|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
In order to regulate the financial management work concerning the trust business of financial asset management companies (hereinafter referred to the "asset companies") and intensify the risk control, the relevant issues are hereby formulated as follows: 1. The trust business of asset companies refers to the operation activities of asset companies of conducting trust to the entrusted institutions and assets on the commission of government departments and enterprises according to the commercial principles and within the approved business scope. 2. The trust business of asset companies, which falls within the category of commission and agency business of asset companies, shall follow the principle of prudent operation and strictly implement the relevant prescriptions in the Notice of the Ministry of Finance about Printing and Distributing the Measures for the Risk Management on Relevant Businesses of Financial Asset Management Companies (No. 40 [2004] of the Ministry of Finance) and the Notice of the Ministry of Finance on Relevant Financial Issues concerning the Development of Investment Agency by Entrustment and Commercialized Purchasing Businesses by the Financial Asset Management Companies (No. 61 [2004] of the Ministry of Finance). 3. The asset companies shall strictly distinguish the trust business from other businesses, do well the take-over and registration work of entrusted assets, bring the entrusted assets into the off-balance-sheet account after they are cleaned up and confirmed, implement the administration of separate account, strengthen the internal control of trust business and effectively isolate financial risks. 4. In line with the current financial and accounting systems of asset companies, the incomes and expenditures of the trust businesses of asset companies shall be respectively calculated on the basis of the items of "other revenues¡ªrevenues of intermediate businesses" and "other expenditures¡ªexpenditures of intermediate businesses", be attributed into the profits and losses of asset companies, and extra explanations in details concerning them shall be made in the annual final accounting. 5. The trust business of asset companies shall follow the principle of "who entrusts, who pays". As to the trust business entrusted by a government department, the scheme of trust money shall be put forth by the government department, and the authorization agreement shall be concluded between the government department and the asset company after the finance department of the same level has approved the scheme upon examination. As to the trust business entrusted by an enterprise, the authorization agreement shall be concluded between the enterprise and the asset company after the trust money is determined through consultation according to the commercial principles and by taking into consideration the scale, estimated workload and cost of the entrusted assets. The asset company shall report the said authorization agreement to the Ministry of Finance for archival filing after it is concluded. 6. The expenditures of trust business of an asset company refer to the direct expenses occurred in the process of carrying out the trust, which include the relevant operation expenses, direct management expenses and etc., and shall be drawn from the income of the trust money. The expenditures of trust business shall not be brought into the cost of the asset disposal business. The operation expenses shall be composed of the expenses occurred in such work as the investigation, evidence-obtaining, evaluation and management which are conducted by such intermediary agencies as law offices and evaluation institutions due to the necessity for carrying out the trust, and any other operation expense from the directly related businesses. The direct management expenses only include the travel, entertainment, meeting and office appliance allowances which are directly related with the implementation of the trust. The expenses for the company staff members may not be used for the expenditures of the trust business. The expenses occurred in the liquidation of the trust organ of an asset company shall be brought into the liquidation expenditures of the said organ. 7. All asset companies shall strengthen the accounting of the trust money from the trust business, open a separate capital liquidation account, and make regular inspections on the settlements. 8. The present Provisions shall be applicable to any trust business carried out by the asset companies on commission since January 1, 2004. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|