证券公司治理准则(试行)
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证监机构字[2003]259号

颁布日期:20031215  实施日期:20040115  颁布单位:证券监督管理委员会

  CSRC ZI[2003]NO.259

  Securities companies:

  The rules for governance of securities companies (For Trial Implementation2) has been formulated4 by us for the purpose of promoting the normative operation of securities companies, improving the corporate6 governance, establishing the modern corporate system. These rules are now promulgated7 and please comply with and carry them through accordingly.

  December 15,2003

  Rules for governance of securities companies (For Trial Implementation)

  Chapter I General provisions

  Article 1 These rules are formulated, in accordance with the Company law, the Securities law and other relevant laws and administrative8 regulations, to promote the normative operation of securities companies according to the modern corporate system, ensure the lawful9 rights and interests of securities companies' shareholders11, clients and other parties interested, safeguard the independence and integrity of securities companies' assets.

  Article 2 Securities companies and their controlling shareholders assume the good faith duty and shall not infringe12 on clients' properties and other lawful rights and interests.

  Article 3 Securities companies shall clarify the scope of official duties among shareholders' meeting, the board of directors, the board of supervisors14 and management personnel, in accordance with the Company Law and other provisions of laws and administrative regulations.

  Article 4 Securities companies and their shareholders, superior management personnel shall abide15 by supervisory provisions on shareholders, superior management personnel etc, which are formulated by the China Securities Regulatory Commission (hereinafter referred to as the “CSRC”)。

  Article 5 Securities companies shall establish perfect risk management and internal control systems, in accordance with laws, administrative regulations and those provisions of the CSRC.

  Article 6 These rules are applied16 to securities companies established within the territory of the People's Republic of China. Where laws, administrative regulations or the CSRC provide otherwise for listed securities companies, such provisions shall prevail.

  Chapter II shareholders and shareholders' meeting

  Section 1 Shareholders

  Article 7 A securities company's shareholders and its actual controllers shall meet the qualification conditions stipulated17 by laws, administrative regulations and the CSRC. When a shareholder10 of a securities company assigns the stock right of the securities company to others, the transferee and its actual controller shall be confirmed to meet the qualification conditions stipulated by laws, administrative regulations and the CSRC. When A securities company's shareholders and its actual controllers do not meet the qualification conditions, the board of directors of the securities company shall report to the dispatched institutions of CSRC in the place of incorporation18 and the place where the principal business office is situated19 within 10 working days.

  Article 8 Securities companies shall register shareholders, amend20 articles of association and undertake the formalities of business registration21 based on the file authorized23 by the CSRC or the archival filled in the CSRC. Securities companies shall ensure that the articles of association, register list of shareholders and contents recorded in files of industrial and commercial registrations24 are consistent with shareholders' actual conditions.

  Article 9 Securities companies' shareholders shall perform capital contribution obligation strictly25 in accordance with laws, administrative regulations and provisions of the CSRC. Securities companies shall not directly or indirectly26 provide financing or guarantee for shareholders' capital contribution. When a shareholder makes a false capital contribution, makes an insufficient27 capital contribution or excavating28 his capital contribution, or excavating his capital contribution in disguised form, the board of directors of the securities company shall report to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated within 10 working days and require the relevant shareholder to rectify29 within one month.

  Article 10 Securities companies' shareholders shall notify Securities companies in time if one of the following conditions occurs to them:

  (1) shareholdings of Securities companies owned by them are under preservative30 measures in litigation or under enforcement;

  (2) shareholdings of Securities companies owned by them are pledged;

  (3) shareholdings of Securities companies owned by them are decided31 to transfer;

  (4) entrust32 others to exercise stock rights of Securities companies or reach agreements with others on exercising stock rights of Securities companies;

  (5) alteration33 of name;

  (6) merger34 or division;

  (7) dissolution, bankruptcy35, closedown or takeover;

  (8) other affairs may result in alteration of shareholdings of Securities companies owned by them. The board of directors of the securities company shall report to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated within 10 working days as of knowing the above conditions.

  Article 11 Securities companies shall establish effective communication channels with shareholders to ensure that shareholders possess right to know stipulated by laws, administrative regulations, the CSRC and articles of association. If one of the following conditions occurs to a securities company, the board of directors of the securities company shall give written notice to all shareholders in time and report to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated:

  (1) the company or its superior management personnel is suspected involving a major violation36 of law and regulation;

  (2) the company's finance experiences continuous deterioration37 , which do not meet the criterion stipulated by the SCRC;

  (3) the company undertakes major economic losses;

  (4) a plan is made to change the chairman of board, the chairman of supervisors or the general manager;

  (5) an emergency occurs, which has an side effct on the company and interests of clients;

  (6) other matters which may influence consecutive38 operation of the company.

  Section 2 shareholders' meeting

  Article 12 The scope of powers of shareholders' meeting shall be specified39 in securities companies' articles of association. Where a shareholders' meeting of a securities company authorize22 the board of directors of the company to exercise part of the functions and powers of the shareholders meeting, relevant provisions shall be stipulated in articles of association or approval shall be obtained upon resolution made by the shareholders' meeting. The authorized contents shall be specific and clear.

  Article 13 The annual shareholders' meeting of securities companies shall be convened41 within 6 months as of the end of each fiscal42 year. If the shareholders' meeting need put off due to special circumstances, the securities company shall report to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated and account for it.

  Article 14 The procedures for convening43 of a shareholders meeting and voting shall be stipulated in securities companies' articles of association. The board of directors shall formulate3 the complete deliberation rules of the shareholders meeting in accordance with articles of association of the company, which shall be enforced after examination and approval by the shareholders' meeting.

  Article 15 The board of directors, the supervisory board and shareholders solely44 or jointly46 holding five percent or more of the securities company's shares have the right to put forward initiatives to the shareholders' meeting. Shareholders solely or jointly holding five percent or more of the securities company's shares have the right to nominate candidates for directors including independent directors and supervisors.

