中国财富管理服务信托蓝皮书：法律发展与实践路径

曬勶㛽僻 续譻滽▫氮ⵌ☓嗙熟䔾䉞◜ⲏ䨿缀缃罒⫭㴟䧯նꯙ杅⯋峜僻㜾续譻滽▫溸詇✑勶⹴潸⪸焒駮分勶性䓛ⵌ☓嗙熟䔾䉞◜ⲏ䨿䨿劔ն 绪缋续勨卐▫긖駠⺪⚈✇⶿⛻䧶╗☭┯䕒♨⚈✇䓺䑑㜩⯜յ鿛鿬յ秘罒䧶♨⪼♑做䑑❈氠续譻滽▫溸⪢ꌄ䧶ꌄ⮕⫐㵽ն缋駠⺪⽕氠续譻滽▫⫐㵽溸䍎峜僻缺徏╬վ╚德鯯㶡硅槏纳ⲏ⟥䩬譻滽▫ˋˋ岻䔾⹿㺥┱㵄鴬鴤䔴տ⹴⹿䉘勨卐ն 续譻滽▫☹危煝疵յ⹨脞┱鉿╃☆嵤▇潨溸┯卐䧯⚈✇䓺䑑溸岻䔾䟩閒䧶䫌鰑䐮駖ն㸉◟㎌❈氠续譻滽▫⫐㵽脯分气溸⚈✇⻑卸ⵌ☓嗙熟䔾䉞◜ⲏ䨿┯䪩䬎⚈✇岻䔾鯰⚈ն㠁괛ꦎ㸉⪾✅◜뀉裯䕒岻䔾䟩閒騟⿀騊┺╃䔾䉞ն TheBluePaperis prepared and published by Merits & Tree Law Offices. Unless otherwise indicated,the copyright and all related intellectual property rights of this publication belong to Merits & TreeLaw Offices. No part of this publication may be reproduced, distributed, or used in any form without the priorwritten consent of Merits & Tree Law Offices. Authorized quotations or references should clearlyindicate the source as: The Blue Paper ofChina Wealth Management Service