证券公司客户资产管理业务试行办法
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(单词翻译:双击或拖选)
 

中国证券监督管理委员会令第17号

Promulgated1 by the China Securities Regulatory Commission on 18 December 2003 and effective as of 1 February 2004.)

颁布日期:20031218  实施日期:20040201  颁布单位:中国证券监督管理委员会

  PART ONE GENERAL PROVISIONS

  Article 1 These Procedures have been formulated3 in accordance with the Securities Law and other relevant laws and administrative4 regulations in order to standardize5 the client asset management activities of securities companies, protect the lawful6 rights and interests of investors7 and maintain the order of securities market.

  Article 2 When engaging in client asset management business, a securities company shall comply with laws, administrative and the provisions of the China Securities Regulatory Commission (CSRC), and shall not act fraudulently against clients. These Procedures shall apply to securities companies that engage in client asset management business in the People's Republic of China.

  Article 3 When engaging in client asset management business, a securities company shall follow the principles of fairness and impartiality8, safeguard the lawful rights and interests of clients, act in good faith and with due diligence, and avoid conflict of interests.

  Article 4 To engage in client asset management business, a securities company shall apply to the CSRC for the qualifications for client asset management business in accordance with the provisions hereof. Securities companies that have not obtained the qualifications for client asset management business may not engage in client asset management business.

  Article 5 When engaging in client asset management business, a securities company shall conclude asset management contracts with clients in accordance with the provisions hereof, and shall operate the clients' assets and provide investment management services in relation to securities and other financial products in the format9 and according to the conditions, requirements and restrictions10 stipulated12 in the asset management contracts.

  Article 6 When engaging in client asset management business, a securities company shall implement13 centralized operation and management of internal departments and conclude asset management contracts with outside parties uniformly, and shall establish a department dedicated14 to client asset management business.

  Article 7 When engaging in client asset management business, a securities company shall establish a sound risk control system and rigorously separate its client asset management business from its other businesses.

  Article 8 Stock exchanges and securities registration15 and clearing institutions shall formulate2 their own special operational rules for issues relevant to the client asset management activities of securities companies and implement standardized16 and orderly self-regulation.

  Article 9 As the self-regulating organization for the securities industry, the Securities Association of China shall coordinate17 and guide the client asset management activities of securities companies and promote the healthy development of the industry.

  Article 10 The CSRC and its offices shall supervise and regulate the client asset management activities of securities companies in accordance with the provisions of laws, administrative regulations and these Provisions.

  PART TWO SCOPE OF BUSINESS AND BUSINESS QUALIFICATIONS

  Article 11

  Subject to the approval of the CSRC, a securities company may engage in the following client asset management businesses:

  1. undertake client-specific asset management businesses for single clients;

  2. undertake collective asset management businesses for multiple clients; and

  3. undertake specific-objective special asset management businesses for clients.

  Article 12 Where a securities company undertakes client-specific asset management business for a single client, it shall conclude a client-specific asset management contract with the client and provide asset management services to the client by means of the client‘s account.

  Article 13 Where a securities company undertakes collective asset management business for multiple clients, it shall establish a collective asset management scheme, conclude a collective asset management contract with the clients, hand over the clients‘ assets for custody18 of a commercial bank with the business qualifications for legal person custody of transaction clearing funds of clients or other institutions recognized by the CSRC, and provide asset management services to the clients by means of a dedicated account.

  Article 14 When undertaking19 collective asset management business, a securities company may establish restrictive collective asset management schemes and non-restrictive collective asset management schemes.

  The assets of restrictive collective asset management schemes shall be primarily invested in treasury20 bonds, major State construction bonds, bond-type securities investment funds, enterprise bonds listed on stock exchanges and other fixed21-income financial products of high credit and high liquidity22. Assets invested in equity23 securities such as stocks of high performance, high growth and high liquidity and in share-type securities investment funds shall not exceed 20% of the net asset value of the scheme and shall abide24 by the principle of diversification25 of investment risks.

  The investment scope of non-restrictive collective asset management schemes shall be stipulated in collective asset management contracts and shall not be subject to the restrictions stipulated in the preceding paragraph.

  Article 15 Where a securities company undertakes specific-objective special asset management business for a client, it shall conclude a special asset management contract and set an investment objective specifically tailored to the special requirements of the client and the specific circumstances of the assets, and provide asset management services to the client by means of a dedicated account.

  A securities company may undertake special asset management business by establishing a comprehensive collective asset management scheme.

  Article 16 A securities company that has obtained the qualifications for client asset management business may undertake client-specific asset management business. To undertake collective asset management business and special asset management business, it shall submit separate applications to the CSRC for each of these businesses in accordance with the provisions hereof.

  Article 17 To engage in client asset management business, a securities company shall meet the following conditions:

  1. it is determined26 by the CSRC as a comprehensive securities company;

  2. it has a net capital of not less than Rmb 200 million, and satisfies the provisions of the CSRC regarding various risk control indexes of comprehensive securities companies;

  3. its client asset management personnel have securities business qualifications and have no record of misconduct, and at least five of them have three or more years of experience in securities business on own account, asset management or securities investment fund management;

  4. it has a good legal person governance structure and a sound internal control and risk management system, which are effectively implemented27

  5. it has not been subjected to administrative penalty or criminal punishment in the most recent year; and

  6. other conditions specified28 by the CSRC.