  Article 16 If the ratio of the directors whom are nominated by a shareholder of a securities company among the board of directors exceeds one second, the ratio of the supervisors whom are nominated by the same shareholder among the supervisory board shall be not more than one second.

  Article 17 Securities companies are encouraged to adopt the cumulative47 voting system in electing directors including independent directors and supervisors. Where securities companies' shareholders solely hold or jointly hold with associates more than fifty percent of the company's shares, the cumulative voting system shall be adopted regarding the election of directors including independent directors and supervisors Securities companies adopting the cumulative voting system shall formulate implementation rules for this system in articles of association of the company.

  Article 18 The articles of association of securities companies shall specify48 that if the shareholders' meeting cannot be convened due to the board of directors and chairman of the board's failure to perform their duties, shareholders holding specific proportion of shares and the supervisory board may convene40 interim49 shareholders' meetings according to procedures stipulated in their articles of association, and report relevant situations to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated.

  Article 19 The shareholders' meeting of securities companies shall put down the minutes of shareholders' meeting. The minutes of shareholders' meetings shall be true and complete and shall be kept at least 15 years as of the date of its completion. The resolution of the shareholders' meeting and relevant documents shall be submitted by Securities companies to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated for the record.

  Article 20 When a director of the board or a supervisor13 is dismissed prior to the expiration50 of his term of office, the shareholders' meeting of the securities company shall account for it. The director of the board or the supervisor dismissed has the right to set forth51 his opinions to the shareholders' meeting, the CSRC or the dispatched office of CSRC.

  Section 3 Particulars on the relationship between securities companies and shareholders

  Article 21 Holding shareholders of a securities company shall not make use of their controlling status to damage lawful rights and interests of the company, other shareholders and clients of the company.

  Article 22 Holding shareholders of a securities company shall not overstep the shareholders' meeting and the board of directors to appoint and dismiss directors, supervisors and superior management personnel. Holding shareholders of a securities company shall not overstep the shareholders' meeting and the board of directors to interfere52 in operation and management of the company.

  Article 23 A securities company shall be strictly separated from its holding shareholders in operation, personnel, organization, assets, finance, offices etc and independently operate, account, assume liabilities and risks.

  Article 24 Holding shareholders of a securities company and their associates shall undertake effective measures to prevent themselves from contending with their holding securities company in business. Securities companies controlling other securities companies shall not damage interests of the controlled companies.

  Article 25 The associated transaction between securities companies' shareholders and associates shall not damage lawful rights and interests of securities companies and their clients. The major associated transaction and procedures of its disclosure and voting shall be stipulated in articles of association of the securities company. The securities company shall report relevant situations to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated within 10 working days as of occurrence of the major associated transaction.

  Article 26 The securities company and its shareholders (or associates of shareholders, as referred to hereinafter) shall not do as follows:

  (1) making promises concerning profits and dividends53 given to shareholders not less than some scale;

  (2) holding stock rights of shareholders except where laws, administrative regulations or the CSRC provide otherwise;

  (3) directly or indirectly provide financing or guarantee for shareholders;

  (4) shareholders' occupying and using assets of the company or assets of clients kept in the company;

  (5) The securities company's giving unjust benefits to shareholders through buying large quantities of securities held by shareholders;

  (6) other conduct forbidden by laws, administrative regulations or the CSRC.

  Chapter III Directors and the board of directors

  Section 1 Director

  Article 27 Directors of securities companies shall meet the qualification conditions stipulated by the Company Law, the Securities Law and the CSRC, and shall have the qualities for performing duties.

  Article 28 The qualification for holding office, the procedures for appointment and dismiss, rights and obligations, term of office etc of directors shall be specified in articles of association of the securities company.

  Article 29 The securities company shall take measures to exactly guarantee directors' rights to know, and provide necessary conditions for directors to perform duties. External directors including independent directors shall ensure enough time and energy to perform duties.

  Section 2 the board of directors

  Article 30 The number of directors shall be specified in articles of association of the securities company. The ration5 of internal directors among directors shall not exceed one second. Securities companies are encouraged to inviting54 external professionals to act as directors.

  Article 31 The articles of association of the securities company shall specify the chairman's performance of duties in time of the chairman failing to perform duties or the vacancy55 of chairman.

  Article 32 The duties of the board of directors shall be specified in articles of association of the securities company. Where the board of directors authorizes56 its chairman to perform part of its functions and powers when the meeting of the board is not in session, the matters authorized shall be specific and clear. The matters concerning vital interests of the company shall not be authorized to the chairman of the board to decide. The matters concerning vital interests of the company shall be specified in articles of association.

  Article 33 Normative rules for convening procedures of the board of directors, deliberation and voting shall be stipulated by the board of directors, which shall be passed by voting of shareholders' meeting, and shall be submitted to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated for the record.

  Article 34 Meetings of the board of directors shall be held at least twice a year. The minutes of the meetings shall be true and complete and shall be kept at least 15 years as of its completion. Such minutes of the meeting shall be signed by the directors and recorders present.

  Article 35 The board of directors and its chairman shall exercise its functions and powers in the scope stipulated by laws, administrative regulations, the CSRC and the articles of association, and shall not exceed their powers to interfere in operation and management by management personnel. When the board of directors examines relevant associated transactions, the director assigned by the affiliate57 shall withdraw when voting.

  Article 36 Where a resolution of the board of directors violates laws, administrative regulations, provisions stipulated by the CSRC or the articles of association of the company, shareholders or supervisors have the right to demand that such resolution should be stopped immediately.

  Article 37 Specialized58 committees shall be established by the board of directors on risk management, audit59 and other such matters. The independent director shall act as the convener in the auditing60 committee. Specialized committees may invite external professionals to provide services and reasonable fees arising from it shall be assumed by the company. Specialized committees shall submit working reports to the board of directors.

