财事点评

Money matter comment on

　　夏欣

XiaXin

　　银监会规范银行票据业务 The CBRC standard bank paper business

　　银监会近日下发了《关于加强银行承兑汇票业务监管的通知》，要求银行业金融机构要加强银行承兑汇票业务统一授信管理。要科学核定客户票据业务授信规模，防止签发超过企业授信限额的票据，防范各种“倒票”违规行为。此外，票据“空转”、挪用保证金等，也将成为打击的重点。

The CBRC recently issued[On strengthening the bank acceptance operation supervision notice],Require the banking institutions to strengthen bank acceptance business unified credit management.Will science and customer bill business credit scale,Prevent issued more than enterprise credit limit of the bill,Guard against all kinds of"Speculative reselling of tickets"violations.In addition,bill"idle"/Divert margin, etc,Will also become the focus of the blow.

　　点评：在银根收紧的背景下，近年来“倒票”现象却愈加突出。如以不同渠道买卖承兑汇票并通过转出、贴现等方式牟取利差的非法地下承兑汇票交易市场层出不穷。据统计，全国涉及非法经营银行承兑汇票的数额可达上千亿元。

Comment on:Under the background of the monetary policy tightening,In recent years"Speculative reselling of tickets"Phenomenon is more prominent.Such as in different channel business acceptance and through the roll out/Discount means such as seek spread illegal underground acceptance market emerge in endlessly.According to the statistics,The national involved in illegal business bank acceptance draft amount to billions of yuan.

　　银监会此举除了旨在完善银行业考核方式，降低票据业务余额等规模指标考核权重，提高票据业务合规性、操作风险防控等指标权重之外，更重要的是要求银行加强员工管理，查疏堵漏，严禁员工参与各种票据中介和资金掮客活动。

The CBRC except aims to improve banking assessment method,Reduce the bill business such as balance scale weight index evaluation,Improve the bill business compliance/Operational risk prevention and control and outside index weight,More important is to require Banks to strengthen staff management,Check ShuDu leakage,It is strictly prohibited to employees to participate in all kinds of bill intermediary and money broker activities.

　　QFII征税问题或被解决 QFII taxation problems or be solved

　　近日，中国证监会人士在纽约出席一场面向美国投资机构的路演时谈及“QFII投资A股收益的征税问题”，称证监会已经和税务部门将要取得共识，或将推出针对QFII的税收政策。其基本内容是，对QFII境内投资每年度盈亏相抵后已经实现的收益，将可能征收10%的所得税，但上述人士并未透露明确的时间表。

recently,The China securities regulatory commission people in New York for an American investment institutions for the road shows when talked about"QFII investment a-share income taxation",Says the CSRC has and tax departments will be agreed,Or will launch for QFII tax policy.Its basic content is,QFII to domestic investment profit and loss balance has been achieved after the annual income,May impose 10% of income tax,But these people did not give specific timetable.

　　点评：QFII征税问题一直是QFII众多投资机构在呼吁解决的焦点问题。而证监会此举也是为了在A股低迷之下，进一步促进更多的海外资金投资A股市场。今年以来，证监会在引资方面不遗余力，除了加快QFII审批之外，更推出RQFII制度，以吸引境外资金入市。虽然“对QFII境内投资每年度盈亏相抵后已经实现的收益，可能将征收10%的所得税”的说法尚有待证实，但是，QFII税收减免应该是趋势，而且，对境外资金流入是一个大大的利好。

Comment on:QFII taxation problem has been many QFII investment institutions in called for the resolution of the focus problem.The CSRC and the move is also in order to A shares under the downturn,Further promote more overseas investment a-share market.Since this year,Securities regulatory commission has spared no effort in the capital,In addition to speed up the QFII outside for examination and approval,RQFII more out of the system,To attract foreign capital entering the market.although"QFII to domestic investment profit and loss balance has been achieved after the annual income,May impose 10% of income tax"That remains to be confirmed,but,QFII tax cuts should be a trend,and,On foreign capital inflow is a big positive.

　　公募基金获准进军PE领域 Public offering fund to the field of PE

　　证监会修订后的《基金管理公司特定客户资产管理业务试点办法》将于11月1日施行。《办法》中第九条明确指出资产管理计划资产可投资于“未通过证券交易所转让的股权、债券及其他财产权利”。同时，《办法》规定投资于未通过证券交易所转让的股权、债券及其他财产权利的特定资产管理计划称为专项资产管理计划。

Securities regulatory commission revised[A fund management company specific customer asset management business pilot measures]On November 1, enforcement.[way]Article 9 in explicitly pointed out that asset management plan assets invested in"Not through the stock exchange transfer of equity/Bonds and other property rights".At the same time,[way]Provisions on investment not through the stock exchange transfer of equity/Bonds and other property rights the specific asset management plan called special asset management plan.

　　点评：这是公募基金首次获准进入股权、债券等另类资产投资领域。这意味着公募基金投资范围将从二级市场向PE投资领域延伸，而且，公募基金也可组建相应的管理团队从事PE投资业务。不过，允许公募基金进入PE领域，打通一二级市场之间的藩篱，一直在业界有争议。因为一旦监管不力，很可能会出现关联交易、利益输送等行为。公募基金内部仍然有出现违规的可能性，这或许有待后续政策跟进规范。

Comment on:This is the public offering fund for the first time allowed into equity/Bonds alternative assets investment fields.This means that the public offering fund investment range from the secondary market to PE investment fields extension,and,Public offering fund can also form the corresponding management team engaged in PE investment business.but,Allow public offering funds into the field of PE,Get through between 12 market barriers,In the industry has always been controversial.Because once poor supervision,Very may appear connected transaction/Interest transfer, etc.Public offering fund internal still have appeared the possibility of illegal,This may need to be follow-up policy follow standard.

　　保监会新增近80项统计指标 The China insurance regulatory commission new nearly 80 statistical measures

　　保监会近期向各保险公司、各保险资产管理公司下发了《关于印发〈新增电话销售等统计指标〉的通知》，新的统计制度将从明年1月起实施，保险公司在明年2月份上报1月份的业务情况时，需按照新的统计指标向保监会上报。

The China insurance regulatory commission recently to the insurance company/The insurance assets management company issued[About print and distribute < new telephone sales and other statistical index > notice],The new statistical system from January next year will be implementation,The insurance company in February in January next year to business situations,According to the new statistical index should be reported to the circ.

　　点评：据悉，保监会此次新增统计指标近80项，其中，在责任险方面，增加指标最多，增设了包括校方责任险在内的等36个统计指标；在人身保险公司非保险合同交费、退保统计指标方面，增加了投连险独立账户本年新增交费等16个指标。保监会增加如此之多的统计指标，主要是为适应业务发展和满足监管需求,一方面可全面掌握保险合同的业务情况，另一方面，是进一步适应保险中介监管工作需要，掌握财险公司手续费及佣金情况。

Comment on:It is reported,The China insurance regulatory commission the new statistical index nearly 80 items,the,In the liability insurance in,Increase index the most,Added including the school liability insurance, such as 36 statistical index;In person insurance company not pay insurance contract/Surrender statistical indicators,Increase the cast even risk independent account the new fee etc 16 index.The China insurance regulatory commission increase so many statistical index,Mainly is to adapt to the business development and satisfy the regulatory requirements,On the one hand can be a comprehensive grasp of insurance contract business situation,On the other hand,Is further adapt to the insurance intermediary supervision work need,Master general insurance company charges and commission situation.