  Article 18 To apply for the qualifications for client asset management business, a securities company shall submit the following materials to the CSRC:

  1. an application;

  2. photocopies29 of the Securities Business Permit and Enterprise Legal Person Business Licence;

  3. a calculation schedule of the net capital and the financial statements of the most recent period audited31 by an accounting32 firm with the securities-related business qualifications;

  4. the registration forms of the senior management personnel to be in charge of client asset management business;

  5. the list of names and résumés of the client asset management personnel and personnel responsible for risk control, and photocopies of their securities business qualification certificates and identity documents;

  6. a certificate issued by the applicant33 certifying34 that its client asset management personnel have no record of misconduct;

  7. the documentation of its internal control and risk management system and an internal control assessment35 report issued by an accounting firm with the securities-related business qualifications;

  8. a business plan and operational procedures for client asset management business; and

  9. other materials required by the CSRC.

  Article 19 The CSRC shall examine the application materials of a securities company and render a decision on whether or not to approve the application in accordance with the provisions of laws, administrative regulations and these Procedures, and shall notify the applicant in writing.

  Article 20 To undertake collective asset management business and establish a collective asset management scheme, a securities company shall meet the following requirements in addition to meeting the conditions stipulated in Article 17 hereof and obtaining the qualifications for client asset management business:

  1. it has a sound legal person governance structure and a sound internal control and risk management system, which are effectively implemented;

  2. to establish a restrictive collective asset management scheme, the net capital shall not be less than Rmb 300 million; to establish a non-restrictive collective asset management scheme, the net capital shall not be less than Rmb 500 million;

  3. it has not misappropriated client transaction clearing funds and other assets of clients in the most recent year; and

  4. other conditions stipulated by the CSRC.

  Article 21 To establish a restrictive collective asset management scheme, a securities company shall report to the CSRC for record filing in advance. To establish a non-restrictive collective asset management scheme, it shall apply to the CSRC for approval.

  Article 22 To apply for establishment of a collective asset management scheme, a securities company shall submit the following materials to the CSRC:

  1. a record filing report or an application;

  2. the prospectus36 of the collective asset management scheme;

  3. the draft text of the collective asset management contract;

  4. the asset custody agreement;

  5. the promotion37 proposal and promotion agency agreement;

  6. a special statement on the measures for prevention of conflict of interests and for risk control in the operation of the collective asset management scheme;

  7. the registration forms of the senior management personnel and personnel to be in charge of the investment management of the collective asset management scheme;

  8. a calculation schedule of the net capital and the financial statements of the most recent period audited by an accounting firm with the securities-related business qualifications; and

  9. other materials required by the CSRC.

  Article 23 The CSRC shall examine the applications of securities companies for undertaking collective asset management business and establishment of collective asset management schemes in accordance with the provisions of laws, administrative regulations and these Procedures.

  The CSRC may, pursuant to the principle of prudent38 regulation, organize assessment by experts of the applications for undertaking collective asset management business and establishment of collective asset management schemes.

  Article 24 The CSRC shall conduct verification of the compliance39 of the record filing materials for establishing a restrictive collective asset management scheme, and shall issue to the securities company a written opinion on whether it has any objection. The securities company may promote the collective asset management scheme that it has submitted for record filing only if the CSRC has no objection to the scheme.

  Article 25 The CSRC shall conduct a comprehensive examination and verification of the application materials for establishing a non-restrictive collective asset management scheme and render a decision on whether or not to approve the application, and shall notify the applicant in writing.

  Article 26 The application materials submitted by a securities company to the CSRC for qualifications for client asset management business and the record filing and application materials submitted for establishing collective asset management schemes shall, at the same time, be copied to the local office of the CSRC at the place of registration.

  PART THREE BASIC OPERATION STANDARDS

  Article 27 When conducting client asset management business, a securities company shall, in accordance with the provisions of laws, administrative regulations and these Provisions, conclude written asset management contracts with clients to expressly stipulate11 the rights and obligations of both parties and the related matters.

  An asset management contract shall include the following basic particulars:

  1. the type and quantity of the client's assets;

  2. the investment scope, investment restrictions and investment ratio;

  3. the investment objective and the term of management;

  4. the method and the authority limit for the management of the client's assets;

  5. disclosure of various types of risks;

  6. the manner in which information of client asset management is to be provided and accessed;

  7. the rights and obligations of the parties;

  8. the method of calculating management fees and the method of payment;

  9. the manner in which other charges in connection with the management of the client's assets are to be withdrawn40 and paid;

  10. the terms and procedures for dissolution and termination of contract, and the matters on the settlement and return of the client's assets;

  11. the liability for breach41 of contract and the methods of resolving disputes; and

  12. other particulars specified by the CSRC.

  Article 28 In addition to meeting the requirements stipulated in the preceding article, a collective asset management contract shall also stipulate on matters such as the conditions and the date for the commencement of operation of the collective asset management scheme, the duties of the asset custodian42 institution, the form and charges of the custody, the estimation of net asset value of the client's assets, and the confirmation43 and distribution of investment gains.

  A collective asset management contract shall be signed by the securities company, the asset custodian institution and the individual client.

  Article 29 Where a securities company undertakes client-specific asset management business, the net asset value of the assets accepted from any single client shall not be less than Rmb 1 million.

