“你中有我，我中有你”的混业经营格局，让金融业在“分久必合”过渡期中的矛盾不断凸显，一些监管部门以往发布的法律法规已经显得不合时宜。

"pretences-or,I have you"The mixed management pattern,Let the financial sector in"FenJiuBiGe"Contradictions in the transition period continuously emerging,Some regulators previously published laws and regulations have seem anachronistic.

　　根据证监会近期颁布的《资产管理机构开展公募证券投资基金管理业务暂行规定》，将于今年6月1日起，符合规定的券商、保险、私募证券基金，甚至一些私募股权机构和创投都将获得发行公募基金的资格。

According to the securities regulatory commission recently issued[Asset management institutions to carry out the provisional rules of public offering of securities investment fund management business],Will be in June 1,,Conform to the provisions of the securities/insurance/Private equity securities fund,Even some private-equity firms and venture capital are qualify issue of public funds.

　　随之而来引发一个问题，此前“一参一控”等监管要求，是否会阻碍有关机构取得公募发行资格。上海一家律师事务所合伙人对《第一财经日报》表示，对于一些符合条件申请公募牌照但旗下已拥有控股基金公司的金融机构来说，可能会存在“一参一控”的法律障碍。另外，对于拟上市公司的首发审核或上市公司再融资审核，也面临“同业竞争”的诟病。

Then cause a problem,after"A CanYi control"Such as regulatory requirements,Will hinder the relevant institutions qualified public offering to issue.The Shanghai law firm partners[First financial daily]said,For some eligible to apply for public offering licence but has has a holding company of fund of financial institutions,There might be"A CanYi control"The legal obstacles.In addition,For listed companies audit or refinancing of listed companies audit,Also face"competition"The criticism of.

　　“一参一控”不合时宜或将淡化 "A CanYi control"Inappropriate or will fade

　　对于基金公司的“一参一控”，主要指的是《证券投资基金管理公司管理办法》的第十一条规定，一家机构或者受同一实际控制人控制的多家机构参股基金管理公司的数量不得超过2家，其中控股基金管理公司的数量不得超过1家。

For fund companies"A CanYi control",Mainly refers to the[Measures for the administration of securities investment fund management company]Article 11 of the regulations,An institution or controlled by the same actual control various institutions to take stakes in fund management company shall not exceed the number of two,Of controlling the number of fund management companies shall not more than 1.

　　根据《第一财经日报》统计梳理，若以持股51%以上的绝对控股来计算，有16家公募基金公司的控股股东或将面临这一问题，其中包括国泰君安、海通、光大、东方等已成立资产管理子公司的券商，也涉及综合金融集团中国平安(601318,股吧)以及在金融领域涉足颇广的宝钢集团。

According to the[First financial daily]statistics,If can be calculated by holding more than 51% of the absolute holding,16 pubic offering fund company's controlling shareholder, or will be faced with the problem,Including the guotai junan securities/haitong/everbright/The east to established brokerage asset management arm, etc,China's ping an also involves the comprehensive financial group(601318,stocks)And in the financial sector of baosteel group.

　　有券商资管人士对此表示，公募基金业务和基金公司牌照不属于同一个行政许可，应该不被归于“一参一控”之列。即使属于，也与目前混业的趋势不符，应该被淡化。

Brokers information source said,Public funds and fund company licence does not belong to the same administrative licensing,Should not be rendered"A CanYi control"The column of.Even if belong to,Also with the current trend of mixed,Should be played down.

　　“金融混业是一个趋势，对于基金公司的"一参一控"是金融分业经营时期的规定，已经和现实情况不符，逐渐会被淡化。申请公募基金牌照开展业务是势在必行的，大家都会争抢这一块蛋糕。”一家上市券商分管资管业务的副总裁表示，从证监会近期猛发新规助推混业经营的形势来看，申请公募牌照应该不成问题。

"Financial mixing industry is a trend,For fund companies"A CanYi control"Is a financial separate operation period rule,And the reality,Will gradually blurred.Apply for public funds license to do business is imperative,All competing for a piece of cake."A publicly traded brokerage, said the vice President for information technology business,From the CSRC recently fierce new rules booster mixed management situation,Apply for public offering plates should not be a problem.

　　接受采访的多位券业人士也认为，无论是对于基金还是券商，“一参一控”政策是特定历史阶段的产物，属于过渡性的制度安排，在金融综合经营的大趋势下已经不适应金融集团的整合需求，应该被取消。在券商方面，银河证券“一参一控”问题被豁免特批上市，也是政策松动的一个信号。

Interviews with more than coupon industry also thinks,Whether to fund or securities,"A CanYi control"Policy is the product of specific historical stage,Belongs to the transitional system arrangement,Under the trend of financial integrated management is not to meet the needs of the integration of financial group,Should be cancelled.In the aspect of brokers,Galaxy securities"A CanYi control"Issues from the special listing,Is also easing a signal.

