大学金融英语chapter 25 U.S. Mutual Fun Regulation

1、chapter twenty-fiveu.s. mutual fund regulationlearning objectivesafter studying this chapter you should be able to:1. answer why mutual funds must be regulated2. tell the main areas of mutual fund regulation3. explain the legal basis of u.s. mutual fund regulationnotesi. new words1.operations n. 业务经

2、营2.terms n. 条款 e.g. the terms of the contract 合同条款3.custodian n. 管理人；保管人4.currently adv. 当前地5.off-the-page a. 不在文字页面中的6.tax-exempt a. 免税的7.bible n. 圣经8.visionaries n. 好幻想的人，空想家notes9.affiliates a. 附属的10. knowingly adv. 故意地intentionally11. indefinite a. 无定限的12. to segregate vt. 使分离，使分开13. to evaluate

3、 vt. 评估14. conduit n. 管道15. prescribed a. 规定的，法定的16. speculative a. 投机性的notesii. useful and idiomatic expressions1.be connected with. 与相关的2.a year from now 一年后3.to register with. 在进行注册登记4.the state blue-sky regulations 按州一级证券法制定的条例5.to keep track of. 对作记录6.to respond to. 对做出反应7.to charge a fee 收费8.b

4、y law 依照法律9.to pass sth. on to sb. 将分配给某人10. to maintain records of. 保持对所作记录notes11. to file sth. with. 向提交12. be subject to. 受的管辖13. to place restrictions on. 对进行限制或约束14. on an annual basis 在一年一次的基础上15. under this act 按此法16. to meet requirements 达到要求17. in turn 转过来18. in ones jurisdiction 在管辖下19. t

5、o impose limits on. 对进行限制20. on top of. 除之外notesiii. key terms 1.mutual fund (美) 互助基金，共同基金，投资公司= a company or trust that uses its capital to invest in other companies. some mutual funds are of the close-end type, and some are of the open-end type. in britain, mutual fund is called unit trust.2.opera

6、ting policies 经营政策3.nasd (national association of securities dealers) 证券商全国协会4.tombstone ads 墓碑广告，证券销售广告a large notice placed in financial newspapers announcing that a security will be offered for sale by an underwriter or group of underwriters5.underwriters n. 证券承销商investment banks that guarantee p

7、rices on securities to corporations and then sell the securities to the public6.licensed stock broker 有营业许可证的股票/证券经纪人7.no-load fund 不收服务费的互助基金a mutual fund that does not charge a fee when funds are added to or withdrawn from the fundnotes8.realized capital gains 已实现的资本利得9.conflicts of interest 利害冲突，

8、违背公众利益的行为mission n. 佣金=a payment made to an intermediary, such as an agent, salesman, broker11.certified public accounting firm 职业会计事务所12.sec registration rules （美）证券交易委员会登记规则13.custodial accounts 保管账户14.license revocation 营业执照/经营许可证的撤销15.tax returns 纳税申报单forms upon which a tax-payer makes an annual

9、 statement of income and personal circumstances enabling claims to be made for personal allowances16.state statutes 州的成文法main text reasons for mutual fund regulation american financial experts usually give two good reasons for regulating mutual funds. the first one is to protect their investors or t

10、heir shareholders interests. this is because the investor is an owner of the mutual fund and all those connected with the the funds operations are the investors employees; the second reason is that mutual funds play an important role in growing american economy. according to statistics available the

11、re are more than 4500 mutual funds on the market today, and there will probably be 6000 a year from now.main text main regulated areas of mutual fund industry 1. registration 2. disclosure of information 3. advertising 4. licensing 5. earnings main text the legal basis of mutual fund regulation 1. the investment company act of 1940 2. the securities act of 1933 3. the securities exchange act of 1934 4. the investment advisors act of 1940 5. the internal revenue code of 1954 6. blue-sky laws 1. why must mutual funds be regulated? 2. what