新京报讯 （记者吴敏）昨日，中国证监会在通气会上回应热点问题时指出，将在前两次降低交易费用的基础上进一步降低交易手续费，整体降幅将达到20%，具体方案预计在9月1日之前推出。

The Beijing news- （Reporter WuMin）yesterday，The China securities regulatory commission at the hot issues in ventilation response when said，In the first two times lower transaction cost basis to further reduce transaction fees，The overall drop to 20%，A specific plan on September 1, is expected to launch before。

　　

年内三降交易费用 Three years came a fee on the transaction

　　证监会昨日表示，将在前两次降低费用基础上，进一步降低交易手续费，整体降幅约为20%，具体的实施方案正在研究制定中，预计9月1日前推出。

Securities regulatory commission said yesterday，In the first two times to reduce cost basis，Further reduce transaction fees，The overall decline about 20%，Specific plan is studying for，On September 1 is expected to launch。

　　此前从6月1日开始，证券交易所整体降低了市场交易费用，降幅为25%；期货交易所降低了所有期货交易品种的交易手续费，降幅达30%左右。7月13日，经国家发改委和财政部批准，监管手续费收费标准降低了50%。

Previously from June 1，Stock exchange whole reduces the market transaction cost，Decreased by 25%；Futures exchange reduced all futures trading varieties of trading，Drop of 30% or so。July 13,，The national development and reform commission and the ministry of finance for approval，The supervision charges for charging standard 50% lower。

　　证监会相关负责人说，今年内先后降低交易手续费和监管费就是为了减轻投资者负担，提振投资者信心；降低费用要让投资者直接受益，让市场成本进一步下降。但从此前两次经验看，由于券商佣金已经降到较低水平，投资者多数尚未直接受益。

The relevant person in charge of securities regulatory commission said，Within this year has lower transaction charges and supervision fee is to reduce investors burden，Boost investor confidence；To reduce cost for investors to benefit directly，Let the market cost further down。But from the previous two experience to see，Because brokers commission has dropped to a low level，Investors most has not directly benefit。

　　此前6月份开始的费用调整中，涉及费用种类为交易经手费和过户费，7月份的调整则涉及交易监管费。

In June after the start of the cost of adjustment，Involve fee of transaction charges and transfer fee，In July, the adjustment of the involved trading regulation fee。

　

　惠及投资者有难度 Benefit investors have difficulty

　　中国证监会此前曾表示，近年来随着证券、期货市场的快速发展，证券、期货公司之间的竞争日趋激烈，交易佣金不断下降，使证券、期货监管费在交易成本中的占比相对增大。

The China securities regulatory commission previously said，In recent years, with securities、The rapid development of the futures market，securities、Futures company between the increasingly fierce competition，The commissions continue to drop，Make securities、Futures transaction cost in the supervision fee of relative increase than。

　　但与中国证监会直接惠及投资者、提振投资者信心的想法不同的是，目前券商的佣金水平已经处于相对低的水平。

But with the China securities regulatory commission direct benefit investors、Boost investor confidence idea is different，At present the securities commission has been at the level of relatively low level。

　　券商营业部人士指出，与2007年牛市中的0.15%甚至更高的水平不同，目前新开户的客户一般都能给到万分之八的费率，资金量大的，万分之五或者更低都有可能。此外A股投资者大多数是非现场交易，费率也成为跨区域拉客的手段之一，佣金已经到了很低的水平。

Brokers sales people point out，And 2007 of the bull market of 0.15% or more different level，The present new account customers can usually give to the eight over ten thousand rates，Financing volume big，Five over ten thousand or less is possible。In addition A shares most investors are the deal，Rates also become cross area of one of soliciting means，Commission has come to a very low level。

　　按照规则，只要券商佣金不低于监管费和经手费之和即可，但目前各地证券业协会纷纷制定佣金底线，限制券商价格战。

According to the rules，As long as brokers commission not less than regulation fees and charges can be sum，But the country at present have set the securities industry association commission the bottom line，Limit brokers price war。

　　业内人士认为在这种情况下，交易费用降低难以惠及投资者。

The personage inside course of study thinks in this case，Transaction cost reduced to benefit investors。

　　

业内点评 The comment on

　　“券商应让利于中小投资者” “Brokers should give profit to small investors”

　　新京报讯 （记者吴敏）对于证监会再次提到降低交易费用，武汉科技大学金融证券研究所所长董登新认为，这是让利于民的正面信号，但券商应该将这一让利于民的措施惠及中小投资者。

The Beijing news- （Reporter WuMin）For securities mentioned again reduce transaction costs，Wuhan university of science and technology, director of financial securities DongDengXin think，This is benefiting people positive signals，But brokers should be benefiting the people benefit small investors measures。

