[General Administration of Financial Supervision: It is strictly prohibited for trust companies to carry out illegal channel business and to carry out capital pool business] 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". What requirements does the "Measures" have in regulating key business areas? Answer: First, illegal channel business is strictly prohibited. It is clarified that asset management trusts shall be independently managed by trust companies. Trust companies shall not transfer management responsibilities to other institutions or individuals. Trust companies are prohibited from using trust products to facilitate other institutions or individuals to engage in illegal activities and other activities. Limit the proportion of a single investor investing in the same trust product. List four prohibitive provisions to further clarify the active management responsibilities of trust companies. According to the provisions of the "Measures", the exclusion clause in Article 10 of the "Notice on Matters Concerning the Investment of Insurance Funds in Collective Fund Trusts" (Bank and Insurance Regulatory Commission [2019] No. 144) regarding the investment of insurance funds in collective fund trusts with a credit rating of AAA will no longer be implemented. Second, it is strictly prohibited to carry out capital pool business. Trust companies are required to separately manage, establish separate accounts, and separately account for different trust products, and calculate the net value of trust products in accordance with corporate accounting standards and new asset management regulations, and must not conduct separate pricing apart from the actual returns and risks of the underlying assets. Clarify the maturity matching requirements and prohibit open-end trust products from investing in non-standardized assets. The third is to strictly regulate related-party transactions. It is required to comprehensively and accurately identify related parties, establish and improve the internal evaluation and approval mechanism for related party transactions, and standardize the identification, pricing and trading behavior of related party transactions. Clarify the specific management requirements for the use of trust funds for related parties, refine the reporting and information disclosure requirements for related party transactions, etc.