  Article 30 A securities company may only accept assets in monetary44 form when undertaking collective asset management business.

  Where the securities company establishes a restrictive collective asset management scheme, the amount of funds received from a single client shall not be less than Rmb 50,000. Where the securities company establishes a non-restrictive collective asset management scheme, the amount of funds received from a single client shall not be less than Rmb 100,000.

  Article 31 A securities company shall divide a collective asset management scheme into equal shares. A client shall enjoy the interests and bear the risks in proportion to the shares it owns in the collective asset management scheme, unless stipulated otherwise in accordance with the second paragraph of Article 33 hereof.

  Article 32 A securities company that establishes a collective asset management scheme may specify45 the term of the scheme or may choose not to do so.

  A collective asset management contract shall expressly stipulate the time, manner, price and procedures in relation to the participation46 in and withdrawal47 from the collective asset management scheme of clients.

  A client that participates in a collective asset management scheme may not transfer the shares it owns unless stipulated otherwise by laws or administrative regulations.

  Article 33 A securities company may use its own funds to participate in a collective asset management scheme established by itself, but it shall not withdraw its invested funds during the term of the collective asset management scheme.

  A securities company that uses its own funds to participate in a collective asset management scheme established by itself shall stipulate in the collective asset management contract the amount of funds it invests and the liability to be borne.

  The funds invested by the securities company shall be deducted48 correspondingly in calculating the company‘s net capital according to the liability borne by it.

  Article 34 A securities company may promote a collective asset management scheme on its own or appoint another securities company or commercial bank to promote the scheme on its behalf.

  A client shall have already been a client of the securities company or other promotion institutions prior to its participation in the collective asset management scheme.

  Article 35 Where a securities company establishes a collective asset management scheme, it shall complete the establishment work and commence investment operation within 60 days of the date on which the CSRC issues a no-objection opinion or renders an approval decision.

  Prior to the completion of the establishment of a collective asset management scheme, the participating funds of clients may only be deposited in the asset custodian institution, and shall not be used.

  Article 36 Where a securities company carries out investment operation for a collective asset management scheme by engaging in securities transactions on a stock exchange, it shall centralize all deals from a fixed seat and shall file a record with the stock exchange and the securities registration and clearing institution.

  The securities in the assets of a collective asset management scheme shall not be used for repurchase.

  Article 37 The investment by a securities company of the clients' assets under its management in the securities issued by a company shall not exceed 10% of the total quantity of the securities issued in terms of face value.

  The investment of a collective asset management scheme in the securities issued by a company shall not exceed 10% of the net asset value of that scheme.

  Article 38 If a securities company invests a client's assets under its management in the securities issued by the company itself, an asset custodian institution, or by a company with which it or the asset custodian institution has a relationship of affiliated49 parties, it shall obtain the consent of the client beforehand and notify the asset custodian institution and the client subsequently, and shall at the same time report to the stock exchange.

  Where a securities company undertakes collective asset management business, the funds invested by a single collective asset management scheme in the securities mentioned in the preceding paragraph shall not exceed 3% of the net asset value of that collective asset management scheme.

  Article 39 Where a securities company undertakes client-specific asset management business, the client shall, on its own, exercise the rights pertaining50 to the securities it holds and perform the corresponding obligations.

  Where a securities company invests a client's assets under client-specific asset management business in the shares of a listed company, and the client is required to perform the obligations of announcement, reporting and takeover by offer as stipulated by laws, administrative regulations and the provisions of the CSRC, it shall promptly51 notify the relevant client and procure52 the client's performance of the corresponding obligation. If the client refuses to perform the obligation, the securities company shall report the matter to the stock exchange.

  Article 40 A securities company shall exercise the rights and perform the corresponding obligations in respect of the securities owned by a collective asset management scheme on behalf of its clients.

  Article 41 When a securities company engages in client asset management business, it shall not:

  1. misappropriate the assets of clients;

  2. undertake to a client that the principal of its assets will not suffer losses or that a minimum yield will be obtained;

  3. mislead or induce a client by fraudulent means or other inappropriate methods;

  4. mix the operation of its client asset management business with that of other businesses;

  5. carry out trading between its own account and an asset management account or between different asset management accounts for the purposes of transferring the gains or losses of asset management accounts, thereby53 causing harm to the interests of its clients;

  6. carry out transaction on its own account in priority to its asset management business, thereby causing harm to the interests of its clients;

  7. use the assets of its clients to carry out unnecessary securities transactions for the purposes of obtaining commissions or other interests;

  8. engage in insider trading or manipulate the market;

  9. carry out other acts prohibited by laws, administrative regulations and the provisions of the CSRC.

  Article 42 When a securities company undertakes collective asset management business, it shall comply with the following provisions in addition to those stipulated in the preceding article:

  1. the assets of the collective asset management scheme may not be used for capital lending at call, loans, mortgage for financing or security to outside parties; and

  2. the assets of the collective asset management scheme may not be used in investment that may incur54 unlimited55 liability.

  PART FOUR RISK CONTROL AND CUSTODY OF CLIENTS' ASSETS

  Article 43 When a securities company undertakes client asset management business, it shall expressly stipulate in the asset management contract that the investment risks shall be borne by the client itself.