Trust–LegalDevelopments and PracticalApproaches. This publication is provided for research, reference, and industry discussion purposes only and doesnot constitute legal advice or investment advice. Merits & Tree Law Offices assumes no liability forany consequences arising from the use of this publication. For specific legal matters, professionallegal advice should be sought. 䍈阌 䌑儱╚德鯯㶡硅槏纳ⲏ⟥䩬⹿㺥溸ꓨ锢┞䌑傶儱ꁩ䔯䱲筻溸熏㹾▇䌑□儱绪缺呬㹾溸㴼㹾▇䌑ն忽漳硅侓瞬溸䭦缩⽕㸍┬⟥䩬鉿╃婞Ⲏꅌ⼴⯋㸉⚿缛鰑硅╃ⲏ溸鴤䔴❹鰣㑏㴼㎈䓛⯜䍳续徏ն忽ꂘ┞鿛㒘⪸⺛鯯㶡硅槏┱⟥䩬纳ⲏ溸ⲍ茤ꁉ预┱呦䖦❈⾀婞ꁹ缺┞姍⬑㴼䙎溸吿⬮┱ꓨ㗛ն ⟥䩬瞏뀖意忽ꁩ⹜┞䌑性䉂㵄⻓⪾劔鉿╃吙䗅䟩▄溸ꓨ㝕呿❛訒㐌ն ⟥䩬溸ⲍ茤䉂┯婝婢◟⚿缛溸鯯㶡臔겐┱낊ꯟ갳瑠䈰⪾ն忽热┬㜩勵溸缋嵴┱岻䔾楒㘷╚⟥䩬錻僓♣鰘◙剳广㺂姍溸岻䔾❈⾀┱獘劲⚃⡽ն┞做긖긖㸉㝃ꓨ┯燛㴼䙎鱴缺鱴㝃溸둛⬥⡽㵶䎂♈侅漩⚳⩰鿛⻔㴘⪢⚳⩰璭䍈⚳⩰ն鯯㶡硅槏纳ⲏ⟥䩬┯☹儱┞㞟鰑分缏卐剳儱┞㞟氠♨㸉䫏낊ꯟյ갳瑠⡺ⲏյ缰盲㵶䎂ꪍ劻甯㴼溸⯜䍳䈰瓨ն⺞┞做긖鯯㶡硅槏纳ⲏ⟥䩬□忽㎈䍎⫄脚յ䩬㳏յ杅媗괛锢攍盲瞏澶㵄獘劲괛寛♈纳ⲏ㸵俚☭鱂⻔䞒⹴剳㝃☭䪩鿬鱎册䞒┱宑气溸僓♣駖뀨ն ꁩ⹜┞䌑⯜䍳广┱䉗㐙㵄鴬☆缃䲀ꂛ䲀Ⲙ鯯㶡硅槏纳ⲏ⟥䩬ꂛ┞婢ꁫ⪝缏卐յ✅笡溸⹿㺥ꮕ嫙ն 