  Article 38 The securities company shall appoint the secretary of the board of directors or establish specialized institution, which is in charge of preparation for shareholders' meeting, meeting of the board and meeting of the specialized committee; preservation62 of minutes and documents of meetings; information disclosure and other daily matters, as well as matters such as submitting documents of shareholders' meeting, meeting of the board and supervisory board to the dispatched office of the CSRC for the record.

  Section 3 Independent director

  Article 39 Securities companies shall set independent directors in accordance with provisions stipulated by the CSRC. The independent director shall grasp basic knowledge on securities market and relevant laws and administrative regulations, and shall be faithful and shall have working experiences more than 5 years. None of the following persons may hold the position of independent directors:

  (1) a person working in the securities company or its affiliate company and his lineal kinfolks as well as persons having major social relationship with him;

  (2) a person working in a shareholder company holding or controlling more than 5 percent shares of the securities company or in a top 5 shareholder company of the securities company and his lineal kinfolks as well as persons having major social relationship with him;

  (3) a natural individual shareholder holding or controlling more than 5 percent shares of the securities company and his lineal kinfolks as well as persons having major social relationship with him;

  (4) a person providing financial, legal, consulting services etc for the securities company and its associates, and his lineal kinfolks as well as persons having major social relationship with him;

  (5) a person having experienced one of above four situations in the most recent one year;

  (6) a person acting63 as a director in other securities company;

  (7) other persons stipulated in articles of association of the company;

  (8) other persons determined64 by the CSRC. If one of the above situations occurs to an independent director, the securities company shall dismiss him in time and report to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated.

  Article 40 The term of office of independent directors is the same as the term of other directors, but if reelected the number of term shall not exceed twice. The securities company shall submit relevant materials of the independent director to the CSRC and the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated for the record.

  Article 41 If an independent director quits or is dismissed prior to the expiration of his term of office, the independent director himself and the securities company shall provide respectively written explanation to shareholders' meeting and the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated.

  Article 42 The independent director shall exercise the following functions and powers besides the functions and powers authorized by the Company Law and other laws and administrative regulations:

  (1) to propose convening interim shareholders' meeting to the board of directors or to propose to the supervisory board if the proposal is refused by the board of directors;

  (2) to propose convening the meeting of the board of directors;

  (3) to invite the auditing institution or consulting institution based on the necessary for performing duties;

  (4) to air his independent opinion on such matters as remuneration plans of directors and management personnel of the company, incentive65 plans etc;

  (5) to air his independent opinion on the major associated transaction and if necessary report to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated. Where the specialized committee is established by the board of directors of the securities company concerning associated transactions and remuneration of superior management personnel, the independent director shall be the convener. The independent director shall submit working report to the annual shareholders' meeting. The independent director shall assume corresponding liabilities if failing to perform his responsibilities.

  Chapter IV supervisors and supervisory board

  Article 43 Supervisors of securities companies shall meet the qualification conditions stipulated by laws, administrative regulations and the CSRC, and shall have the qualities for performing duties. Directors and management personnel of the securities company and their lineal kinfolks as well as persons having major social relationship with them shall not hold the position of supervisors of the company. Securities companies are encouraged to invite external professionals to act as supervisors.

  Article 44 The securities company shall take measures to exactly guarantee supervisors' rights to know, and provide necessary conditions for supervisors to perform duties.

  Article 45 The supervisory board shall be established in the securities company. The supervisory board shall supervise the finance of the company, acts of directors and management personnel conforming to laws and regulations during the performance of their functions and shall be responsible to the shareholders' meeting. Normative deliberation rules shall be formulated by the supervisory board, which shall be passed by examination of shareholders' meeting, and shall be submitted to the dispatched office of CSRC in the place of incorporation and the place where the principal business office is situated for the record.

  Article 46 The chief supervisor shall be appointed in the supervisory board of the securities company. The chief supervisor shall be the convener of meetings of the supervisory board. The vice61-chairman supervisor shall be appointed if the number of supervisors is more than 7. The vice-chairman supervisor assists the chief supervisor to work. The chief supervisor or the vice-chairman supervisor shall work as fulltime personnel. Specialized committees may be established under the supervisory board in charge of preparation for meetings of the supervisory board, preservation of minutes and documents of meetings and provide services for supervisors to perform duties.

  Article 47 Meetings of the supervisory board shall be held at least twice a year. The minutes of the meetings shall be true and complete and shall be kept at least 15 years as of its completion. Such minutes of the meeting shall be signed by the supervisors and recorders present.

  Article 48 A supervisory board of the securities company shall exercise the following functions and powers:

  (1) to examine the financial affairs of the company;

  (2) to supervise the performance of duties of the board of director and management personnel;

  (3) to inquire acts of directors and management personnel;

  (4) to demand directors or the management personnel to make corrections if any of their acts is found to have damaged the interests of the company and clients;

  (5) to propose convening interim shareholders' meetings;

  (6) to organize auditing when superior management personnel quit;

  (7) other functions and powers stipulated in laws, administrative regulations and articles of association of the company.

  Article 49 The supervisor has the right to know business situations of the company and shall assume corresponding duties of keeping secret. The company shall submit its internal auditing report, normative examination report, monthly or quarterly financial and accounting66 statements, annual financial and accounting statements and other vital matters to the supervisory board in time. The supervisory board shall make particular explanation for financial situations of the company and situations conforming to regulations to annual shareholders' meeting.

  Article 50 The supervisory board may request directors, management personnel and relevant persons to attend the meeting of the supervisory board and to answer issues cared about by the supervisory board. If necessary, the supervisory board may particularly examine financial situations of the company and situations conforming to regulations, and may invite external professionals to assist as reasonable fees arising from it shall be assumed by the company. While inspecting acts of the directors and management personnel during the performance of their duties, the supervisory board may inquire matters of directors, management personnel and other persons involved. The directors, managers and other persons involved shall be in a cooperative manner.

