深圳证监局局长焦津洪前海咨询委员会委员宋敏金瑞期货总经理卢赣平中信证券(600030,股吧)执委会委员葛小波招商证券(600999,股吧)总裁兼首席执行官王岩平安证券总裁何善文翟超/制图安信证券董事长牛冠兴国信证券董事长何如证监会机构部副主任梁永生 The shenzhen securities regulatory bureau bureau telephoto tianjin hong sea before advisory committee SongMin jinrui futures general manager LuGanPing citic securities(600030,guba)2 excom members GeXiaoBo China merchants securities(600999,guba)The President and chief executive officer WangYan peace securities President HeShanWen ZhaiChao/drawing anxi securities chairman cattle crown xingguo believe securities chairman of the board for example, deputy director of the SFC institutions LiangYongSheng

　　从某种意义上说，前海就是深圳证券、期货行业，特别是财富管理行业的“蓝海”。深圳需要依靠机制、产品、服务、管理上的创新，努力打造财富管理的创新之都、开放之窗。而深圳财富管理机构和从业人员应受人之托、忠人之事，自觉地做资本市场规范发展的“正能量”。

In a sense,Former sea is shenzhen stock/Futures industry,Especially the wealth management industry"Blue ocean".Shenzhen need to rely on mechanism/products/service/Management innovation,To create the wealth management of innovation/Open the window of the.And shenzhen wealth management institutions and employees should be entrusted by the people/Loyalty of,Consciously make capital market to regulate the development"Positive energy".

　　证券时报记者 潘玉蓉

The securities times reporter PanYuRong

　　前海金融开放前景考验着券商、基金、期货公司等财富管理机构的想象力。昨日，在深圳证监局主办的“前海·财富管理的新机遇”研讨会上，来自金融机构的代表纷纷就前海建设财富管理中心，开展境内和境外资产管理业务、在岸和离岸的资产交易业务等建言献策。

Sea before the financial opening test a prospect brokers/fund/Futures companies, and other wealth management mechanism of imagination.yesterday,In the shenzhen securities regulatory bureau of the host"Sea before · wealth management new opportunities"conference,From financial institutions are representatives of the sea before the construction of wealth management center,Development of domestic and oversea asset management business/The and offshore assets transaction business Suggestions, etc.

　　深圳证监局局长焦津洪、《证券投资基金法》起草工作组组长朱少平、证监会基金部主任王林、机构部副主任梁永生等人参会并发表演讲，为参会的证券、基金、期货和境内外财富管理机构带来了最新的政策动态。

The shenzhen securities regulatory bureau bureau telephoto tianjin flood/[Securities investment funds]Drafting group leader ZhuShaoPing/Securities regulatory commission fund department director wang Lin/Institutions such as the deputy director of the LiangYongSheng people and speech,For the securities/fund/Futures and wealth management institutions and bring the latest policy dynamic.

　　朱少平在会上表示，前海实行的现代服务业改革，推动资本向下的外汇可兑换，对于中国的改革是一个巨大的推动。在提到《基金法》修改过程中25家协会联名上书全国人大，反对将私募纳入基金法这一事件时，他表示有关机构和个人对《基金法》的修改提出意见，对于完善法律具有重要的意义。他强调，《基金法》的修改不会改变目前的体制，各方对一些意见反映强烈，主要是因为对部分条文的理解与法律的原意有偏差。

ZhuShaoPing said at the meeting,The sea before the reform of modern service industry,Promote capital down foreign exchange convertible,For China's reform is a huge boost.When it comes to[funds]The revision process 25 home association joint wrote to the National People's Congress,Against private into the fund this event,He said to relevant organizations and individuals[funds]Revision opinions,To perfect the law has an important significance.He stressed that,[funds]Changes will not change the present system,The some opinions reflect strong,Mainly because of some items to the understanding of the law and the original intention have deviation.

　　证监会基金部主任王林表示，目前正推动《证券投资基金法》修改完善，《证券投资基金运作管理办法》及配套规则已经公开征求意见，不久即将发布。今年将进一步推动特定客户资产管理业务，并积极调研期货公司销售基金事宜。

Securities regulatory commission fund department director wang Lin said,At present are pushing the[Securities investment funds]Modification and improvement,[Measures for the administration of securities investment fund operation]And matching rules has been open for advice,Soon to be released.This year will further promote specific customer asset management business,And actively research futures company sales fund matters.

