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1、Chapter Twenty-FiveU.S. Mutual Fund RegulationLearning objectivesAfterstudyingthischapteryoushouldbeableto:1.Answerwhymutualfundsmustberegulated2.Tellthemainareasofmutualfundregulation3.ExplainthelegalbasisofU.S.mutualfundregulationNotesI. New Words1.operations n. 业务经营2.terms n. 条款 e.g. the terms of
2、 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. pres
3、cribed 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.by law 依照法律9.to pass sth. on to s
4、b. 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. to impose limits on. 对进行限制20. on t
5、op 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.operating policies 经营政策3.NASD (Nationa
6、l 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 prices on securities to corporatio
7、ns 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broker 有营业许可证的股票/证券经纪人7.no-load fund 不收服务费的互助基金a mutual fund that does not charge a fee when funds are added to or withdrawn from the fundNotes8.realized capital gains 已实现的资本利得9.conflicts of interest 利害冲突，违背公众利益的行为10. commission n. 佣金=a p
8、ayment 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 statement of income
9、and personal circumstances enabling claims to be made for personal allowances16. state statutes 州的成文法Main TextReasons for Mutual Fund RegulationAmericanfinancialexpertsusuallygivetwogoodreasonsforregulatingmutualfunds.Thefirstoneistoprotecttheirinvestorsortheirshareholdersinterests.Thisisbecausethei
10、nvestorisanownerofthemutualfundandallthoseconnectedwiththethefundsoperationsaretheinvestorsemployees;thesecondreasonisthatmutualfundsplayanimportantroleingrowingAmericaneconomy.Accordingtostatisticsavailabletherearemorethan4500mutualfundsonthemarkettoday,andtherewillprobablybe6000ayearfromnow.Main T
11、extMain Regulated Areas of Mutual Fund Industry1.Registration2.DisclosureofInformation3.Advertising4.Licensing5.EarningsMain TextThe Legal Basis of Mutual Fund Regulation1.TheInvestmentCompanyActof19402.TheSecuritiesActof19333.TheSecuritiesExchangeActof19344.TheInvestmentAdvisorsActof19405.TheInternalRevenueCodeof19546.Blue-skyLaws1. Whymustmutualfundsberegulated?2. Whatareasofmutualfundindustryareregulated?3. WhatarethechiefU.S.lawsforregulatingmutualfunds?Questions for Chapter 25This is the end of Chapter 25Thank you for your attention