  Article 44 A securities company shall truthfully disclose to the clients its qualifications for asset management business, management capacity and business performance, etc., and shall fully56 disclose the market risks, the legal risks that the client may incur if the securities company loses its qualifications for client asset management business, and other investment risks.

  When a securities company briefs a client on investment yield projection57, it must act in good faith and provide a full and reasonable basis, and shall make a special statement in writing, which states that such projection is for reference of the client only, and does not constitute an undertaking of the securities company that the principal of the clients' assets will not suffer losses or that a minimum investment yield will be obtained.

  Article 45 Before concluding an asset management contract with a client, a securities company shall seek the basic information of the client, such as its assets and income, risk tolerance58 capacity and investment preference, and the client shall truthfully provide the relevant information.

  Where a securities company establishes a collective asset management scheme, it shall clearly define the criteria59 for clients and the scope of promotion of the collective asset management scheme. The clients participating in the collective asset management scheme shall have the corresponding financial investment experience and risk tolerance capacity.

  Article 46 A client shall give an undertaking on the legality of the sources and uses of its assets. If the client has not given such undertaking or the securities company knows that the sources or uses of the assets are illegal, no asset management contract shall be concluded.

  No one shall illegally pool the funds of other parties to participate in a collective asset management scheme.

  Article 47 Securities companies and other promotion institutions shall adopt effective measures so that the clients understand the characteristics and risks of the collective asset management scheme and the rights and obligations of the clients in detail, but they shall not promote the collective asset management scheme through radio broadcast, television, newspapers and periodicals, and other mass media.

  Article 48 A securities company shall, at least once every three months, provide an accurate and complete asset management report to its clients, which gives a detailed60 statement on the allocation of the clients' assets and change in valuation, etc. during the reporting period.

  A securities company shall ensure that information on the allocation of the clients' assets and other information can be accessed by its clients in such time and manner as stipulated in the asset management contract. When a major matter stipulated in the asset management contract that may affect the interests of the clients arises, the securities company shall notify the clients in a timely manner.

  Article 49 When a securities company undertakes client-specific asset management business, it shall ensure that the client's assets are independent from its own assets and the assets of other clients, and shall set up separate accounts for the assets of different clients, and carry out independent accounting and management on separate accounts.

  Article 50 When a securities company undertakes collective asset management business, it shall ensure that the assets of the collective asset management scheme are independent from its own assets, the assets of other clients and the assets of other collective asset management schemes, and shall set up separate accounts, and carry out independent accounting and management on separate accounts.

  Article 51 When a securities company undertakes client-specific asset management business, it shall manage the monetary funds in the clients' assets in accordance with the provisions of the CSRC. If a client so requests, the securities company shall hand over the client's assets for custody of an asset custodian institution.

  Article 52 When a securities company undertakes collective asset management business, it shall hand over the assets of the collective asset management scheme for custody of an asset custodian institution.

  The securities company and the asset custodian institution shall open separate securities account and funds account for the collective asset management scheme. The name of the securities account shall indicate the names of the securities company and the collective asset management scheme, and other particulars.

  Article 53 An asset custodian institution shall have a department dedicated to the custodian business for the assets of collective asset management schemes, and shall rigorously separate the assets of the collective asset management schemes in its custody from its own assets and the other assets under its management.

  Article 54 An asset custodian institution shall perform the following duties when undertaking custodian business for a collective asset management scheme:

  1. maintain safe custody of the assets of the collective asset management scheme;

  2. execute the investment or clearing instructions of the securities company and be responsible for handling the fund transactions in connection with the asset operation of the collective asset management scheme;

  3. supervise the securities company's operation of the collective asset management scheme and, if it discovers that an investment or clearing instruction of the securities company violates laws, administrative regulations, provisions of the CSRC or the stipulations of the collective asset management contract, it shall demand rectification61; if the securities company fails to carry out rectification, it shall refuse to execute the instruction and shall report the matter to the CSRC;

  4. issue an asset custody report; and

  5. other matters stipulated in the collective asset management contract.

  Article 55 An asset custodian institution has the right to inquire the operation of the collective asset management scheme at any time and shall periodically verify the conditions of the assets of the collective asset management scheme in order to prevent misappropriation or loss.

  Article 56 If an asset management contract shall be terminated upon the expiration62 of the term of investment management stipulated in the client-specific asset management contract or the occurrence of other causes stipulated in the contract, the securities company must, after deduction63 of the charges stipulated in the contract, return all the assets in the account of the client back to the client for its own management.

  If the operation of a collective asset management scheme shall be terminated upon the expiration of the term of investment management stipulated in the collective management contract or the occurrence of other causes stipulated in the contract, the securities company and the asset custodian institution must, after deduction of the charges stipulated in the contract, distribute, in the form of monetary funds, all the assets of the collective asset management scheme to the clients in proportion to the shares they own or as stipulated in the collective asset management contract, and shall cancel the securities account and the funds account.

  PART FIVE REGULATORY MEASURES AND LEGAL LIABILITY

  Article 57 If a securities company is under investigation64 by the CSRC for suspected violation65 of laws and regulations, the CSRC shall not accept its application for qualifications for client asset management business and record filing or application for establishing collective asset management schemes for the time being. If such filing or application is already accepted, examination and verification thereof shall be suspended.