　　证监会机构部副主任梁永生介绍，证监会正在积极推动《证券公司客户资产管理业务试行办法》及配套细则的修订，并有望在“十一”前后出台。中证协副会长葛伟平对证券公司参与区域性股权交易市场政策进行了详细解读，表示中证协将根据相关指导意见和自律规则，为证券公司提供服务和支持区域性市场发展。

Securities regulatory commission, deputy director of the agency LiangYongSheng is introduced,Securities regulatory commission is actively promoting[Customer asset management business of securities companies for trial implementation measures]And matching rules revision,And is expected to"eleven"Issued before and after.Enhanced association, vice chairman of the securities company GeWeiPing participate in regional equity market policy carried on the detailed interpretation,Said of the background will be in accordance with the relevant guidance and self-discipline rules,For securities companies to provide services and support regional market development.

　　香港大学教授、前海咨询委员会委员宋敏表示，根据波士顿资讯集团2012年发布的报告，中国内地资产过百万美元的高净值人群达到143万，全球排名第三。2011年，中国香港与新加坡离岸私人财富合计达到1万亿美元。面对如此巨大的市场空间，在前海建设离岸财富管理中心前景广阔。

Hong Kong university professor/Sea before advisory committee SongMin said,According to the Boston information group 2012 with the release of the report,Mainland China assets over millions of dollars in high net worth up to 1.43 million people,Ranking third in the.In 2011,,Hong Kong, China and Singapore offshore private wealth amounted to $1 trillion.In the face of such a huge market space,Before the construction of offshore sea wealth management center broad prospects.

　　前海是我国金融业对外开放的窗口，金融机构可在前海有哪些作为？对此，深圳证监局局长焦津洪表示，从某种意义上说，前海就是深圳证券、期货行业，特别是财富管理行业的“蓝海”。他说，深圳要依靠机制、产品、服务、管理上的创新，努力打造财富管理的创新之都、开放之窗。深圳财富管理机构和从业人员应受人之托、忠人之事，自觉地做资本市场规范发展的“正能量”。

Sea before China's financial industry is open window,Financial institutions in the sea before what as?this,The shenzhen securities regulatory bureau bureau telephoto tianjin hong said,In a sense,Former sea is shenzhen stock/Futures industry,Especially the wealth management industry"Blue ocean".He said,Shenzhen depends on mechanism/products/service/Management innovation,To create the wealth management of innovation/Open the window of the.Shenzhen wealth management institutions and employees should be entrusted by the people/Loyalty of,Consciously make capital market to regulate the development"Positive energy".

　　对于在前海建设财富管理中心，深圳市金融办主任肖亚非建议，深圳要实行错位发展，应携手香港共同构建跨境财富管理中心，尤其是要突出离岸的资产管理。未来，如何打通境内和境外的资产管理，在岸和离岸的资产交易，将是建设前海财富管理中心的最大看点。

In the sea before construction wealth management center,Shenzhen financial services office director XiaoYaFei Suggestions,Shenzhen should execute dislocation development,Should hand in hand to Hong Kong to establish cross-border wealth management center,Especially to highlight the off-shore asset management.The future,How to get through domestic and overseas assets management,The and offshore assets transaction,Will be before the construction of the largest sea wealth management center aspect.

　　参会人士表示，深港两地的资产管理和资金融通，在未阳光化之前，一直通过各种方式绕道进行。据有关机构统计，目前中国内地1/3富裕人士的资产在境外。未来如果政策允许，财富管理中心可以帮助内地富裕人士实现资产的全球化配置，同时将海外市场上财富的托管、清算、交易吸引到内地。

Participants say,Deep port between the asset management and financing,Before the sun before change,Have been through various ways to bypass.According to the statistics institutions,At present the Chinese mainland 1/3 rich people in overseas assets.The future if policy allows,Wealth management center can help the mainland rich people realize the globalization of asset allocation,At the same time will overseas market wealth custody/liquidation/Trading attracted to the mainland.