　　在此前降低的费用中，经手费和监管费均包含在佣金当中，交易所和中国证监会向券商收取这些费用。但前两次降低费用后，市场佣金未出现明显下降。

After the cost of the lower，Brokerage and supervision fee are included in the commission of，Exchange and the China securities regulatory commission to brokers charged those costs。But the first two times to reduce cost，Market commission does not appear to decline significantly。

　　董登新认为，券商应该将这一让利于民的措施惠及投资者。他说券商长期以来在定价上有“嫌贫爱富”的特点，给资金量大的客户和关系户较低的费率，中小散户则较高。从证监会、交易所的让利看，中小散户还是有受益的空间。

DongDengXin think，Brokers should be benefiting the people measures benefit investors。He said brokers have long in pricing“XianPinAiFu”Characteristics of，To the customer and connections a big financing volume low rates，Small and medium-sized retail is higher。From CSRC、The exchange profits to the look，Small and medium-sized retail investors still have benefited from space。

　　董登新说，让券商这样做与其市场化的定价策略是有些矛盾的，但券商应该看到目前处在熊市之中，让投资者受益有更大的益处。

DongDengXin said，Let the brokers to do so and its market pricing strategy is some contradictions，But brokers should see is in the bear market，Let investors benefit more benefits。

　　

历史回顾 History review

　　前两次下调股市表现迥异 The first two times down stock market was different

　　证监会在五一期间首次宣布降低交易费用后，在5月2日，沪指跳空高开，盘中继续走高，最终全天收涨1.76%，这一消息有力地刺激了市场上涨。

Securities regulatory commission during May Day in first announced to reduce transaction costs，On May 2,，Jump HuZhi empty high open，Pan continue to go up，Final day ended up 1.76%，The news effectively to stimulate the market rise。

　　但第二次降低交易费用，也就是本月发改委和财政部批准降低监管费之后，市场反响不好。数据显示，7月16日也就是第二次降低交易费用消息披露后的首个交易日，沪指受经济下行压力影响，大跌1.74%。

But the second to reduce transaction costs，Also this month, the national development and reform commission and the ministry of finance is reduced after approval supervision fee，Market response is bad。Data shows，July 16, is also the second reduce transaction cost news after the first trading day of the disclosure，HuZhi downward pressure by the economic impact，Plunged 1.74%。

　　不少投资者认为，此次证监会再提降低交易费用，已经很难对市场产生短期刺激了。

Many investors think，The CSRC again lift to reduce transaction costs，Has been difficult to arise to the market short-term boost。

　　海富通等基金则认为，目前不断向下修正的上市公司中期业绩是左右市场走势的关键。

Fortis haitong funds such as that is，At present continuously revised down the medium-term performance of listed companies is about the key market trends。

　　

“IPO过度融资冲动有所抑制” “IPO financing excessively impulse somewhat curbed”

　　新京报讯 （记者吴敏）中国证监会昨日在通气会上回应热点问题时说，发行体制改革措施正在逐步到位，IPO过度融资冲动有所抑制。

The Beijing news- （Reporter WuMin）The China securities regulatory commission meeting yesterday in ventilation response hot issue of parliament，Issue system reform measures is gradually put in place，IPO financing excessively impulse somewhat curbed。

　　证监会相关负责人指出，今年以来，发行体制改革不断推进，改革的措施也正在逐步到位，IPO的发行市盈率、发行价和筹资额都在降低，IPO的家数也在减少，发行人过度融资的冲动有所抑制。

The relevant person in charge of securities regulatory commission said，Since this year，Issue system reform，The measures of the reform is gradually put in place，The IPO issue p/e ratio、Raised in lower price and all，The number of IPO also decreases，The issuer financing excessively impulse somewhat curbed。

　　上述相关负责人说，改革就是要逐步增强市场的约束力，注重发挥市场的作用。同时，更要注重市场约束与监管的有效性结合。

The above relevant officials said，Reform is to gradually enhance market binding upon both parties，Pay attention to play the role of the market。At the same time，Much more about the effectiveness of market restraint and regulatory union。

　　此前中国证监会投资者保护局也在热点问题问答中做出了类似的表述。

After the China securities regulatory commission investors protection agency in hot issue in question also made a similar statement。

　　我国今年以来新发104家、募集资金725.96亿元、同比下降58%，证监会此前曾称，去年以来，相继出现了八菱科技(002592,股吧)、朗玛信息(300288,股吧)、海达股份(300320,股吧)发行中止的案例。不少企业在发审委会议审核通过后推迟发行和上市，根据市场情况缩减发行规模，选择更好的发行时间窗口，有一些甚至撤回了申请，这说明市场约束正在对发行上市的企业数量和规模进行自主调节，这是非常积极的变化。

