大学金融英语chapter-25-U.S.-Mutual-Fund-Regulation课件.ppt

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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.业务经营2.term

2、s 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 vt.评估14.conduit n.管道15

3、.prescribed a.规定的，法定的16.speculative a.投机性的Notes11.to.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.to impose limits on.对进行限制20.on top of.除之外NotesIII.Key Ter

4、ms 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.operating policies 经营政策3.NASD(National Association of Securities Dealers

5、)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 prices on securities to corporations and then sell the securities to th

6、e 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broker 有营业许可证的股票/证券经纪人7.no-load fund 不收服务费的互助基金a mutual fund that does not charge a fee when funds are added to or withdrawn from the fundNotes8.realized capital gains 已实现的资本利得9.conflicts of interest 利害冲突，违背公众利益的行为mission n.佣金=a payment made to an intermediary,such as an age

7、nt,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 statement of income and personal circumstances enabling claims to be made

8、for personal allowances16.state statutes 州的成文法Main TextMain Regulated Areas of Mutual Fund Industry1.Registration2.Disclosure of Information3.Advertising4.Licensing5.Earnings Main TextThe Legal Basis of Mutual Fund Regulation1.The Investment Company Act of 19402.The Securities Act of 19333.The Securities Exchange Act of 19344.The Investment Advisors Act of 19405.The Internal Revenue Code of 19546.Blue-sky Laws This is the end of Chapter 25Thank you for your attention