　　研讨会上，来自证券公司、基金公司的代表还表示，希望前海能鼓励创新尝试，在风险控制的前提下允许失误；简化行政审批手续，以开放的心态吸引各类机构入驻；建立资本市场各行业间的沟通协调机制等。

conference,From the securities company/Fund company representative said,Hope to sea before can encourage innovation try,In the premise of risk control allows mistakes;Simplifying the administrative examination and approval procedures,With an open mind to attract all kinds of institutions established;A capital market between industries of communication and coordination mechanism.

　　新修订资管业务管理办法

The new revised endowment pipe business management measures

　　国庆前后出台

Before and after National Day on

　　应差异化监管

Should be differentiated regulation

　　前海券商财富管理子公司

Sea before brokers wealth management subsidiary

　　证监会机构部副主任梁永生：

Securities regulatory commission, deputy director of the agency LiangYongSheng:

　　新修订资管业务管理办法

The new revised endowment pipe business management measures

　　国庆前后出台

Before and after National Day on

　　昨日，在深圳举行的“前海·财富管理的新机遇”研讨会上，中国证监会机构部副主任梁永生透露，该部门正在积极推动《证券公司客户资产管理业务试行办法》及配套细则的修订工作，目前正在根据反馈意见进一步修改完善，争取在国庆节前后出台。

yesterday,Held in shenzhen"Sea before · wealth management new opportunities"conference,The China securities regulatory commission, deputy director of the agency LiangYongSheng revealed,The departments are actively promote[Customer asset management business of securities companies for trial implementation measures]And supporting the amendment of the rules,At present are according to the feedback opinion further modification and improvement,For the National Day on before and after.

　　《试行办法》及配套细则的修订征求意见稿已于今年8月23日发布，目前反馈意见期已结束。梁永生透露，修订后的资管办法的监管内容主要侧重两方面放松管制和加强监管。放松管制，主要体现在六个方面：一是取消集合计划事前审批改为事后备案管理；二是适度扩大资产管理的投资范围和资产运用方式，根据客户的认知能力、投资偏好及风险承受能力，对大集合、小集合和定向资产管理区别对待；三是部分取消投资比例限制；四是允许对集合计划份额根据风险收益特征进行分级；五是允许券商自有资金在集合计划募集期间参与集合计划，提高券商自有资金持有集合计划的比重；六是研究企业资产证券化业务试点转为产业监管，为更好服务实体经济。

[Trial implementation measures]And related rules of the revised draft already in August 23 release,Current feedback period is over.LiangYongSheng revealed,The revised endowment tube way supervision content focus mainly on two aspects deregulation and strengthen supervision.deregulation,Mainly embodied in six aspects:One is to cancel the pool plan prior approval to record management afterwards;The second is enlarging the scope of investment, asset management and asset operational mode,According to the customer's cognitive ability/Investment preferences and risk to bear ability,A collection of/Small set and directional asset management make a difference between;Part three is cancelled investment proportion limit;Four is to allow pool plan share according to risk yield were classified;Five is to allow brokers equity fund in the pool plan to raise involved in pool plan,Improve the securities trader self-capital is holding the proportion of pool plan;Six is the study of business enterprise asset securitization pilot to industry supervision,For better service entity economy.

　　在强化监管方面，梁永生介绍，主要是确保业务规范、风险可控，主要体现在四个方面：一是集合计划取消审批后，机构部、证监局、证券交易所、证券业协会等相关单位加强监管合作，明确职责分工，明确监管标准和程序，加强事中监管和事后问责，实施动态监控，不留监管空白，有效防范控制风险，确保资产管理业务规范发展；二是加强对集合计划适当销售的监管，要求证券公司从事资产管理业务应当充分了解客户，对客户进行分类，争取风险匹配的原则，向客户推荐适当的产品或服务，禁止误导客户；三是充实公平交易，要求证券公司建立公平交易制度及日常交易监管制度，公平对待所管理的不同资产，严禁利用所管理的客户资产违法进行利益输送；四是提高资产管理业务透明度，方便社会监督。