忽⯜䍳㺂긖┞笡⮬⪸ꨴ䙎痓熏╬鉿╃⹿㺥㞳㴼◗㑏㵄㕈熝ն♈┯Ⲙ分⟥䩬溫駘⯒艧勶⟥䩬鯯分溫駘ꂘ凭⸉⺮䙎溸熏⬍▇公劔侞熏闌◗ꪍ劻㎧䪑鉿╃溸⟥䩬鯯分溫駘걾뀨╬⟥䩬鯯分栃皒䙎䳀危◗剳㑏㵄溸岻䔾受걁ն┱婟⻎僓갫濫⟥䩬鉿╃┩⮕稝假閕溸訒㐌假溸漳硅⮕稝✅笡婞忽ꓨ㗛⟥䩬╃ⲏ溸⻉閕呻厜嬓┞姍⯜䍳剳假ꌬ忽ꓨ假㴼▄⺇䩬鯰⚈溸⫐帏□广⯤䔕⿱濫鯯㶡硅槏纳ⲏ⟥䩬溸绪缺䓺䘒ն 续譻滽▫♨岻┱僓鿛յ╃氮螅皒յ◜鿬儤瑽յ煝♨崫閒╬呻厜傶䙰缏⻓枱□崫㷌鱶ⲹ⫅뀎鉿╃㵄鴬┱獘劲䟩▄ն䧰♰劻绍ꂘ┯☹儱┞ꌄ岻䔾♈╃☭駘䓡䌑䍳ꓨ㝕◜⚂溸鉿╃䫟⼴剳儱┞⚌茤㝉╬绪缺⻉閕⹿㺥յ侓瞬⯜㴼յ勨卐蔦䔾┱䉗㐙⹨┱䳀危⯼炽䙎┱⯜䍳䙎⹨脞溸煝疵䧯卸ն 忽㵄鴬㺂긖箄䩽⯜䍳⹿㺥溸婢⚩⪢稝㒘鯯㶡硅槏纳ⲏ⟥䩬䉂ꄢ婢鱂⻔䧯斀ն┞╗傶茤纳ⲏ둛⬥⡽☭㛶յ⹱茤䞒⹴册ꄽ宑⚱溸纳ⲏ⟥䩬✅笡婞忽䓺䧯ն㹐⪼⡽䕒⪸峜溸儱忽♨䔯걾♨痓熏溸┯Ⲙ分⟥䩬յꇟ㉋⟥䩬յ㜩勵稝㒘艧勶⹴艧玭 续譻滽▫溸乯⫭䌔绪⢷汧◟⯜䍳唯槏䧶侓瞬䙰缏溸维긖倁皺脯儱㕈◟嗙熟䔾䉞ꪍ劻广腁鯯㶡硅槏纳ⲏ⟥䩬溸┞绻㵄鴬缋돂ն䧰♰ꪍ劻ꯡ⛘⟥䩬鉿╃溸㵊䨮յ勨卐┱♈╃脢⪴⻎鱂ꁩ⯜䍳⺈ꁙ┱⮱假䱲筻溸嬓┞╗虹掾䌔劔䌘⹨┱䧶 鴋鶅◗㝃鱎⪾劔痓熏䟩▄溸╃ⲏ訒㐌䭇艧勶/艧玭⟥䩬յ┯Ⲙ分⟥䩬յ⺇䩬☭⺈剳յ鴚㘷⺇漩☭⟥䩬յ杅媗괛锢⟥䩬瞏假㒘뀉潨նꂘ凭缋⸉駑䧰♰䕒♨♈⯜䍳訒㐌溸缰䍳剳广⪝㐌槏闌⟥䩬⯜䍳忽⻓㵄╚溸ⲇꓪ┱㹾ꮺն ╬◗駑续譻滽▫剳茤⹹儙鉿╃溸澶㵄茺Ⲙ䧰♰ꂖ忽罒⫭ꁩ瓨╚ꓠ駧◗缺蔦⟥䩬⪫⺶յꧼ鉿յ受ꯟ⪫⺶瞏㝃㵶勨卐溸┞绻♈╃☭⽄䭇⯼盛ꨆみյ分⿣缋槏յ╚⻑⺬낊䱽┱⻉閕☭⽄ն♑♰溸閗閤劔僓◧╬銣⩪劔僓氋蔸潸◧烾澃⛰婞㎌╬㠁婟续譻滽▫䕒♨剳皒✅յ剳澶㵄㐌⼯⻓鉿╃䨿긖╤溸缏卐䙎䮅䧹┱广㺂䑳ⲇն 