  Article 51 The supervisory board shall demand directors or management personnel to make corrections within the time limit if any of their acts is found to have violated laws, administrative regulations or articles of association of the company, and damaged the interests of the company, shareholders and clients. If damages are serious or directors or management personnel are unable to correct within the time limit, The supervisory board shall propose to convene shareholders' meeting and put forward particular motions to the shareholders' meeting. If any of acts of the board of directors and management personnel of the securities company is found to have seriously violated laws, administrative regulations, the supervisory board shall directly report to the CSRC and its dispatched office. If the supervisor is fully67 aware or ought to be aware that the acts of the board of directors and managers have violated laws, administrative regulations or articles of association of the company and damaged interests of the company, he shall assume corresponding liabilities owing to his failure to perform duties.

  Chapter V management personnel

  Article 52 The management personnel mentioned in these rules refers to other superior management personnel except the chairman of the board, the vice-chairman of the board, the chief supervisor and the vice-chairman supervisor. The management personnel shall meet the qualifications for holding the office of superior management personnel of the securities company. The securities company shall not authorize persons without the qualifications for holding the office to exercise functions and powers of management personnel.

  Article 53 The composition and scopes of duties of the management personnel shall be specified in articles of association of the securities company.

  Article 54 The securities company shall adopt open and transparent68 ways to employ professional as management personnel.

  Article 55 The management personnel shall work in fulltime, except where laws, administrative regulations or the CSRC provide otherwise.

  Article 56 The management personnel shall not operate the same category of business as the company they are serving and shall not directly or indirectly invest in the corporation contending with the company they are serving. Unless stipulated in articles of association of the company or approved by the shareholders' meeting, the management personnel shall not make associated transactions with the company they are serving.

  Article 57 The general manager shall be appointed in the securities company. The general manager shall exercise his functions and rights in accordance with the Company Law and the articles of association and shall be responsible to the board of directors. Where the functions and powers of a securities company are exercised by the way of management committee or executive committee etc, its members shall meet the qualifications for holding the office of superior management personnel of securities companies.

  Article 58 Detailed69 rules for the general manager's working shall be formulated by the securities company and shall be implemented70 after report to the board of directors for approval. Detailed rules for the general manager's working shall include the following contents:

  (1) the conditions, procedures and participant s of which the general manager's meeting is held;

  (2) duties and dividing the work for the general manager, vice president and other management personnel;

  (3) authority of using assets of the company and sign a contract;

  (4) the report system to the board of directors and the supervisory board;

  (5) other matters that the board of directors considers essential.

  Article 59 The general manager shall report to the board of directors or the supervisory board the signing of vital contracts, performance, use of capitals and circumstances of profits and losses on the request of the board of directors or the supervisory board. The general manager shall guarantee the truth of such report. The general manager without holding the office of the director may attend meetings of the board of directors as non-voting participants.

  Article 60 The management personnel shall establish organizations with specific liabilities and clear procedures, organize to implement1 identification and evaluation71 of all sorts of risks, establish sound effective internal controlling system and mechanism72, handle or correct faults or problems existing in internal controlling in time. The management personnel shall be responsible for not doing their best in internal controlling and not handling or correcting faults or problems existing in internal controlling in time.

  Article 61 The securities company shall in accordance with relevant provisions stipulated by the CSRC, appoint specialized person of management to be in charge of the supervision73 and inspection74 department, who shall not hold plural75 offices. The management personnel shall support the work of the supervision and inspection department.

  Chapter VI Incentive and disciplinary mechanism

  Article 62 The securities company shall establish effective incentive and disciplinary mechanism.

  Article 63 The securities company shall sign employment contracts with the management personnel, stipulating76 the term of office, merit assessment77, remuneration, dismissal, rights and obligations and liabilities for breach78 of the contract.

  Article 64 The remuneration scheme concerning the management personnel of the securities company shall be approved by the board of directors. The board of directors shall make particular explanations to the shareholders' meeting for duty performance of the management personnel, merit assessment and remuneration.

  Article 65 The board of directors and the supervisory board of the securities company shall investigate management personnel's liabilities if any of their acts is found to have violated laws, administrative regulations or articles of association of the company and damaged the interests of the company and clients. The securities company shall not pay fines or damages that shall be assumed by directors, supervisors or management personnel in person.

  Article 66 The management personnel, directors, supervisors or employees of a securities company shall hold or control stock rights of their company after obtaining the approval of the CSRC and reporting to the shareholders' meeting of the company.

  Chapter VII Basic principles for relationship between securities companies and their clients

  Article 67 The securities company shall assume good faith duties for clients and shall not infringe right of property, right of choice, right to fair deals, right to know and other lawful rights and interests of clients.

  Article 68 The securities company shall not misappropriate the clients' capital for settlement of stock transactions, the assets entrusted79 by clients for management, or clients' securities entrusted in the company.

  Article 69 The securities company shall bear an obligation to keep clients' documents secret. The securities company has the right to refuse any unit or individual to inquire about clients' documents, except where laws, administrative regulations or the CSRC provide otherwise.

  Article 70 The securities company shall perform its legal obligations for information disclosure in operation to guarantee clients to make decisions on the basis of full awareness80. The securities company shall provide products or services for clients in accordance with laws, administrative regulations and provisions stipulated by the CSRC, shall fully disclose contents and risks about relevant products or services, shall not make false statements, mislead clients and other frauds.

  Article 71 The securities company shall establish specialized department or post in charge of communicating with clients and handling matters such as clients' complaints.

  Article 72 The securities company is encouraged to disclose audited81 annual financial report and other information of the company to the public, and shall ensure the truth and exactness of the disclosed contents.