In strengthening supervision,LiangYongSheng introduced,Main business is to ensure that the standard/Risks are controllable,Mainly embodies in four aspects:One is set plans to cancel after examination and approval,Agency department/Securities regulatory bureau/Stock exchange/The securities industry association and other related units to strengthen the regulatory cooperation,Clear division of responsibilities,Clear regulatory standards and procedures,Strengthening supervision and matter later accountability,Implementation of dynamic monitoring,Without supervision blank,Effectively guard against the risk control,Ensure that the asset management business standard development;The second is to strengthen the supervision of the sales plan set properly,For securities company is engaged in the asset management business shall fully understand customer,To the customer classification,The principle of matching for risk,Recommending appropriate product or service,Not misleading customers;The third is full fair trade,For securities companies to establish a fair trading system and daily trading supervision system,Do justice to the management of the different assets,It is strictly prohibited to use the management of customer asset illegal interests by delivery;Four is to improve the transparency of the asset management business,Convenient social supervision.

　　梁永生还表示，证券公司资产管理发展需遵守“三个必须”，必须将保护投资者合法权益作为首要任务，必须将积极创新作为核心动力，必须将合法合规作为发展底线。截至2012年8月底，共有70家证券公司管理受托资金6591亿元，其中，集合业务1643亿元、定向业务4929亿元、专项业务19亿元。

LiangYongSheng also said,A securities company shall abide by asset management development"Three must",Must will protect the legitimate rights and interests of investors as a primary task,Must will actively innovation as the core power,Must be legal compliance as a development of the bottom line.By the end of 2012 the end of August,A total of 70 securities company management the capital of 659.1 billion yuan,the,Set business is 164.3 billion yuan/Directional business is 492.9 billion yuan/Special business is 1.9 billion yuan.

　　国信证券董事长何如：

Securities held what the chairman of the board:

　

　应差异化监管 Should be differentiated regulation

　　前海券商财富管理子公司 Sea before brokers wealth management subsidiary

　　在研讨会上，国信证券董事长何如表示，券商应充分利用前海先行先试政策，加快创新。他建议，对前海的券商财富管理子公司应采用不同于国内其他金融机构的监管方式。

In the conference,Securities held the chairman of the board for example said,Brokers should make full use of sea before first foretaste policy,Speed up innovation.He suggested that,To sea before the securities trader wealth management subsidiary company should adopt different from other domestic financial institutions the way of supervision and regulation.

　　何如表示，券商在前海的创新可以从推动证券业对外开放、人民币国际化、拓展证券公司在资本市场的中介服务地位三方面入手。在前海先行先试和证监会鼓励创新的政策环境下，证券公司目前可以开展参股股权交易所、构建券商综合服务区、参与前海要素平台建设、积极开展人民币跨境融资业务。

Said what,Brokers in the sea before innovation can promote the opening from the securities industry/RMB internationalization/A securities company expand in capital market intermediary service position three aspects.In the sea before first foretaste and CSRC encourage innovation policy environment,A securities company at present can carry on the equity equity exchange/Constructing brokers comprehensive service/Participate in sea before elements platform construction/Actively carry out cross-border RMB financing business.

　　何如表示，应借鉴先进市场经验来建设前海财富管理中心。对此，他提出了四点具体建议：一是完善与财富管理配套的公共设施，研究设立专门的财富管理事业协调规划机构，推进财富管理中心的建设步伐；二是对设立在前海的证券公司财富管理子公司提供低租金成本的办公场所，降低经营成本，以及营业税等税收优惠或抵免；三是与有关监管部门沟通，对前海的证券公司财富管理子公司采用不同于国内其他金融机构的监管方式，提升前海财富管理对境内外投资者与投资机构的适应力和集聚力；四是在财富管理领域的法规制度方面进行积极探索，在客户信息保护、创新产品审批等方面，借鉴学习世界上主要财富管理中心的法规制度。

Said what,We should use for reference the advanced experience of the construction market to sea before wealth management center.this,He put forward concrete Suggestions at four o 'clock:One is the perfection and wealth management form a complete set of the public facilities,A special study of the wealth management business coordinated planning agencies,Propulsion wealth management center construction pace;The second is to set up in the sea before securities company wealth management subsidiaries provide low rental cost of office,Reducing management cost,Business tax to wait and preferential tax or credit;The third is relevant regulatory authorities and communication,To sea before securities company wealth management subsidiary using different in other domestic financial institutions the way of supervision and regulation,Before ascension sea wealth management at home and abroad to investors and investment institutions flexibility and cohesion;The fourth is in wealth management areas of laws and regulations on active exploration,In the customer information protection/Innovative products for examination and approval, etc,Reference to study the main wealth management center of laws and regulations.

