[General Administration of Financial Supervision: Trust companies should adhere to the essence of asset management products of asset management trusts, and trust products should adhere to the private equity positioning] On October 30, the heads of relevant departments and bureaus of the State Administration of Financial Supervision answered reporters’ questions on the "Asset Management Trust Management Measures". How does the Measures position asset management trusts? Answer: The "Measures" position asset management trusts as private asset management products based on trust legal relationships, which have the following characteristics: First, they are consistent with the nature of asset management. Trust companies should adhere to the essence of asset management products of asset management trusts, insist on serving the interests of investors, adhere to the principle of "sellers do their duty, buyer beware; sellers default and compensate in accordance with the law", and do a good job in full-process management such as suitability management, sales management, investment management, property custody, net worth management, and information disclosure. The second is to adhere to the private equity positioning. Trust products are non-publicly issued to qualified investors and the number does not exceed 200. The third is to strictly enforce investor standards. On the basis of implementing the investor standards of the new asset management regulations, more stringent investor qualifications and minimum investment amounts will be implemented for trust products with higher risks. At the same time, trust companies are required to perform qualified investor assessment procedures in aspects such as trust product sales and share transfers. At the same time, the "Measures" clarify that asset management trusts are established with funds, follow the principle of giving priority to the interests of investors, and are independently managed by trust companies. Therefore, asset management trust business should not use "property rights trusts", "financing trusts", "affair management trusts" and other similar expressions.