劅⻑䧰♰广⟥⟥䩬鉿╃溸澶婞ⲇꓪ徏◟㸉岻䔾閕⮯溸俓颈յ㸉⺇䩬鯰⚈溸䛀㴖♨⹴㸉⟥䩬⯜䍳纳ⲏ獘劲ꂘ┞周续⚃⡽溸㎈䓛ն⺢劔♨婟╬㕈熝⟥䩬╃做茤鉿甯蔺ꂜ澶婞䪩鿬鱎僓♣鰘◙溸鯯㶡硅槏┱⚿䪩❈⾀ն续譻滽▫婞儱ꂘ┞䌑鉿╃缏卐䙎⺈ꁙ溸┞⚌閒駩┱䘽脞ն 姚ꮒ蛣襴䌑劓 岻┱僓鿛鯯㶡硅槏劚ⲏ⟥䩬皒岻⹴漳硅Ⲙ䘒 .┯Ⲙ分⹴艧勶⟥䩬鯯分溫駘熏⬍.վꓭ鄌勨卐分⿣ꃿ热䙎硅槏ⲋ岻տ⮃⺬ⶬ绣ꃿ热䙎硅槏呻厜.վ⟥䩬⪫⺶硅槏ⲋ岻տ⪢긖ⶬ绣㎈䓛续徏┱⺇䩬鯰⚈ꓨ㗛.վ鰑分硅槏⟥䩬硅槏ⲋ岻䔰寛䟩閒畈տ⹿䉘鰑分硅槏⟥䩬ꁫ⪝笡缛漳硅.⹹崟ꦷ假閕✅笡卐瞣⟥䩬╃ⲏ⻉閕绱广  ╃氮螅皒鯯㶡硅槏劚ⲏ⟥䩬缋⪿呿❛ .┯Ⲙ分⟥䩬溫駘駽掾⻄㐌⪿㒘呿❛.艧勶⟥䩬溫駘駽掾⪿㒘呿❛.㘷⫐┪䉗⪫⺶艧玭㵶傉⟥䩬㵄⻓䭦艧嬠❛痓熏%.㘷⫐㵶傉⟥䩬䭦劔H艧⪢嵤ꄽ艧⚌.ⵌ☓䉗눢⶿册䞒㒘杅媗㣘䩬☭+⫄脚潳♕+⹷漳㷌☭杅媗괛锢⟥䩬.⪢德눢⶿ꇟ㉋⟥䩬⪢嵤瓨溫駘.㘷⫐㵶傉⟥䩬+瑠㽺⟥䩬⹷⺇䩬厜卐  ◜鿬儤瑽♈鉿╃⹴獘⚷◜⚂澚鯯㶡硅槏劚ⲏ⟥䩬溸⹿㺥 .叄┪䉗⪫⺶䱽艧艧╅յ㵄ꮪ䱽⯜☭錻挖羿㵶傉⟥䩬긌┞蔺鉿Ⲙ☭⭀䭦厜卐訒䋜.⟥䩬⪫⺶낊ꯟ◜⚂뎧Ⲙ閕埛⺈剳⺇䩬☭㘷⫐⺇䩬☭⺈剳熏⬍ .鴤叄긌岻鉿ⶖ呿┱ⷂꄽ㵶傉⟥䩬㕈ꓭ錻䪃鉿呿⫙騰⟥䩬錻⮄痍.⺬彵詇⻐虪☭䕇数㫖瑠┿鴚㘷㜩勵㵶䎂鯯㶡⚿䪩㴘䱗溸餿獏.㴵完㵶傉㘷⫐㜾ꇟ分⹴⟥䩬络绳㜩勵㵶䎂⚿䪩厜卐劔侞䙎脞돂.┪嶯誸㟖㛶呿栃麄☭㛶洒洡յ⫄脚⹴⚿䪩䮅䧹  煝♨崫閒䌑䍳鯯㶡硅槏劚ⲏ⟥䩬鉿╃騫煝⮕卥 .鯯㶡硅槏纳ⲏ⟥䩬溸㴥間气䘒┱㺥╃芻冎 ..鱶ⲹ闌騣♈㴘⪢뎧Ⲙ⯒气䘒俠⻉㵊䨮괛寛婢⪝缏卐䙎ⶬ绣假ꮕ嫙..괛寛➆㝃ꓨ┯燛㴼䙎㎌筷䧯╬㗛ꅐ㵊䨮假괛寛溸ꓨ锢芻冎..危缕➆鯯㶡硅槏纳ⲏ⟥䩬忽䌑俠✅受䭦㵈䡪㙨ꪍ䘒ⲹ .鯯㶡硅槏纳ⲏ⟥䩬긖╤溸全锢䮅䧹┱㵄ⲏ㎧㘷 ..鿛㒘䮡⸐┱䉗㐙侅罥┬溸⛽⚃⫐ⷳ皶◚..瓭⯜疿溮┱閕⮯罼⛻┬溸⟥䩬╃ⲏ殭뀘..