　　平安证券总裁何善文：

Peace HeShanWen securities President:

　

　前海金融业 Sea before the financial industry

　　可大胆探索五大领域 But the bold exploration five areas

　　在研讨会上，平安证券总裁何善文建议，前海应在人民币国际化、券商网点轻型化、证券发行承销、资产管理和投资交易创新等方面进行大胆探索，积极先行先试。

In the conference,Peace securities President HeShanWen Suggestions,Former sea should be in RMB internationalization/Brokers light-duty outlets/Underwriting of securities issuance/Asset management and investment trading innovation and so on the bold exploration,Positive first try first.

　　在深港互动方面，何善文建议，在现有的“点心债”基础上，加快推动跨境人民币债务融资和资产管理业务，为两地企业和投资者拓宽人民币投融资渠道，以让内地投资者通过前海进行更广泛的海外证券投资。

In deep port interactive aspects,HeShanWen Suggestions,In the existing"Snacks debt"basis,To speed up the promote cross-border RMB debt financing and asset management business,For both enterprises and investors to broaden the financing channels RMB,To let the mainland investors through the sea before for a wider range of overseas securities investment.

　　何善文建议，应加快在前海推动券商网点轻型化试点，容许券商代销多品种金融产品，推动营业部财富业务转型；应允许券商为更广泛的融资主体发行与承销包括短融中票等的各类证券，扩大新三板与私募债试点范围，推动银行征信系统对券商开放；应考虑容许券商通过“买渔”方式引进外部投资能力，扩大业务范围至非资本市场投资和融资融券业务等。

HeShanWen Suggestions,We should accelerate the sea before promoting dealer network light-duty pilot,Allow brokers sell many kinds of financial products,To promote the sales wealth business transformation;Brokers should be allowed for more extensive financing subject issue and underwriting including short melt in the ticket of all kinds of securities,Expanding new SanBan and SiMuZhai pilot range,Promote bank reference system of securities dealers open;Should consider allow brokers through"Buy fishing"Ways of introducing external investment ability,Expand the scope of business to the capital market investment and financing securities loan business, etc.

　　最后，何善文建议，前海在投资交易创新方面先行先试。具体措施上，首先可以支持创新，优化各种金融资产的估值方式扣减资本比，减免税费，给予券商较宽松的创新环境；其次提高券商资金使用效率和收益，增强获取资金的能力；第三，进一步放宽券商获取券的来源，放宽券源获取渠道、拓宽投资交易标的，逐步放开金融衍生品业务；第四，丰富交易方式，丰富做空和对冲机制，允许券商在一定的市场和产品上进行做市；第五，推动场外股权转让市场的建设。

finally,HeShanWen Suggestions,Sea before investment trading innovation in first try first.Specific measures,First of all to support innovation,Optimizing financial assets valuation mode deduction capital ratio,Reducing taxation,Give brokers a loose innovation environment;Secondly improve efficiency and benefits of securities dealers' funds,Enhance the ability to access to funds;The third,We will further relax controls over brokers for the source of the coupons,Relax voucher source access/Broaden the investment trading mark,Gradually let go of financial derivatives business;The fourth,Rich way to trade,Rich do empty and hedge mechanism,Allow brokers in certain market and product on the market;The fifth,To promote the construction of the otc stock transfer market.

　　安信证券董事长牛冠兴：

Chairman of the board of directors NiuGuanXing anxi securities:

　

　券商应发挥场外市场 Brokers should play otc market

　　建设主导作用 Construction leading role

　　在研讨会上，安信证券董事长牛冠兴表示，在场外市场建设中，券商应发挥专业化主导作用。

In the conference,Anxi securities chairman NiuGuanXing said,In the otc market construction,Professional brokers should play a leading role.