  Article 58 A securities company shall formulate an internal inspection66 system for the operation of client asset management business and shall periodically conduct self-inspection.

  A securities company shall prepare a client asset management business report on a quarterly basis, and submit the same to the CSRC and the office of the CSRC at the place of registration for record filing.

  Article 59 When a securities company promotes a collective asset management scheme, it shall make the official promotional documents such as the collective asset management contract and the prospectus of the collective asset management scheme available at the business sites in which the securities company and other promotion institutions promote the collective asset management scheme, and shall submit such documents to the office of the CSRC at the place of registration and the place where the promotion site is located.

  The securities company shall, within five working days of the completion of the establishment work of the collective asset management scheme, report the details of the establishment of the collective asset management scheme to the CSRC and the office of the CSRC at the place of registration for record filing.

  Article 60 When a securities company carries out annual audit30, it shall at the same time carry out audit of the operation of the client asset management business, and shall request an accounting firm to issue a separate audit opinion for each collective asset management scheme.

  The securities company shall submit the audit results to the CSRC and the office of the CSRC at the place of registration for record filing, and shall provide the separate audit opinions of each collective asset management scheme to the clients and the asset custodian institution.

  Article 61 A securities company and an asset custodian institution shall keep the account books of the client asset management business in accordance with the provisions of the relevant laws and administrative regulations, and shall duly keep the related contracts, agreements, transaction records and other documents and information.

  The period for keeping shall not be less than 15 years from the date of termination of the asset management contract.

  Article 62 The CSRC and its offices shall carry out periodic or ad hoc inspection on the client asset management business of securities companies and asset custodian institutions. Securities companies and asset custodian institutions shall cooperate with such inspection.

  If the senior management personnel, the directly responsible personnel in charge and other directly responsible personnel of a securities company or an asset custodian institution violate the provisions hereof, the CSRC and its offices shall, according to the circumstances, impose administrative regulatory measures on such personnel, including oral reminder67, suspension of performance of duties, demerit record in the credit file and recognition as unsuitable for the relevant position.

  Article 63 If a securities company, an asset custodian institution and their directly responsible personnel in charge and other directly responsible personnel engage in client asset management business in violation of the provisions hereof, the CSRC and its offices shall impose administrative penalty in accordance with these Procedures. Where there are other provisions in laws and administrative regulations, administrative penalty shall be imposed in accordance with the relevant provisions. Where the case is serious and a criminal offence is suspected, the case shall be transferred to the judicial68 authorities for pursuance of criminal liability.

  If a securities company, an asset custodian institution and their directly responsible personnel in charge and other directly responsible personnel harm the lawful interests of clients when engaging in client asset management business, such company, institution and personnel shall bear civil liability in accordance with the law.

  Article 64 If a securities company, in violation of the provisions hereof, conducts client asset management business without authorization69, it shall be ordered to rectify70 the matter and be subjected to warning and fine.

  Warnings and fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel, and their qualifications for senior management personnel or securities business qualifications shall be revoked71 in accordance with the law.

  Article 65 If a securities company is in any of the following circumstances when engaging in client asset management business, it shall rectify the matter on its own initiative. If it fails to rectify the matter, it shall be ordered to carry out rectification. If it refuses to rectify the matter, its client asset management business shall be suspended, and a warning and/or a fine shall be imposed. If the case is serious, its qualifications for client asset management business shall be revoked in accordance with the law:

  1. failure to handle the custody of the clients' assets in accordance with the provisions hereof;

  2. failure to make the relevant materials available at its business sites or submit such materials to the CSRC and the office of the CSRC at the place of registration in accordance with the provisions hereof;

  3. appointing other institutions or individuals to promote a collective asset management scheme on its behalf in violation of Article 34 hereof;

  4. using the participation funds of clients before it completes the establishment of a collective asset management scheme in violation of Article 35 hereof;

  5. failure to carry out transaction from a fixed seat or using the securities in a collective asset management scheme for repurchase in violation of Article 36 hereof;

  6. carrying out investment beyond the investment scope and proportion in violation of Articles 14 and 37 hereof;

  7. engaging in a transaction with an affiliated party without following the stipulated procedures or beyond the proportion in violation of Article 38 hereof;

  8. failure to perform its notification and reporting obligations according to Article 39 hereof;

  9. carrying out an act prohibited by Article 41 or 42 hereof;

  10. concluding an asset management contract with clients in violation of Article 46 hereof;

  11. promoting a collective asset management scheme in violation of Article 47 hereof;

  12. failure to keep the relevant materials according to Article 61 hereof;

  13. failure to cooperate with the supervision72 and inspection of the CSRC and its offices according to Article 62 hereof; or

  14. carrying out other acts in violation of the provisions hereof.

  Warnings and/or fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel. If the case is serious, their qualifications for senior management personnel or their securities business qualifications shall be revoked in accordance with the law.

  Article 66 If an asset custodian institution that engages in client asset management business is in any of the following circumstances, it shall be ordered to rectify the matter, and a warning and/or a fine shall be imposed:

  1. failure to manage the assets of a collective asset management scheme or perform its custodian duties according to Article 53 or 54 hereof;

  2. failure to keep the relevant materials according to Article 61 hereof; or

  3. failure to cooperate with the supervision and inspection of the CSRC and its offices according to Article 62 hereof.

