business activities that have been carried out are subject to the general tax policies of the state. In this case, the trust company can adopt four principles: the beneficiary pays taxes, the principle of avoiding double taxation, paying taxes directly according to similar tax laws, and safeguarding the best interests of the client.