  Chapter VIII Supplementary82 Provisions

  Article 73 The securities company shall amend and improve articles of association of the company and relevant systems in accordance with requirements of the Company Law, the Securities Law, and other laws, administrative regulations as well as these rules.

  Article 74 The board of directors of the securities company shall report governance of corporation to the shareholders' meeting, the CSRC and its dispatched office, in accordance with laws, administrative regulations and these rules. The CSRC takes the governance situation of the securities company as basic conditions for market access and as grounds for evaluation of daily supervision.

  Article 75 The CSRC may authorize a self-regulatory brokers83 organization or an intermedia organization to evaluate the governance situation of securities companies, and publicize the evaluation result in proper ways.

  Article 76 definitions:

  (1) The stock right refers to the investment of shareholders of limited liability companies or shares of joint45 stock limited companies.

  (2) Associated Parties and the associated transaction refer to associated and associated transactions mentioned in Rules for corporate accounting on disclosure of associates relationship and their transactions stipulated by Ministry84 of Finance.

  (3) de facto controller refers to incorporations, other organizations or individuals controlling shareholders of securities companies to exercise stockholder's right in law or in fact.

  (4) The controlling shareholder refers to the shareholder meeting one of the following conditions:

  (a) the shareholder holding and controlling stock rights of the securities company into top one;

  (b) the shareholder having the right to decide the membership of directors more than half of the securities company;

  (c) the shareholder controlling the securities company in other ways.

  (5) The cumulative voting system refers to as follows: When electing directors or supervisors, the ballot85 owned by a shareholder equals the product of his holding shares and the number of directors or supervisors. The shareholder may collectively ballot for one candidate for the director or supervisor and also may separately ballot for a few candidates for directors or supervisors. The elected director or supervisor shall be decided according to the number of votes.

  (6) Internal directors, external directors and independent directors. The internal director refers to the director holding plural offices in the securities company. The external director refers to the director without holding plural offices in the securities company. The independent director refers to the external director which the securities company and its shareholders can not prevent him from making objective judgments86.

  Article 77 The CSRC shall be responsible for the interpretation87 of there rules.

  Article 78 These rules shall come into force as of January 15, 2004.