  Warnings and/or fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel. If the case is serious, their securities business qualifications shall be revoked in accordance with the law.

  Article 67 If any other promotion institution promotes a collective asset management scheme in violation of Article 47 hereof, it shall be ordered to rectify the matter, and a warning and a fine shall be imposed.

  Warnings and/or fines shall be imposed on the directly responsible personnel in charge and other directly responsible personnel. If the case is serious, their securities business qualifications shall be revoked in accordance with the law.

  Article 68 If the client asset management business of a securities company is suspended by the CSRC for violation of laws and regulation in its operation or for non-compliance of its relevant financial indexes with the provisions of the CSRC, no new asset management contract may be concluded during the period of the suspension. If the qualifications for client asset management business of the securities company is revoked by the CSRC in accordance with the law, the securities company shall cease asset management activities and handle the matters in relation to termination of contracts in accordance with Article 56 hereof.

  PART SIX SUPPLEMENTARY73 PROVISIONS

  Article 69 For the purposes of these Procedures, the term “custody” means the taking of clients' assets into custody and the handling of such matters as interest registration, title transfer, funds transfer and supervision of operation in relation to such assets by an asset custodian institution upon entrustment74 of a securities company and its clients.

  For the purposes of these Procedures, “relationship of affiliated parties” bears the meaning of the same term in the Ministry75 of Finance, Enterprise Accounting Guidelines – Disclosure of Relationships and Transactions Between Affiliated Parties.

  Article 70 The qualifications for entrusted76 investment management business of a securities company verified and approved by the CSRC prior to the implementation77 of these Procedures shall continue to be valid78, and shall automatically become qualifications for client asset management business as of the date of implementation of these Procedures.

  Article 71 If the entrusted investment management business conducted by a securities company prior to the implementation of these Procedures does not comply with the relevant provisions hereof, such business shall be regulated according to these Procedures.

  Article 72 Other institutions approved by the CSRC to engage in client asset management business shall handle matters in accordance with these Procedures.

  Article 73 These Procedures shall be implemented as of 1 February 2004. The Regulating the Entrusted Investment Management Business of Securities Companies Circular (Zhengjian Jigou Zi [2001] No. 265) and the Issues Relevant to Securities Companies Engaging in Collective Entrusted Investment Management Business Circular (Zhengjian Jigou Zi [2003] No. 107) of the CSRC shall be simultaneously79 repealed80.



