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1、Chapter Twenty-Five,U.S. Mutual Fund Regulation,Learning objectives,After studying this chapter you should be able to: 1. Answer why mutual funds must be regulated 2. Tell the main areas of mutual fund regulation 3. Explain the legal basis of U.S. mutual fund regulation,Notes,I. New Words 1. operati
2、ons n. 业务经营 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,Notes,9. affiliates a. 附属的 10. knowingly adv. 故意地intentionally 11. indefinite a. 无定限的 12. to segreg
3、ate vt. 使分离，使分开 13. to evaluate vt. 评估 14. conduit n. 管道 15. prescribed a. 规定的，法定的 16. speculative a. 投机性的,Notes,II. Useful and Idiomatic Expressions 1. 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
4、录 6. to respond to. 对做出反应 7. to charge a fee 收费 8. by 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,Notes,11. 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 requ
5、irements 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,Notes,III. 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 th
6、e 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) 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 gr
7、oup of underwriters 5. underwriters n. 证券承销商investment banks that guarantee prices on securities to corporations and then sell the securities to the public 6. 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 no-load fund 不收服务费的互助基金a mutual fund that does not charge a fee when funds are added to or withdrawn
8、 from the fund,Notes,8. 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 10. commission n. 佣金=a payment made to an intermediary, such as an agent, salesman, broker 11. 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
9、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 for personal allowances 16. state statutes 州的成文法,Main Text,Reasons for Mutual Fund Regulation American financial experts
10、usually give two good reasons for regulating mutual funds. The first one is to protect their investors or their 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
11、that mutual funds play an important role in growing American economy. According to statistics available there are more than 4 500 mutual funds on the market today, and there will probably be 6 000 a year from now.,Main Text,Main Regulated Areas of Mutual Fund Industry 1. Registration 2. Disclosure o
12、f 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 areas of mutual fund industry are regulated? 3. What are the chief U.S. laws for regulating mutual funds?,Questions for Chapter 25,This is the end of Chapter 25,Thank you for your attention,