　　牛冠兴表示，我国在建设场外市场时，应增强券商参与度，进一步发挥券商专业化主导作用。具体而言，可以发挥券商资源和投行专业优势，挖掘和培育上市资源；可以发挥券商的产品开发和做市功能，增强市场流动性和产品多元化；可以发挥券商的网点作用，实现交易中心与券商柜台交易系统的互联互通，提升市场效率、降低交易成本；可以发挥券商在场内市场与场外市场的纽带作用，满足企业不同发展阶段对资本市场的选择。

NiuGuanXing said,The construction of our country in the otc market,Should enhance brokers participation,Further play brokers professional leading role.In particular,Can play brokers resources and investment Banks professional advantage,Mining and cultivate the public resources;Can play brokers product development and city function,To increase market liquidity and product diversification;Can play dealer network effect,Realize trading center and brokers counter trading system of interconnection and interflow,Improve market efficiency/To reduce transaction costs;Can play brokers in the floor market and the otc market of the bond effect,Meet the enterprise in different stages of development of the capital market to choose.

　　牛冠兴建议，应根据场外市场的发展规律和需求进行适当调整。在前海股权交易中心，依据深圳前海先行先试的特殊政策，在交易方式、产品开发、挂牌范围、转板制度、多级托管制度上进行创新试点，满足场外市场发展的需要；尽快研究和出台与场外市场发展相配套的法规和制度；提供宽松的市场环境，加强监管者、市场交易中心及参与各方政策传导、信息互动，引进和借鉴成熟市场的成功经验。

NiuGuanXing Suggestions,Should be based on the development of otc market rules and adjust demand.In the former sea equity trading center,According to the shenzhen sea before first try to advance the special policy,In the way to trade/Product development/Listed range/Rotating plate system/Multistage trusteeship on innovation pilot,To meet the needs of the development of otc market;Research and come as soon as possible and otc market development of supporting the regulations and system;Provide comfortable market environment,Strengthen the regulators/Market trading center and participants policy transmission/Information interaction,Introduction and using for reference the successful experience of mature markets.

　　招商证券总裁兼CEO王岩：

China merchants securities President and CEO WangYan:

　　可在前海建立 But in the first set up the sea

　　跨行业金融监管机构 Cross-industry financial regulators

　　在研讨会上，招商证券总裁兼首席执行官（CEO）王岩提出，前海财富管理中心的服务对象范围应逐步扩大；建立一个跨监管部门的综合性监管机构对于前海的金融发展可能更为适宜。

In the conference,China merchants securities President concurrently chief executive officer(CEO)WangYan put forward,Sea before the center of the wealth management service object scope should be expanded gradually;Establish a regulatory departments across a comprehensive regulatory agencies to sea before financial development may be more appropriate.

　　王岩表示，在前海财富管理中心的初创及发展阶段，应明确以国内高净值客户为核心服务对象。将来成熟后可考虑扩大到与中国有关的高净值客户乃至更大范围内的高净值客户。

WangYan said,In the former sea wealth management center of the start-up and development stage,Should be clear to the domestic high net worth customer as the core service object.The future after mature consideration expanded to about China high net worth customer and even greater range of high net worth customer.

　　王岩说，前海财富管理中心在创立和发展初期，应广开门户，遍引凤凰；政府或前海管理中心少做干预，多提供公共服务，让市场竞争机制充分发挥作用，优胜劣汰，以筛选出真正合格的前海财富中心建设者。同时建立一个跨监管部门的综合性监管机构对于前海的金融发展可能更为适宜。

WangYan said,Sea before wealth management center in the establishment and the development initial period,Should increase portal,Times lead the order of the phoenix;The government or sea before management center less intervention,Many provide public service,Let the market competition mechanism to play its full role,Superior bad discard,To screen out really qualified sea before wealth center builders.At the same time establish a span regulatory comprehensive regulators to sea before financial development may be more appropriate.

　　王岩建议，前海财富管理中心可实现资源共享，加强与泛珠三角的金融合作；建立国际化平台，强化深港金融合作；丰富金融产品线，新增和发展金融市场；形成总部信息优势，提升和吸引金融主体，发展总部经济；加大财政政策支持，推进金融企业营业税制改革、有效控制商务运营成本上升；吸引和汇聚海内外优秀金融人才以及为金融做配套服务的各类人才，如律师、会计师等。

WangYan Suggestions,Sea before wealth management center can realize resources sharing,Strengthen and the pan-pearl river delta financial cooperation;Build an international platform,Strengthen the deep port financial cooperation;Rich financial product line,New and developing the financial market;Formation headquarters information advantage,Ascension and attract financial subject,Developing headquarters economy;Increasing financial policy support,To promote financial enterprise business tax reform/Effective control of the business operating costs rise;To attract and converge at home and abroad excellent financial talent and supporting services for financial do all kinds of talents,As a lawyer/Accountant, etc.