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1 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
2 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。
3 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》
4 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。
5 standardize UuMwl     
v.使符合标准,使标准化
参考例句:
  • We will extend and standardize legal services and provide effective legal aid.拓展和规范法律服务,积极开展法律援助。
  • There is a drive both to standardise components and to reduce the number of models on offer.正在为实现零部件标准化和减少推出的型号数量而努力。
6 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。
7 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
8 impartiality 5b49bb7ab0b3222fd7bf263721e2169d     
n. 公平, 无私, 不偏
参考例句:
  • He shows impartiality and detachment. 他表现得不偏不倚,超然事外。
  • Impartiality is essential to a judge. 公平是当法官所必需的。
9 format giJxb     
n.设计,版式;[计算机]格式,DOS命令:格式化(磁盘),用于空盘或使用过的磁盘建立新空盘来存储数据;v.使格式化,设计,安排
参考例句:
  • Please format this floppy disc.请将这张软盘格式化。
  • The format of the figure is very tasteful.该图表的格式很雅致。
10 restrictions 81e12dac658cfd4c590486dd6f7523cf     
约束( restriction的名词复数 ); 管制; 制约因素; 带限制性的条件(或规则)
参考例句:
  • I found the restrictions irksome. 我对那些限制感到很烦。
  • a snaggle of restrictions 杂乱无章的种种限制
11 stipulate shhyP     
vt.规定,(作为条件)讲定,保证
参考例句:
  • International rules stipulate the number of foreign entrants.国际规则规定了外国参赛者的人数。
  • Some manufacturers stipulate the price at which their goods are to be sold.有些制造商规定出售他们生产的商品的价格。
12 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
13 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。
14 dedicated duHzy2     
adj.一心一意的;献身的;热诚的
参考例句:
  • He dedicated his life to the cause of education.他献身于教育事业。
  • His whole energies are dedicated to improve the design.他的全部精力都放在改进这项设计上了。
15 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?
16 standardized 8hHzgs     
adj.标准化的
参考例句:
  • We use standardized tests to measure scholastic achievement. 我们用标准化考试来衡量学生的学业成绩。
  • The parts of an automobile are standardized. 汽车零件是标准化了的。
17 coordinate oohzt     
adj.同等的,协调的;n.同等者;vt.协作,协调
参考例句:
  • You must coordinate what you said with what you did.你必须使你的言行一致。
  • Maybe we can coordinate the relation of them.或许我们可以调和他们之间的关系。
18 custody Qntzd     
n.监护,照看,羁押,拘留
参考例句:
  • He spent a week in custody on remand awaiting sentence.等候判决期间他被还押候审一个星期。
  • He was taken into custody immediately after the robbery.抢劫案发生后,他立即被押了起来。
19 undertaking Mfkz7S     
n.保证,许诺,事业
参考例句:
  • He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
  • He is too timid to venture upon an undertaking.他太胆小,不敢从事任何事业。
20 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
21 fixed JsKzzj     
adj.固定的,不变的,准备好的;(计算机)固定的
参考例句:
  • Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗?
  • Once the aim is fixed,we should not change it arbitrarily.目标一旦确定,我们就不应该随意改变。
22 liquidity VRXzb     
n.流动性,偿债能力,流动资产
参考例句:
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
23 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
24 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。
25 diversification 8scxf     
n.变化,多样化;多种经营
参考例句:
  • The seminar was to discuss diversification of agriculture. 该研讨会讨论的是农业多种经营。 来自辞典例句
  • Firm diversification is increasingly achieved by the means of takeover and merger. 通过接管和兼并,厂商经营范围日益多样化。 来自辞典例句
26 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。
27 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
28 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。
29 photocopies daaea05efcdbfc28dc1b5d7b176a0b3b     
n.影印本( photocopy的名词复数 );复印件
参考例句:
  • Make as many photocopies as you need. 你需要多少复印件就复印多少吧。
  • I made two photocopies of the report. 我把这份报告影印了两份。 来自《简明英汉词典》
30 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。
31 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
32 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。
33 applicant 1MlyX     
n.申请人,求职者,请求者
参考例句:
  • He was the hundredth applicant for the job. 他是第100个申请这项工作的人。
  • In my estimation, the applicant is well qualified for this job. 据我看, 这位应征者完全具备这项工作的条件。
34 certifying fb18ddb0ac22a2a37ae82d54cdb1d1e7     
(尤指书面)证明( certify的现在分词 ); 发证书给…; 证明(某人)患有精神病; 颁发(或授予)专业合格证书
参考例句:
  • Signed Commercial in quintuplicate, certifying merchandise to be of Chinese origin. 签署商业发票一式五份,证明产品的原产地为中国。
  • Other documents certifying the truthfulness of the contents of the advertisements. (三)确认广告内容真实性的其他证明文件。
35 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?
36 prospectus e0Hzm     
n.计划书;说明书;慕股书
参考例句:
  • An order form was included with the prospectus.订单附在说明书上。
  • The prospectus is the most important instrument of legal document.招股说明书是上市公司信息披露制度最重要法律文件。
37 promotion eRLxn     
n.提升,晋级;促销,宣传
参考例句:
  • The teacher conferred with the principal about Dick's promotion.教师与校长商谈了迪克的升级问题。
  • The clerk was given a promotion and an increase in salary.那个职员升了级,加了薪。
38 prudent M0Yzg     
adj.谨慎的,有远见的,精打细算的
参考例句:
  • A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
  • You must school yourself to be modest and prudent.你要学会谦虚谨慎。
39 compliance ZXyzX     
n.顺从;服从;附和;屈从
参考例句:
  • I was surprised by his compliance with these terms.我对他竟然依从了这些条件而感到吃惊。
  • She gave up the idea in compliance with his desire.她顺从他的愿望而放弃自己的主意。
40 withdrawn eeczDJ     
vt.收回;使退出;vi.撤退,退出
参考例句:
  • Our force has been withdrawn from the danger area.我们的军队已从危险地区撤出。
  • All foreign troops should be withdrawn to their own countries.一切外国军队都应撤回本国去。
41 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。
42 custodian 7mRyw     
n.保管人,监护人;公共建筑看守
参考例句:
  • Benitez believes his custodian is among the top five in world football.贝尼特斯坚信他的门将是当今足坛最出色的五人之一。
  • When his father died his uncle became his legal custodian.他父亲死后,他叔叔成了他的法定监护人。
43 confirmation ZYMya     
n.证实,确认,批准
参考例句:
  • We are waiting for confirmation of the news.我们正在等待证实那个消息。
  • We need confirmation in writing before we can send your order out.给你们发送订购的货物之前,我们需要书面确认。