点击收听单词发音收听单词发音  

1 implement WcdzG     
n.(pl.)工具,器具;vt.实行,实施,执行
参考例句:
  • Don't undertake a project unless you can implement it.不要承担一项计划,除非你能完成这项计划。
  • The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。
2 implementation 2awxV     
n.实施,贯彻
参考例句:
  • Implementation of the program is now well underway.这一项目的实施现在行情看好。
3 formulate L66yt     
v.用公式表示;规划;设计;系统地阐述
参考例句:
  • He took care to formulate his reply very clearly.他字斟句酌,清楚地做了回答。
  • I was impressed by the way he could formulate his ideas.他陈述观点的方式让我印象深刻。
4 formulated cfc86c2c7185ae3f93c4d8a44e3cea3c     
v.构想出( formulate的过去式和过去分词 );规划;确切地阐述;用公式表示
参考例句:
  • He claims that the writer never consciously formulated his own theoretical position. 他声称该作家从未有意识地阐明他自己的理论见解。 来自《简明英汉词典》
  • This idea can be formulated in two different ways. 这个意思可以有两种说法。 来自《现代汉英综合大词典》
5 ration CAxzc     
n.定量(pl.)给养,口粮;vt.定量供应
参考例句:
  • The country cut the bread ration last year.那个国家去年削减面包配给量。
  • We have to ration the water.我们必须限量用水。
6 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
7 promulgated a4e9ce715ee72e022795b8072a6e618f     
v.宣扬(某事物)( promulgate的过去式和过去分词 );传播;公布;颁布(法令、新法律等)
参考例句:
  • Hence China has promulgated more than 30 relevant laws, statutes and regulations. 中国为此颁布的法律、法规和规章多达30余项。 来自汉英非文学 - 白皮书
  • The shipping industry promulgated a voluntary code. 航运业对自律守则进行了宣传。 来自辞典例句
8 administrative fzDzkc     
adj.行政的,管理的
参考例句:
  • The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
  • He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。
9 lawful ipKzCt     
adj.法律许可的,守法的,合法的
参考例句:
  • It is not lawful to park in front of a hydrant.在消火栓前停车是不合法的。
  • We don't recognised him to be the lawful heir.我们不承认他为合法继承人。
10 shareholder VzPwU     
n.股东,股票持有人
参考例句:
  • The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
  • A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。
11 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句:
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
12 infringe 0boz4     
v.违反,触犯,侵害
参考例句:
  • The jury ruled that he had infringed no rules.陪审团裁决他没有违反任何规定。
  • He occasionally infringe the law by parking near a junction.他因偶尔将车停放在交叉口附近而违反规定。
13 supervisor RrZwv     
n.监督人,管理人,检查员,督学,主管,导师
参考例句:
  • Between you and me I think that new supervisor is a twit.我们私下说,我认为新来的主管人是一个傻瓜。
  • He said I was too flighty to be a good supervisor.他说我太轻浮不能成为一名好的管理员。
14 supervisors 80530f394132f10fbf245e5fb15e2667     
n.监督者,管理者( supervisor的名词复数 )
参考例句:
  • I think the best technical people make the best supervisors. 我认为最好的技术人员可以成为最好的管理人员。 来自辞典例句
  • Even the foremen or first-level supervisors have a staffing responsibility. 甚至领班或第一线的监督人员也有任用的责任。 来自辞典例句
15 abide UfVyk     
vi.遵守;坚持;vt.忍受
参考例句:
  • You must abide by the results of your mistakes.你必须承担你的错误所造成的后果。
  • If you join the club,you have to abide by its rules.如果你参加俱乐部,你就得遵守它的规章。
16 applied Tz2zXA     
adj.应用的;v.应用,适用
参考例句:
  • She plans to take a course in applied linguistics.她打算学习应用语言学课程。
  • This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。
17 stipulated 5203a115be4ee8baf068f04729d1e207     
vt.& vi.规定;约定adj.[法]合同规定的
参考例句:
  • A delivery date is stipulated in the contract. 合同中规定了交货日期。
  • Yes, I think that's what we stipulated. 对呀,我想那是我们所订定的。 来自辞典例句
18 incorporation bq7z8F     
n.设立,合并,法人组织
参考例句:
  • The incorporation of air bubbles in the glass spoiled it.玻璃含有气泡,使它质量降低。
  • The company will be retooled after the incorporation.合并之后的公司要进行重组。
19 situated JiYzBH     
adj.坐落在...的,处于某种境地的
参考例句:
  • The village is situated at the margin of a forest.村子位于森林的边缘。
  • She is awkwardly situated.她的处境困难。
20 amend exezY     
vt.修改,修订,改进;n.[pl.]赔罪,赔偿
参考例句:
  • The teacher advised him to amend his way of living.老师劝他改变生活方式。
  • You must amend your pronunciation.你必须改正你的发音。
21 registration ASKzO     
n.登记,注册,挂号
参考例句:
  • Marriage without registration is not recognized by law.法律不承认未登记的婚姻。
  • What's your registration number?你挂的是几号?
22 authorize CO1yV     
v.授权,委任;批准,认可
参考例句:
  • He said that he needed to get his supervisor to authorize my refund.他说必须让主管人员批准我的退款。
  • Only the President could authorize the use of the atomic bomb.只有总统才能授权使用原子弹。
23 authorized jyLzgx     
a.委任的,许可的
参考例句:
  • An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。
24 registrations d53ddf87a983739d49e0da0c1fa64925     
n.登记( registration的名词复数 );登记项目;登记(或注册、挂号)人数;(管风琴)音栓配合(法)
参考例句:
  • In addition to the check-in procedures, the room clerks are customarily responsible for recording advance registrations. 除了办理住宿手续外,客房登记员按惯例还负责预约登记。 来自辞典例句
  • Be the Elekta expert for products registrations in China. 成为在中国注册产品的医科达公司专家。 来自互联网
25 strictly GtNwe     
adv.严厉地,严格地;严密地
参考例句:
  • His doctor is dieting him strictly.他的医生严格规定他的饮食。
  • The guests were seated strictly in order of precedence.客人严格按照地位高低就座。
26 indirectly a8UxR     
adv.间接地,不直接了当地
参考例句:
  • I heard the news indirectly.这消息我是间接听来的。
  • They were approached indirectly through an intermediary.通过一位中间人,他们进行了间接接触。
27 insufficient L5vxu     
adj.(for,of)不足的,不够的
参考例句:
  • There was insufficient evidence to convict him.没有足够证据给他定罪。
  • In their day scientific knowledge was insufficient to settle the matter.在他们的时代,科学知识还不能足以解决这些问题。
28 excavating 5d793b033d109ef3f1f026bd95b1d9f5     
v.挖掘( excavate的现在分词 );开凿;挖出;发掘
参考例句:
  • A bulldozer was employed for excavating the foundations of the building. 推土机用来给楼房挖地基。 来自《简明英汉词典》
  • A new Danish expedition is again excavating the site in annual summer digs. 一支新的丹麦探险队又在那个遗址上进行一年一度的夏季挖掘。 来自辞典例句
29 rectify 8AezO     
v.订正,矫正,改正
参考例句:
  • The matter will rectify itself in a few days.那件事过几天就会变好。
  • You can rectify this fault if you insert a slash.插人一条斜线便可以纠正此错误。
30 preservative EQFxr     
n.防腐剂;防腐料;保护料;预防药
参考例句:
  • New timber should be treated with a preservative.新采的圆木应进行防腐处理。
  • Salt is a common food preservative.盐是一种常用的食物防腐剂。
31 decided lvqzZd     
adj.决定了的,坚决的;明显的,明确的
参考例句:
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
32 entrust JoLxh     
v.信赖,信托,交托
参考例句:
  • I couldn't entrust my children to strangers.我不能把孩子交给陌生人照看。
  • They can be entrusted to solve major national problems.可以委托他们解决重大国家问题。
33 alteration rxPzO     
n.变更,改变;蚀变
参考例句:
  • The shirt needs alteration.这件衬衣需要改一改。
  • He easily perceived there was an alteration in my countenance.他立刻看出我的脸色和往常有些不同。
34 merger vCJxG     
n.企业合并,并吞
参考例句:
  • Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
  • Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。
35 bankruptcy fPoyJ     
n.破产;无偿付能力
参考例句:
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
36 violation lLBzJ     
n.违反(行为),违背(行为),侵犯
参考例句:
  • He roared that was a violation of the rules.他大声说,那是违反规则的。
  • He was fined 200 dollars for violation of traffic regulation.他因违反交通规则被罚款200美元。
37 deterioration yvvxj     
n.退化;恶化;变坏
参考例句:
  • Mental and physical deterioration both occur naturally with age. 随着年龄的增长,心智和体力自然衰退。
  • The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。
38 consecutive DpPz0     
adj.连续的,联贯的,始终一贯的
参考例句:
  • It has rained for four consecutive days.已连续下了四天雨。
  • The policy of our Party is consecutive.我党的政策始终如一。
39 specified ZhezwZ     
adj.特定的
参考例句:
  • The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
  • It is generated by some specified means. 这是由某些未加说明的方法产生的。
40 convene QpSzZ     
v.集合,召集,召唤,聚集,集合
参考例句:
  • The Diet will convene at 3p.m. tomorrow.国会将于明天下午三点钟开会。
  • Senior officials convened in October 1991 in London.1991年10月,高级官员在伦敦会齐。
41 convened fbc66e55ebdef2d409f2794046df6cf1     
召开( convene的过去式 ); 召集; (为正式会议而)聚集; 集合
参考例句:
  • The chairman convened the committee to put the issue to a vote. 主席召集委员们开会对这个问题进行表决。
  • The governor convened his troops to put down the revolt. 总督召集他的部队去镇压叛乱。
42 fiscal agbzf     
adj.财政的,会计的,国库的,国库岁入的
参考例句:
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
43 convening 4d413e01efbc28ab0312f400ad5ce18a     
召开( convene的现在分词 ); 召集; (为正式会议而)聚集; 集合
参考例句:
  • When convening the assembly, however, you shall blow without sounding an alarm. 民10:7但招聚会众的时候、们要吹号、不要吹出大声。
  • We warmly welcome the convening of Asia-Europe meeting in London. 热烈欢迎亚欧会议在伦敦召开。
44 solely FwGwe     
adv.仅仅,唯一地
参考例句:
  • Success should not be measured solely by educational achievement.成功与否不应只用学业成绩来衡量。
  • The town depends almost solely on the tourist trade.这座城市几乎完全靠旅游业维持。
45 joint m3lx4     
adj.联合的,共同的;n.关节,接合处;v.连接,贴合
参考例句:
  • I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤,肩膀脫臼了。
  • We wrote a letter in joint names.我们联名写了封信。
46 jointly jp9zvS     
ad.联合地,共同地
参考例句:
  • Tenants are jointly and severally liable for payment of the rent. 租金由承租人共同且分别承担。
  • She owns the house jointly with her husband. 她和丈夫共同拥有这所房子。
47 cumulative LyYxo     
adj.累积的,渐增的
参考例句:
  • This drug has a cumulative effect.这种药有渐增的效力。
  • The benefits from eating fish are cumulative.吃鱼的好处要长期才能显现。
48 specify evTwm     
vt.指定,详细说明
参考例句:
  • We should specify a time and a place for the meeting.我们应指定会议的时间和地点。
  • Please specify what you will do.请你详述一下你将做什么。
49 interim z5wxB     
adj.暂时的,临时的;n.间歇,过渡期间
参考例句:
  • The government is taking interim measures to help those in immediate need.政府正在采取临时措施帮助那些有立即需要的人。
  • It may turn out to be an interim technology.这可能只是个过渡技术。
50 expiration bmSxA     
n.终结,期满,呼气,呼出物
参考例句:
  • Can I have your credit card number followed by the expiration date?能告诉我你的信用卡号码和它的到期日吗?
  • This contract shall be terminated on the expiration date.劳动合同期满,即行终止。
51 forth Hzdz2     
adv.向前;向外,往外
参考例句:
  • The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
  • He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。
52 interfere b5lx0     
v.(in)干涉,干预;(with)妨碍,打扰
参考例句:
  • If we interfere, it may do more harm than good.如果我们干预的话,可能弊多利少。
  • When others interfere in the affair,it always makes troubles. 别人一卷入这一事件,棘手的事情就来了。
53 dividends 8d58231a4112c505163466a7fcf9d097     
红利( dividend的名词复数 ); 股息; 被除数; (足球彩票的)彩金
参考例句:
  • Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
  • Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。
54 inviting CqIzNp     
adj.诱人的,引人注目的
参考例句:
  • An inviting smell of coffee wafted into the room.一股诱人的咖啡香味飘进了房间。
  • The kitchen smelled warm and inviting and blessedly familiar.这间厨房的味道温暖诱人,使人感到亲切温馨。
55 vacancy EHpy7     
n.(旅馆的)空位,空房,(职务的)空缺
参考例句:
  • Her going on maternity leave will create a temporary vacancy.她休产假时将会有一个临时空缺。
  • The vacancy of her expression made me doubt if she was listening.她茫然的神情让我怀疑她是否在听。
56 authorizes 716083de28a1fe3e0ba0233e695bce8c     
授权,批准,委托( authorize的名词复数 )
参考例句:
  • The dictionary authorizes the two spellings 'traveler' and 'traveller'. 字典裁定traveler和traveller两种拼法都对。
  • The dictionary authorizes the two spellings "honor" and "honour.". 字典裁定 honor 及 honour 两种拼法均可。
57 affiliate TVBzj     
vt.使隶(附)属于;n.附属机构,分公司
参考例句:
  • Our New York company has an affiliate in Los Angeles.我们的纽约公司在洛杉矶有一个下属企业。
  • What is the difference between affiliate and regular membership?固定会员和附属会员之间的区别是什么?
58 specialized Chuzwe     
adj.专门的,专业化的
参考例句:
  • There are many specialized agencies in the United Nations.联合国有许多专门机构。
  • These tools are very specialized.这些是专用工具。
59 audit wuGzw     