　　中信证券执委会委员葛小波：

Citic securities GeXiaoBo 2 excom members:

　　

将前海打造成 Will create a sea before

　　一体化金融基础设施基地 Integrated financial infrastructure base

　　在研讨会上，中信证券执委会委员葛小波表示，可以从跨境和离岸人民币业务、大宗经纪业务和场外金融衍生品协议交易角度，将前海打造成一体化金融基础设施基地。

In the conference,Citic securities commission members GeXiaoBo said,From the cross-border and offshore RMB business/Prime brokerage business and otc derivatives trading agreement Angle,Will create a sea before integrated financial infrastructure base.

　　葛小波建议，国际化的业务需要国际化的市场参与者以及国际化的市场规则。在前海针对跨境和离岸人民币产品创新制定专门政策，还原券商从人民币产品设计、登记结算、间接托管到销售交易等系列功能，留足其对离岸和跨境人民币业务的创新空间。

GeXiaoBo Suggestions,International business needs international market participants and the international market rules.In the former sea for cross-border and offshore RMB product innovation set up special policy,Reducing brokers from RMB product design/Registration and settlement/Indirect managed to sales transaction, etc. Series of function,LiuZu on the offshore and cross-border RMB business innovation space.

　　葛小波建议，对包括股权投资基金和证券投资基金在内的整个私募投资基金给予工商注册流程和税收优惠方面的政策支持。有关部门可以针对私募基金运作的特点，在工商注册、变更、税务登记、注销等方面出台简单便捷的管理办法，以保证私募基金的顺畅运行与运作效率。税收优惠方面，建议对前海注册的私募投资基金及私募基金管理机构的营业税、投资者个人所得税、企业所得税等给予最大的税收优惠政策，以更好促进该类机构的落地与发展。

GeXiaoBo Suggestions,Including the equity investment funds and securities investment funds, private equity investment funds to give the registration process and preferential tax policy support.The relevant departments can according to the characteristics of the private equity fund operation,In the registration/change/Tax registration/Cancel such out simple convenient management measures,To ensure that the private equity fund smooth operation and operational efficiency.Preferential tax aspects,Suggest to sea before registered private equity investment funds and private equity fund management organ of the business tax/Investors individual income tax/Enterprise income tax and so on gives the biggest tax preferential policies,To better promote this kind of mechanism of be born and development.

　　对比国内外相关业务，葛小波最后建议，前海或可考虑赋予券商开展跨境衍生品业务的资质，并利用券商登记结算平台的建设契机，发展跨境衍生品双边结算。

Contrast related business at home and abroad,GeXiaoBo finally Suggestions,Sea before or can consider to give brokers in cross-border derivatives business qualification,And use the securities registration and settlement platform construction opportunity,The development of cross-border derivatives bilateral settlement.

　　金瑞期货总经理卢赣平：

The general manager LuGanPing jinrui futures:

　　探索在港发行 Explore the issue in Hong Kong

　　人民币计价期货理财产品 RMB financial products futures

　　在研讨会上，期货业代表、金瑞期货总经理卢赣平表示，未来香港将打造人民币离岸中心，这为财富管理带来了巨大的想象空间。

In the conference,Futures representative/Jinrui futures LuGanPing general manager said,The future of Hong Kong will build an offshore RMB centre,The wealth management brought huge imaginary space.