Our country since this year new hair 104、Raising capital of 72.596 billion yuan、58% year-on-year drop，Securities regulatory commission previously said，Since last year，Arise eight rhombohedrons technology(002592,Shares it)、Lang and information(300288,Shares it)、Haida shares(300320,Shares it)The issue to suspend the case。Many enterprises in FaShenWei meeting after approved by the delay issuance and listing，According to the market situation issue size reduction，Choose better issue time window，Some even withdraw the application，It shows that the market constraints on the issuance of the enterprise is listed number and scale for independent regulation，This is a very positive changes。

　　此外，证监会还对保监会19日推出的相关新政策做出回应。

In addition，It also introduced to circ 19, the new policy related to respond。

　　中国保监会此前颁布了《保险资金投资债券暂行办法》，下一步还将颁布保险资金配置管理办法、保险资金投资股权和不动产有关问题的通知、保险资金委托投资管理暂行办法，对保险资金的运营做出详尽的规定。

Promulgated by the China insurance regulatory commission previously《Insurance funds invest in bonds tentative measures》，The next step will also issued insurance funds configuration management measures、The insurance fund investment in real estate and equity of the relevant questions of the notice、Entrust investment of insurance funds the provisional measures，The operation of insurance funds to the detailed rules。

　　证监会昨日称，将加强与中国保监会的合作，加强与保险经营机构的沟通，强化证券经营机构为保险业和保险资金的运营服务。

CSRC said yesterday，Will strengthen the cooperation with the China insurance regulatory commission，Strengthen the communication with the insurance business organization，Strengthen securities business institutions for insurance and insurance fund operation service。

　

　上市公司实施员工持股计划将被规范 The listed company employee shareholding implementation plan will be regulated

　　新京报讯 （记者吴敏）中国证监会昨日在通气会上表示，拟在近期完成《上市公司员工持股计划暂行办法》，规范上市公司员工持股，这一文件完成后将向社会公开征求意见。

The Beijing news- （Reporter WuMin）The China securities regulatory commission yesterday in the ventilation meeting said，In the near future to finish《The listed company employee shareholding plan interim measures》，Regulate the listed company employee shareholding，The files after the completion of the will to solicit comments from the public。

　　证监会相关负责人说，按照现行的法律框架，包括高管在内的上市公司员工个人在二级市场购买本公司股票没有障碍。但是，公司员工包括高管购买股票必须避开信息敏感期，实施员工持股计划必须要严格遵守市场交易规则，同时还要全面加强内幕信息管理，从源头上防范高管人员的内幕交易行为。

The relevant person in charge of securities regulatory commission said，Under the current legal framework，The listed company executives, including employee in the secondary market buying our company stock without obstacles。but，The employee of the company include executives to buy the shares must avoid information sensitive period，Implement staff to hold a plan must strictly abide by rules of market trade，Also strengthen inside information management，Prevent executives from the source of insider trading behavior。

　　此外证监会还称，将对保险资金相关运营做出详细规定，强化证券机构为保险资金运营服务。

In addition it also says，Will of insurance funds to related operation detailed regulations，Strengthen securities institutions for insurance fund operation service。

　　基金公司将建防控内幕交易机制 Fund company will build crime prevention and control insider trading mechanism

　　新京报讯 (记者吴敏)中国证监会昨日就基金公司防控内幕交易提出规范。明确要求基金公司确立防控内幕交易机制，并将其纳入公司内控管理。

The Beijing news- (Reporter WuMin)The China securities regulatory commission yesterday fund company insider trading and proposed regulations。Specifically request fund company establish control and prevention insider trading mechanism，And will it into the internal control management。

　　证监会在这一《基金管理公司开展投资、研究活动防控内幕交易指导意见(征求意见稿)》中对基金公司内幕交易防控做出具体的要求，包括确立基金管理公司防控内幕交易机制的原则及重点，将防控内幕交易机制纳入公司内部控制；完善内幕信息的识别、报告、处理、检查、责任追究及合规审查、培训、考核等。

Securities regulatory commission in this one《The fund management companies to carry out investment、Research activities insider trading and guidance(Draft version of the)》To fund company insider trading and make specific requirement，Including establish a fund management company insider trading mechanism and the principle and key，The prevention and control of insider trading mechanism into the internal control；Perfect inside information recognition、report、processing、check、Accountability and compliance review、training、assessment。

　　在这一文件中，证监会称未按照规范实施内幕交易防控机制的，证监会将责令其整改，并暂停办理相关业务。

In this file，Securities regulatory commission says fails to standardize the implementation of insider trading prevention and control mechanism，Securities regulatory commission will instruct its adjustment，And stop with the related business。

　　证监会有关部门负责人表示，内幕交易行为是证券市场一大顽疾。基金管理公司作为资本市场的重要机构投资者，应当坚持价值投资、长期投资理念，防止内幕交易。

Securities regulatory commission in charge of relevant departments said，Insider trading behavior is often a big stock market。The fund management company as a capital market the important institutional investors，Should adhere to the value investment、Long-term investment concept，Prevent insider trading。