美国投资管理和研究协会“软美元”制度简介

现代金融服务业中投资经理人和投资客户的关系非常密切和复杂,而“软美元”则是这种关系复杂性的集中体现。作为管理注册金融分析师(CFA)的管理机构,美国投资管理和研究协会所制定的“软美元”标准已经成为投资实务界公认的行为标准。

美国券商佣金规制的若干分析及对我国的启示

随着证券市场格局、券商行业以及券商业务的不断变化,券商佣金的界定和规制也遇到了全新的挑战,表现在券商佣金合理标准的确定、券商返佣或利益输送规制以及券商佣金内部公平分配等三个方面。美国证券法通过NASD规则2440、软美元安全港例外和券商内控的指导性建议构建了券商佣金的规制体系,为我国券商佣金规制的转型提供了最佳范本。

Differences of Vowel Pronunciation in China English and American English： A Case Study of [i] and [I]

This paper investigates the differences between vowels [i] and [ I] pronounced by Chinese English speakers and American English speakers. Seven people consisting of two natives and five Chinese have read a list of sentences and their voices were recorded. A software program is used to analyze their voices. In spectrograms generated by Praat, the connection between formant values and articulation features is used to investigate how native speakers pronounce these two vowels and what the differences are between native speakers and Chinese speakers. Through this investigation, it is discovered that Chinese speakers have lower tongue position in [i] and their tongues are more forward in [I], thus making it hard to differentiate these two vowels. Moreover, the length of [i] is much shorter than those in American pronunciation, suggesting that Chinese speakers differentiate [i] and [I] largely by length. However, the comparison of Chinese speakers and native speakers proved otherwise.

论对机构投资者佣金分仓的监管——美国的实践及其启示

机构投资者的佣金分仓领域涉及严重的利益冲突。以美国为代表的发达国家围绕防范利益冲突,构建相对完整的监管体系,重点集中在明确安全港条款的适用范围和禁止行为,强化资产管理人的义务,明确信息披露要求,增加佣金分仓的透明度,强化对经纪业务的内部控制等,以尽可能减少利益冲突的发生。中国对机构佣金分仓的监管总体上比较粗疏,制度的可操作性不强,应针对机构佣金分仓制定专门监管规则,提升监管层次,明确基金经纪佣金的性质和基金管理人运用经纪佣金的基本原则,强化其义务和责任,完善佣金分仓的信息披露和内部控制等。