　　卢赣平说，就具体期货业务合作看，可以从两个方面先行展开：一是随着人民币国际化的推进，港商所、LME（伦敦金属交易所）和CME（芝加哥商业交易所）等国际交易所已计划推出以人民币计价期货合约，国内期货公司可以探索在香港试点发行人民币计价的期货理财产品。在条件成熟后，期货公司可以利用在香港积累的经验，探索在其他境外市场发行人民币计价的理财产品，以吸引境内外投资者参与期货财富管理，大大拓展期货公司理财产品的市场空间。

LuGanPing said,Specific futures business cooperation to see,From the two aspects of the first expansion:One is along with the advancement of RMB internationalization,By hong/LME(London metal exchange)CME and(The Chicago mercantile exchange)And other international exchange has plans to launch RMB futures contract,Domestic futures companies in Hong Kong can explore pilot issue RMB financial products futures.In the conditions after maturity,Futures companies in Hong Kong can use the accumulation of experience,Exploration in other overseas market issue RMB financial products,To attract investors to participate in futures and wealth management,Greatly expand the futures company financial product market space.

　　香港交易所在不久前收购LME，这也为两地期货财富管理合作带来重要机遇。深圳期货公司可借深港合作的有利形势，加强同港交所和LME的联系，通过有效利用境内和LME市场的投资机会，开发相关产品。同时，积极争取LME的会员资格，致力于为国内投资者提供安全、高效的通道服务，帮助国内企业实施好套保操作，促进财富的保值和增值。

Hong Kong stock exchange in not long ago LME acquisition,This also for both futures wealth management cooperation bring important opportunities.Shenzhen futures companies can borrow deep port cooperation favourable conditions,Strengthen with Hong Kong exchange and LME contact,Through the effective utilization of domestic and LME market investment opportunities,Development related products.At the same time,Actively strive for LME membership,For domestic investors to provide security/Efficient channel service,Help domestic enterprises implement good hedge operation,Promote wealth is to maintain and increase its value.

　　在国务院批复的前海22条支持政策中，要求前海探索推动新型要素交易平台建设。卢赣平建言，可在深圳探索成立现货指数期货交易所，建立远期交易平台，扩大期货服务实体经济的范围。

In the state council ratified former sea 22 support policy,Before exploring for the sea to promote new elements trading platform construction.LuGanPing",Can be in shenzhen was established to explore stock index futures exchange,Establish forward transaction platform,To expand the scope of the futures service entity economy.

　　前海咨询委员会委员宋敏:

Sea before advisory committee SongMin:

　

　“一行三会”应向 "A line of three will"Should be to

　　前海下放部分监管权 Sea before down part of the right of supervision

　　在研讨会上，香港大学教授、前海咨询委员会委员宋敏建议，由于前海要打造离岸财富管理中心，“一行三会”需要将监管前移到前海，适当下放一定的监管权。

In the conference,Hong Kong university professor/Sea before advisory committee SongMin Suggestions,Because the sea to create offshore wealth management center,"A line of three will"Need to will supervision reach to sea before,Appropriate delegate certain supervision right.

　　宋敏认为，欧洲、美国、日本的海外财富需要进入中国重新配置，这些资金必将以中国香港作为第一站，然后再进入中国内地市场。这给前海提供了一个非常重要的机会，即在中国内地资本项目和人民币尚未完全开放的阶段，帮助香港进行全球财富的配置，作为海外财富进入内地的桥梁。他还建议，可让前海作为港澳居民投资A股的窗口。

SongMin think,The European/The United States/Japan's overseas wealth need to enter the Chinese reconfiguration,These funds in Hong Kong, China will be as the first station,Then get access to the mainland market.This to sea before provides a very important opportunity,Namely in mainland China capital projects and the RMB has not fully open stage,Help Hong Kong fortune global configuration,As a overseas wealth into the mainland's bridge.He also suggested that,Can let the sea before as Hong Kong and Macao residents invest A window.

　　独立立法权是前海特有的优势之一，宋敏认为，如何通过这一优势建立符合投资者保护的金融法，如保密制度、产权保护、投资者保护等，也是前海应该思考的内容。对于跨境资产管理和资金流动，如人民币跨境贷款、跨境股权流动，可在总量限制原则下逐步放开。(桂衍民 潘玉蓉)

Legislative independence is a former sea characteristic of one of the advantages,SongMin think,How to use this advantage establishment conforms to investor protection of finance law,Such as confidentiality system/Property protection/Investor protection, etc,And former sea should be thinking content.For cross-border asset management and capital flow,Such as RMB cross-border loans/Cross-border equity flow,Can be in total amount under restrictions gradually let go.(GuiYanMin PanYuRong)