駌焒⢟䈽┱蕛䝠䪑Ⲙ┬溸⺇䩬⟥⚈ⷩ勨..閕⮯罼⛻┱ꃿ氠┯僻┬溸⻉閕㻀膷䮅䧹..ꮕ嫙悎ꂛ┱㝃㎌腣⻉┬溸⟥䩬络绳㎽冎..续徏㸍⻔┱閕埛ꆒꀀ┬溸纳ⲏ㴼⛻ꁉ预..䉗㐙呬㹾┱勶鯰ꨟꏕ┬溸⚃⡽⮕ꏕ换銝..鉿╃崟曵┱鯰⚈ꓨ㗛┬溸⺇䩬☭⺈剳䐮卐  蔺驊嗙䖎鯯㶡硅槏╃ⲏ♃缉全罒㎑ꭶ矻♃ 蔺驊嗙熟鯯㶡硅槏╃ⲏ♃缉全罒㎑ꭶ矻♃ 煝疵做岻 续譻滽▫♨╚德鯯㶡硅槏纳ⲏ⟥䩬溸⹿㺥㵄鴬╬煝疵㸉骮缸⻉ꁾ氠侓瞬煝疵յ呿❛煝疵┱鉿╃騫煝瞏㝃璀做岻㸉2025䌑䍳鉿╃溸ꓨ锢⯜䍳⺈┱㵄鴬鴤䔴ꂛ鉿笡缛唯槏┱⮕卥ն⪾✅煝疵做岻䭇 譻滽▫笡缛唯槏◗2025䌑䍳┱鯯㶡硅槏纳ⲏ⟥䩬潸⪸溸ꓨ锢岻䔾岻閕⹴漳硅侓瞬䓛绯⯜䍳悎ꂛ鱶ⲹ䌔駬⛓⪼㸉鯯㶡硅槏纳ⲏ⟥䩬╃ⲏ⹿㺥溸䔕⿱ն 续譻滽▫ꄑ⺆2025䌑䍳⪾劔♣銩䙎溸鉿╃㵄鴬呿❛ꂛ鉿广⪝⮕卥ꄽꁩ㸉呿❛缏卐駦駉յ⻉閕ꆒꀀ┱㵄类鴤䔴溸煝疵䙰缏鯯㶡硅槏纳ⲏ⟥䩬忽㜩勵鰑分缏卐┱㝃⩧㵶䎂괛寛╚溸䍎氠缋돂 譻滽▫缏⻉䌑䍳⫐⽕⹿䌦峅⪸峜溸鉿╃┱獘劲◜⚂❛㠁┪䉗⪫⺶艧╅㵶傉⟥䩬⭀䭦◜⚂յ⟥䩬⪫⺶䩬硅┱⺇䩬☭⺈剳㵄鴬յ㵶傉⟥䩬䪃鉿┱⬠缏呿❛♨⹴⪫⚱☭朮鴚㘷缣䪩◚駖瞏㸉⟥䩬⯜䍳忽⻓㵄岻䔾楒㘷╚溸ꁾ鉿䝠⬔ꂛ鉿⮕卥♨間㷌⯜䍳ꁉ预┱㵄鴬䮅䧹ն 忽譻滽▫罒⫭ꁩ瓨╚煝疵㎑ꭶ駧騰◗缺蔦⟥䩬⪫⺶յꧼ鉿յ受ꯟ勨卐⹴鯯㶡硅槏勨卐溸┞绻♈╃☭⽄帏漺分⿣駦駉յ㵊䨮缋槏յ⻉閕낊䱽⹴ꁾ觝硅槏瞏┯⻎㼮⛻նꄽꁩ㝃閗閤騫煝◗闌热⯼䉗㐙忽╃ⲏ䐷㺥յ㵊䨮괛寛յ⻉閕낊ꯟ⹴鉿╃皶◚瞏做긖溸澶㵄䝠⬔ն 譻滽▫ꂖ缏⻉嗙熟䔾䉞◜ⲏ䨿忽鯯㶡硅槏纳ⲏ⟥䩬뀖意ꪍ劻⹨┱溸뀉潨缋돂㸉艧勶⟥䩬յ┯Ⲙ分⟥䩬յ鴚㘷⺇漩☭⟥䩬յ杅媗괛锢⟥䩬瞏╃ⲏ溸岻䔾缏卐┱㵄类锢掾ꂛ鉿䙰缏♈岻䔾㵄ⲏ閤䍳䳀迪鉿╃缋돂┱⹿㺥鱶ⲹն ꄽꁩ┪ꃎ㝃缰䍳煝疵做岻续譻滽▫ⲇ寛♈⯜䍳յ䉗㐙┱㵄鴬┩╗㺂긖⪢긖⼯⻓╚德鯯㶡硅槏纳ⲏ⟥䩬溸⹿㺥㎽冎ն 譻滽▫◩㝕呦䖦缏駢 