欧洲证券和市场管理局（Esma）周三宣布的新规定指出，将加强欧洲市场UCITS（可转让证券集体投资计划）在证券借出、回购、逆回购以及OTC交易上的管理，以进一步保护投资者利益。

The European securities and markets authority（Esma）Announced on Wednesday that the new regulation points out，Will strengthen UCITS European market（Negotiable securities collective investment plan）In securities lending、repurchase、Inverse repurchase and OTC exchange in management，To further protect investors interests。

　　UCITS全称可转让证券集体投资计划，主要是为各欧盟成员国投资可转让证券的开放式基金建立的一套监管准则。

Full name UCITS negotiable securities collective investment plan，Mainly for the eu member states negotiable securities investment of open mode fund established a set of regulatory standards。

　　在最新颁布的规则中，Esma主席强调要进一步规范UCITS在资产出借过程中对投资者进行的信息公布。其中，对当前一些资产管理公司广泛的证券出借业务，Esma也做了明确规定：“在证券出借之前，相关资产管理公司必须告知投资者相关风险，所有扣除运营成本之外的收益必须返还给投资者，在进入这样一个出借交易时，必须能够随时赎回或终止其出借行为。”

In the latest promulgated rules，Esma President stressed the need to further standardize UCITS person in assets in the process of the information released to investors。Among them，Some of the current asset management companies widely securities lending business，Esma also made specific provision：“In securities lending before，The relevant asset management companies must told investors related risks，All operation cost of income outside deduct must return to investors，In entering into this person a trade，Must be able to redeem at any time or to terminate the behavior person。”

　　出借证券业务主要是指一些资产管理公司将投资组合中持有的股票或其他资产出借给对冲基金或其他空头，并向这些机构收取费用的行为，这也是当前很多资产管理行业的普遍做法。

Lend securities business is mainly refers to some asset management company will a portfolio of stocks in or other assets lend hedge funds or other bear，And these institutions to collect fees behavior，This also is many current assets management industry common practices。

　　不过，似乎没有人清楚此类业务的费用规模有多大。“这项业务相对是一个比较封闭的领域，除非亲自去操作，否则没有人知道规模，也没有人清楚这项业务到底给投资者能带来多大的收益。”一位从事对冲基金研究的业内人士向《第一财经日报》记者坦言。

but，No one seems to know the cost of such a business scale is。“The business is relatively a relatively closed areas，Unless personally to operate，Or no one know scale，No one know what the business to investors can make much profit。”A hedge fund is engaged in research of the industry to《The first financial daily》The reporter said。

　　“而且这个出借过程是存在议价问题的，出借方和受让方一般情况下在收益比率上有一个分成，所以就更难估计到底作为出借方的资产管理公司能在这项业务上有多大收益。”上述人士表示，“而有多少收益会回到投资者这里就更难估量了。很明显，Esma最新颁布的规则将保护投资者的知情权，对于预防投资者的资金被拿来对赌有积极作用。目前证券出借业务一个很大的问题就是收益和风险不对等，一些资产管理公司为了收益盲目参与证券出借业务，从而违背其受托责任的现象比较突出。”

“And this process is bargaining problems existing person，Lenders and the assignee usually in earnings ratio have a divided into，So it's harder to estimate exactly as the asset management company to lenders in the business on how much income。”The above said person，“And how much income will return to investors here more difficult to measure。obviously，The rules issued by Esma latest will protect investors' right to know，For prevention of investors' money spread it has positive function。At present the securities lending business a big problem is the returns and risk wrong, etc，Some asset management companies in order to participate in securities lending business income blind，Thus against the entrusted with the responsibility of the phenomenon is quite outstanding。”

　　国际证券出借协会（ISLA)的首席执行官Kevin McNulty表示ISLA支持披露证券出借业务的收入和费用。不过同时他也担心，如果Esma的新规阻止资产管理公司收取相关费用，这将会导致部分资产管理公司退出证券出借业务，这部分资产管理公司可能将损失惨重。

The international association of securities lending（Isla)Chief executive Kevin McNulty said Isla support securities lending business disclosure of the revenues and expenses。But he also worry，If the new rule to prevent Esma asset management company collection charges，This will result in part of the asset management company exit securities lending business，This part of the asset management companies may be would be disastrous。

　　Esma的新规预计不会在2013年2月前实施，因为Esma已开始对回购和逆回购业务做进一步调查，这一调查预计将持续到9月25日。

The new rule is not expected to Esma in 2013 two months ago implementation，Because Esma have begun to reverse repurchase and repurchase business for further investigation，The investigation is expected to last until September 25。