CITIC Trust plans to carry out a pilot program for the registration of movable property trust assets

According to reports, China Trust Registration Co., Ltd. (referred to as “CITIC Registration”) recently issued the “Notice on the Pilot Work of Movable Property Trust Property Registration” for trust registration companies. The notice clearly states that, in order to better leverage the value of the trust system and assist in promoting the transformation and development of the trust industry, CITIC Registration, under the guidance of regulatory authorities, plans to carry out pilot work related to the registration of movable property trust assets. The notice indicates that the scope of this pilot work for movable property trust registration applies to trust businesses conducted by trust institutions using movable property (excluding special movable assets such as ships and aircraft) as trust assets. When registering movable property trust assets, trust institutions should conduct due diligence on the client, the movable property to be included in the trust, the trust purpose, and other relevant factors, and commit to the authenticity, accuracy, timeliness, and completeness of the submitted application materials and information related to the trust property registration. (Shanghai Securities News)