㴥間缋嵴峒Ⲙյ⚕╃낊ꯟ◜⚂뀡⹿♨⹴鴚㘷漳硅鱶║❈둛⬥⡽☭㛶溸鯯㶡硅槏潨吙⹿气僻兇鿛⺈ն鰑分受盲յ㵶傉⚿䪩┱⚕╃䱽⯜勶㴘䱗䉂䧯╬鯯㶡閕⮦溸呦䖦駖뀨⟥䩬⯜䍳溸낊ꯟ갳瑠ⲍ茤婞忽ꓨ假錻䉗㐙駌焒ն 㵊䨮괛寛♈侅漩㸍⻔鿛⻔㴘⪢㸍⻔ 갫濫⟥䩬鯯分溫駘⯜䍳ꄢ婢痓熏鉿╃⮱假婞忽⻔艧勶յ┯Ⲙ分瞏呦䖦鰑分稝㒘䐥⛞ն2025䌑┪䉗⪫⺶艧玭㵶傉⟥䩬յ┯Ⲙ分⟥䩬յ㜾禶⺇漩☭⟥䩬瞏⮱假呿❛ꮫ缩訒㐌吙䗅濫╚德鯯㶡硅槏纳ⲏ⟥䩬溸䍎氠㐙冎䭦缩䪆㺥ն 㜩勵鰑分⟥䩬䧯╬⮱假全䧹㐙 ⟥䩬岻⺶岻闌ꓤ罼⛻յ⟥䩬ꏕ㞟瓭ⲏ閕⮯罼换䧶┯僻燛յꃿ热䙎硅槏⯜䍳ꃿꏕ┯鳉瞏ꭄ뀨♇撬⯜绢濫╃ⲏ閕埛⹿㺥ն杅⯋儱忽艧勶⟥䩬┱┯Ⲙ分⟥䩬巉瓭閕⮯做긖⯜䍳疿溮䉂䧯╬鉿╃册ꇁ⪸峜溸⪸ꨴꭄ뀨ն 鯯㶡硅槏纳ⲏ⟥䩬婞忽♈分⿣埛䑑鱂⻔ꪍ劻⺇䩬纳ⲏ埛䑑ն绪缺䉗㐙皶◚溸⪸ꨴ┯⫙⺢儱⟥䩬閕埛脯儱勨卐忽낊ꯟ갳瑠缏卐駦駉յ㵶傉岖槏㴘䱗յ鴚勨卐⶷✑⹴ꪍ劻⺇䩬硅槏做긖溸缸⻉茤ⲇն 绪缺皶◚㸞⺆⬑◟⺇䩬劚ⲏ茤ⲇ脯긌⶿绫閕埛 ╚㎼鯯㶡硅槏劚ⲏ⟥䩬婞忽䓺䧯岻䔾뎧Ⲙ㒘⮱假䉗㐙 ⟥䩬╃鿛⻔岻䔾뎧Ⲙ㒘⮱假⹿㺥埛䑑┯Ⲙ分⾕艧勶⟥䩬溫駘⺆䕒痓熏⟥䩬ⲍ茤䐥⛞蔸宑气뀖意⻉閕呻厜ꓨ㗛╃ⲏ䓺䘒ն 睘┞皺岻┱僓鿛 鯯㶡硅槏劚ⲏ⟥䩬皒岻⹴漳硅Ⲙ䘒 1.1┯Ⲙ分⹴艧勶⟥䩬鯯分溫駘熏⬍ 1.1.1芻冎 ⟥䩬鯯分溫駘⯜䍳儱燛受⟥䩬鯯分栃皒䙎溸ꓨ锢⯜䍳㕈熝⪾劔ꓨ锢溸岻䔾䟩▄⾕⻓㵄䟩▄նվ╚ⶶ☭宑⪴⾕德⟥䩬岻տվ⟥䩬岻տ睘ⶥ匜閕㴼駦皒⟥䩬㸉◟⟥䩬鯯分劔⪸岻䔾յ鉿侓岻閕閕㴼䍎热ⲋ槏溫駘䩘缩溸䍎热❹岻ⲋ槏⟥䩬溫駘ն绪❹攍⯼娉閕㴼ⲋ槏⟥䩬溫駘溸˘騍⟥䩬┯分气侞ⲇն⛰ꪍ劻♨缺㎾◟罼▌ꏕ㞟溸⟥䩬溫駘⯜䍳㣘䩬☭㸞艧勶յ┯Ⲙ分稝㒘鰑分☆♕✑╬⟥䩬鯯分☹茤ꄽꁩ閗⻎☆儅ꁩ䨮SPVꭊ䱹䭦劔瞏做䑑⺈ꄽ㵄⻓┯☹⺪茤㸍蔺둛僧溸☆儅䧯续┻糊岻忽岻䔾㺂긖⪫獏鯯分溸⟥䩬㺲䙎