v.审计;查帐;核对;旁听
参考例句:
  • Each year they audit our accounts and certify them as being true and fair.他们每年对我们进行账务审核,以确保其真实无误。
  • As usual,the yearly audit will take place in December.跟往常一样,年度审计将在十二月份进行。
60 auditing JyVzib     
n.审计,查账,决算
参考例句:
  • Auditing standards are the rules governing how an audit is performed.收支检查标准是规则统治一个稽核如何被运行。
  • The auditing services market is dominated by a few large accounting firms.审计服务市场被几家大型会计公司独占了。
61 vice NU0zQ     
n.坏事;恶习;[pl.]台钳,老虎钳;adj.副的
参考例句:
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
62 preservation glnzYU     
n.保护,维护,保存,保留,保持
参考例句:
  • The police are responsible for the preservation of law and order.警察负责维持法律与秩序。
  • The picture is in an excellent state of preservation.这幅画保存得极为完好。
63 acting czRzoc     
n.演戏,行为,假装;adj.代理的,临时的,演出用的
参考例句:
  • Ignore her,she's just acting.别理她,她只是假装的。
  • During the seventies,her acting career was in eclipse.在七十年代,她的表演生涯黯然失色。
64 determined duszmP     
adj.坚定的;有决心的
参考例句:
  • I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
  • He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。
65 incentive j4zy9     
n.刺激;动力;鼓励;诱因;动机
参考例句:
  • Money is still a major incentive in most occupations.在许多职业中,钱仍是主要的鼓励因素。
  • He hasn't much incentive to work hard.他没有努力工作的动机。
66 accounting nzSzsY     
n.会计,会计学,借贷对照表
参考例句:
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
67 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
68 transparent Smhwx     
adj.明显的,无疑的;透明的
参考例句:
  • The water is so transparent that we can see the fishes swimming.水清澈透明,可以看到鱼儿游来游去。
  • The window glass is transparent.窗玻璃是透明的。
69 detailed xuNzms     
adj.详细的,详尽的,极注意细节的,完全的
参考例句:
  • He had made a detailed study of the terrain.他对地形作了缜密的研究。
  • A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。
70 implemented a0211e5272f6fc75ac06e2d62558aff0     
v.实现( implement的过去式和过去分词 );执行;贯彻;使生效
参考例句:
  • This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
  • The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革,经济就面临崩溃的危险。 来自辞典例句
71 evaluation onFxd     
n.估价,评价;赋值
参考例句:
  • I attempted an honest evaluation of my own life.我试图如实地评价我自己的一生。
  • The new scheme is still under evaluation.新方案还在评估阶段。
72 mechanism zCWxr     
n.机械装置;机构,结构
参考例句:
  • The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
  • The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。
73 supervision hr6wv     
n.监督,管理
参考例句:
  • The work was done under my supervision.这项工作是在我的监督之下完成的。
  • The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。
74 inspection y6TxG     
n.检查,审查,检阅
参考例句:
  • On random inspection the meat was found to be bad.经抽查,发现肉变质了。
  • The soldiers lined up for their daily inspection by their officers.士兵们列队接受军官的日常检阅。
75 plural c2WzP     
n.复数;复数形式;adj.复数的
参考例句:
  • Most plural nouns in English end in's '.英语的复数名词多以s结尾。
  • Here you should use plural pronoun.这里你应该用复数代词。
76 stipulating 58c3dca05f6ed665a9603096b93b9e85     
v.(尤指在协议或建议中)规定,约定,讲明(条件等)( stipulate的现在分词 );规定,明确要求
参考例句:
  • Shall we first sign a barter trade agreement stipulating the general terms and conditions? 我们先签一个易货贸易协议,规定一般性条款,行吗? 来自互联网
  • The other firm are stipulating for and early exchange of information regarding the contract. 作为协议条件,另一家公司坚持要求早日交换有关合同的信息。 来自互联网
77 assessment vO7yu     
n.评价;评估;对财产的估价,被估定的金额
参考例句:
  • This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
  • What is your assessment of the situation?你对时局的看法如何?
78 breach 2sgzw     
n.违反,不履行;破裂;vt.冲破,攻破
参考例句:
  • We won't have any breach of discipline.我们不允许任何破坏纪律的现象。
  • He was sued for breach of contract.他因不履行合同而被起诉。
79 entrusted be9f0db83b06252a0a462773113f94fa     
v.委托,托付( entrust的过去式和过去分词 )
参考例句:
  • He entrusted the task to his nephew. 他把这任务托付给了他的侄儿。
  • She was entrusted with the direction of the project. 她受委托负责这项计划。 来自《简明英汉词典》
80 awareness 4yWzdW     
n.意识,觉悟,懂事,明智
参考例句:
  • There is a general awareness that smoking is harmful.人们普遍认识到吸烟有害健康。
  • Environmental awareness has increased over the years.这些年来人们的环境意识增强了。
81 audited 046f25df2e99a79dbb3462bbbfa35bf2     
v.审计,查账( audit的过去式和过去分词 )
参考例句:
  • The accounts have to be audited by a firm of external auditors. 这些账目必须由一家外聘审计员的公司来稽查。 来自《简明英汉词典》
  • E. g. few if any charities collection publishes audited accounts. 例如很少义款收集有公布经过查核的帐目。 来自互联网
82 supplementary 0r6ws     
adj.补充的,附加的
参考例句:
  • There is a supplementary water supply in case the rain supply fails.万一主水源断了,我们另外有供水的地方。
  • A supplementary volume has been published containing the index.附有索引的增补卷已经出版。
83 brokers 75d889d756f7fbea24ad402e01a65b20     
n.(股票、外币等)经纪人( broker的名词复数 );中间人;代理商;(订合同的)中人v.做掮客(或中人等)( broker的第三人称单数 );作为权力经纪人进行谈判;以中间人等身份安排…
参考例句:
  • The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司,经销威士忌。 来自英汉文学 - 嘉莉妹妹
  • From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分
84 ministry kD5x2     
n.(政府的)部;牧师
参考例句:
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
85 ballot jujzB     
n.(不记名)投票,投票总数,投票权;vi.投票
参考例句:
  • The members have demanded a ballot.会员们要求投票表决。
  • The union said they will ballot members on whether to strike.工会称他们将要求会员投票表决是否罢工。
86 judgments 2a483d435ecb48acb69a6f4c4dd1a836     
判断( judgment的名词复数 ); 鉴定; 评价; 审判
参考例句:
  • A peculiar austerity marked his judgments of modern life. 他对现代生活的批评带着一种特殊的苛刻。
  • He is swift with his judgments. 他判断迅速。
87 interpretation P5jxQ     
n.解释,说明,描述;艺术处理
参考例句:
  • His statement admits of one interpretation only.他的话只有一种解释。
  • Analysis and interpretation is a very personal thing.分析与说明是个很主观的事情。
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