　　一位接近证监会的人士也表示，按照目前证监会对于机构监管的思路，“一参一控”的确是不合时宜了，进行调整是大势所趋。这一政策不利于市场化的并购，制约了行业集中度的提升和资源整合。总的看来，证监会现在在机构监管上的包容度和开放度有很大提高，也期望其他监管部门的响应。

A person close to the securities regulatory commission said,According to the current for the office of the CSRC supervision train of thought,"A CanYi control"Is inappropriate,Adjustment is the trend of The Times.This policy is not conducive to market-oriented mergers and acquisitions,Restricted the industry concentration degree of ascension and resource integration.In general,Now in the office of the CSRC regulatory tolerance and openness have greatly improved,Also expect other regulatory response.

　　同业竞争“挡路”混业经营

competition"Is in the way"Mixed management

　　另外，公募基金与其控股股东开展同类业务，还涉及到“同业竞争”的问题。根据首发管理办法等相关规定，或将影响到作为控股股东的券商上市及再融资。近日，监管层意欲放行基金公司上市，也存在着同业竞争的矛盾。

In addition,Public funds and their controlling shareholders to carry out the same kind of business,Also involves"competition"The problem of.According to the management measures and other related regulations,Or will affect the controlling shareholders of brokerage ipo or refinancing.In recent days,Regulators want to release funds listed company,There are contradictions of competition.

　　“不少基金公司的控股股东是信托公司，而基金公司目前成立子公司也主要从事的是类信托业务，存在业务相似或是重合的情况。”上述律所合伙人表示。

"A lot of fund company's controlling shareholder, is trust,And fund company is currently set up subsidiaries are mainly engaged in trust business,Existence of similar business or overlap."The above law firm partners said.

　　一位保荐代表人对记者表示，对“同业竞争”的过度管制也是一个发行制度中受到诟病的问题，越来越影响到金融混业经营的推进。实际上只要公开披露相关信息，做好风险控制，加强监管，应该不构成一个实质性的障碍。

A sponsor representative told reporters,for"competition"Excessive control is a critical problem in distribution system,More and more influence to promote financial mixed management.In fact as long as publicly disclose related information,Do risk control,Strengthen the supervision,Should not pose a substantial barriers.

　　“从国际经验来看这不构成太大问题，比如说汇丰银行是恒生银行的大股东，但二者的业务都发展得很好，它们之间必然有竞争，但只要能把这种竞争处理好，双方各有空间。”上述投行人士表示。

"From the international experience which is too big problem,For example, HSBC is the majority shareholder of hang seng bank,But both business development is very good,Inevitably there is competition between them,But as long as you can handle this kind of competition,Both sides have their own space."The investment banker said.

　　券商牌照的放开，商业银行积极争取A股承销牌照，证券公司代销金融产品的扩大等消息不绝于耳，市场趋势和法律行政之间的矛盾正在越来越多地凸显出来，还在分业监管体制下的混业金融犹如戴着镣铐在跳舞。

The liberalization of brokerage licence,Commercial Banks to actively strive for a-share underwriting license plate,Securities companies sell financial products, such as the expansion of the message,Market trends and the contradiction between the administrative law is increasingly highlighted,Also under the separate regulation system of mixed financial like wearing chains in the dance.

　　“相较于市场的实际情况，法律是严重滞后的。”上海市法学会金融法研究会副会长、新望闻达律师事务所高级合伙人宋一欣表示，从法律上来看，现在还是金融分业监管的阶段，但混业各方面的条件已经趋于成熟了，银监会、证监会和保监会三部门之间的联席会议趋于频繁，已经呈现出混业管理的趋势，但尚不能很好地解决可能出现的问题和风险。

"Compared with the actual situation of the market,The law is serious lag."Shanghai law society, vice President of finance law seminar/XinWang heard by a senior partner at law firm Song Yixin said,From a legal point of view,Now is the stage of financial industries managed and supervised respectively,But mixed in various aspects of the conditions have been mature,The China banking regulatory commission/Securities and insurance regulatory commission joint meeting between three departments tend to be more frequent,Has presented a mixed management trend,But it is not well to solve the possible problems and risks.

　　投行人士则表示，实践先行，市场的力量应该大于法律和行政的力量，让问题暴露并进行解决，形成市场与监管之间的循环。

Investment bankers have said,Practice first,Market forces should be greater than the law and the administrative power,Exposing problems to solve,Form between market and regulation loop.