Regulations Governing the Management of Collective Trust Funds Article 31

A collective trust fund shall have independent accounting, and a trust enterprise shall not commingle it in use with its own assets or with other trust assets.Account books relating to a collective trust fund shall be prepared in compliance with applicable laws and regulations and self-regulatory rules, and the books shall be preserved in a manner and for a period in accordance with the Business Accounting Act and applicable regulations.A trust enterprise shall compile the following statements regarding the utilization and management of a collective trust fund:1. Balance sheet;2. Income and expenditure statement;3. Statement of distributions of proceeds;4. Statement of changes in capital account; and5. Asset inventory.By the 10th day of each month, a trust enterprise shall prepare the statements specified in the preceding paragraph for the preceding month, and file them with the Trust Association for the Trust Association to compile and produce statistical data.Within 2 months after the end of the fiscal half-year, and again within 4 months after the end of the fiscal year, a trust enterprise shall file a collective trust fund business report, the statements specified in paragraph 3 hereof, and a final accounts report for the preceding fiscal year audited and certified by a certified public accountant, with the competent authority for recordation and send them to the beneficiaries, and publish its balance sheet in a manner prescribed in Article 39 of the Act.The business report, statements, and final accounts report referred to in the preceding paragraph shall be submitted to and acknowledged by the trust supervisors before being submitted to the competent authority for recordation.