44 monetary pEkxb     
adj.货币的,钱的;通货的;金融的;财政的
参考例句:
  • The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
  • Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
45 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。
46 participation KS9zu     
n.参与,参加,分享
参考例句:
  • Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
  • The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。
47 withdrawal Cfhwq     
n.取回,提款;撤退,撤军;收回,撤销
参考例句:
  • The police were forced to make a tactical withdrawal.警方被迫进行战术撤退。
  • They insisted upon a withdrawal of the statement and a public apology.他们坚持要收回那些话并公开道歉。
48 deducted 0dc984071646e559dd56c3bd5451fd72     
v.扣除,减去( deduct的过去式和过去分词 )
参考例句:
  • The cost of your uniform will be deducted from your wages. 制服费将从你的工资中扣除。
  • The cost of the breakages will be deducted from your pay. 损坏东西的费用将从你的工资中扣除。 来自《简明英汉词典》
49 affiliated 78057fb733c9c93ffbdc5f0ed15ef458     
adj. 附属的, 有关连的
参考例句:
  • The hospital is affiliated with the local university. 这家医院附属于当地大学。
  • All affiliated members can vote. 所有隶属成员都有投票权。
50 pertaining d922913cc247e3b4138741a43c1ceeb2     
与…有关系的,附属…的,为…固有的(to)
参考例句:
  • Living conditions are vastly different from those pertaining in their country of origin. 生活条件与他们祖国大不相同。
  • The inspector was interested in everything pertaining to the school. 视察员对有关学校的一切都感兴趣。
51 promptly LRMxm     
adv.及时地,敏捷地
参考例句:
  • He paid the money back promptly.他立即还了钱。
  • She promptly seized the opportunity his absence gave her.她立即抓住了因他不在场给她创造的机会。
52 procure A1GzN     
vt.获得,取得,促成;vi.拉皮条
参考例句:
  • Can you procure some specimens for me?你能替我弄到一些标本吗?
  • I'll try my best to procure you that original French novel.我将尽全力给你搞到那本原版法国小说。
53 thereby Sokwv     
adv.因此,从而
参考例句:
  • I have never been to that city,,ereby I don't know much about it.我从未去过那座城市,因此对它不怎么熟悉。
  • He became a British citizen,thereby gaining the right to vote.他成了英国公民,因而得到了投票权。
54 incur 5bgzy     
vt.招致,蒙受,遭遇
参考例句:
  • Any costs that you incur will be reimbursed in full.你的所有花费都将全额付还。
  • An enterprise has to incur certain costs and expenses in order to stay in business.一个企业为了维持营业,就不得不承担一定的费用和开支。
55 unlimited MKbzB     
adj.无限的,不受控制的,无条件的
参考例句:
  • They flew over the unlimited reaches of the Arctic.他们飞过了茫茫无边的北极上空。
  • There is no safety in unlimited technological hubris.在技术方面自以为是会很危险。
56 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。
57 projection 9Rzxu     
n.发射,计划,突出部分
参考例句:
  • Projection takes place with a minimum of awareness or conscious control.投射在最少的知觉或意识控制下发生。
  • The projection of increases in number of house-holds is correct.对户数增加的推算是正确的。
58 tolerance Lnswz     
n.宽容;容忍,忍受;耐药力;公差
参考例句:
  • Tolerance is one of his strengths.宽容是他的一个优点。
  • Human beings have limited tolerance of noise.人类对噪音的忍耐力有限。
59 criteria vafyC     
n.标准
参考例句:
  • The main criterion is value for money.主要的标准是钱要用得划算。
  • There are strict criteria for inclusion in the competition.参赛的标准很严格。
60 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。
61 rectification NUwx3     
n. 改正, 改订, 矫正
参考例句:
  • The process of producing a shift of the average value is called rectification. 产生平均值移动的过程叫做整流。
  • This effect, in analogy to its radiofrequency counterpart, is known as optical rectification. 同它的射频对应物相仿,这种现象称为光学整流。
62 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。
63 deduction 0xJx7     
n.减除,扣除,减除额;推论,推理,演绎
参考例句:
  • No deduction in pay is made for absence due to illness.因病请假不扣工资。
  • His deduction led him to the correct conclusion.他的推断使他得出正确的结论。
64 investigation MRKzq     
n.调查,调查研究
参考例句:
  • In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
  • He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。
65 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。
66 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。
67 reminder WkzzTb     
n.提醒物,纪念品;暗示,提示
参考例句:
  • I have had another reminder from the library.我又收到图书馆的催还单。
  • It always took a final reminder to get her to pay her share of the rent.总是得发给她一份最后催缴通知,她才付应该交的房租。
68 judicial c3fxD     
adj.司法的,法庭的,审判的,明断的,公正的
参考例句:
  • He is a man with a judicial mind.他是个公正的人。
  • Tom takes judicial proceedings against his father.汤姆对他的父亲正式提出诉讼。
69 authorization wOxyV     
n.授权,委任状
参考例句:
  • Anglers are required to obtain prior authorization from the park keeper.垂钓者必须事先得到公园管理者的许可。
  • You cannot take a day off without authorization.未经批准你不得休假。
70 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。
71 revoked 80b785d265b6419ab99251d8f4340a1d     
adj.[法]取消的v.撤销,取消,废除( revoke的过去式和过去分词 )
参考例句:
  • It may be revoked if the check is later dishonoured. 以后如支票被拒绝支付,结算可以撤销。 来自辞典例句
  • A will is revoked expressly. 遗嘱可以通过明示推翻。 来自辞典例句
72 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。
73 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。
74 entrustment 526b37b72a9ef9bd309909b523167da7     
[法]委托
参考例句:
  • The term of entrustment is divided into one-day five-day validity. 委托期限分为当日有效和五日有效。 来自互联网
  • Chapter three discusses the bureaucratic group and the congressional entrustment of legislation. 第三章讨论官僚集团与国会立法权的委托。 来自互联网
75 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。
76 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》
77 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。
78 valid eiCwm     
adj.有确实根据的;有效的;正当的,合法的
参考例句:
  • His claim to own the house is valid.他主张对此屋的所有权有效。
  • Do you have valid reasons for your absence?你的缺席有正当理由吗?
79 simultaneously 4iBz1o     
adv.同时发生地,同时进行地
参考例句:
  • The radar beam can track a number of targets almost simultaneously.雷达波几乎可以同时追着多个目标。
  • The Windows allow a computer user to execute multiple programs simultaneously.Windows允许计算机用户同时运行多个程序。
80 repealed 3d9f89fff28ae1cbe7bc44768bc7f02d     
撤销,废除( repeal的过去式和过去分词 )
参考例句:
  • The Labour Party repealed the Act. 工党废除了那项法令。
  • The legislature repealed the unpopular Rent Act. 立法机关废除了不得人心的租借法案。
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