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鐎忚
鏀惰棌
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杩戝勾渚嗭紝缇庡湅鍚勯鑲＄エ浜ゆ槗鍫存墍鎯呮硜璁婂寲姣旇純澶�锛屼笂甯傝偂绁ㄤ笉涓€瀹氬湪鍏朵笂甯備氦鏄撴墍浜ゆ槗锛屽舰鎴愪簡寰�(f霉)闆滅殑浜ゆ槗绯荤当(t菕ng)銆�
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鍏ㄥ湅鎬ц偂绁ㄤ氦鏄撴墍 |
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鏈嶅嫏(w霉)灏嶈薄 |
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绱愮磩璀夊埜浜ゆ槗鎵€浜ゆ槗澶у怀鍒嗙偤 17 鍊嬩氦鏄撶珯,姣忓€嬩氦鏄撶珯鍥哄畾浜ゆ槗鐗瑰畾鐨勮瓑鍒哥ó椤�銆� 5 瀹舵寚瀹氬仛甯傚晢鐨勪唬琛ㄥ湪浜ゆ槗绔欏浐瀹氫笉鍕曘€傝€屼氦鏄撴墍鐨勬墍鏈夋渻鍝′紒妤�(y猫)(鍖呮嫭 DMM 鍦ㄥ収(n猫i)鐨� 152 瀹�)鍙互鍚戠磹绱勮瓑鍒镐氦鏄撴墍澶у怀娲惧嚭鍫村収(n猫i)缍�(j墨ng)绱€(j矛)浜�锛屽牬鍏�(n猫i)缍�(j墨ng)绱€(j矛)浜哄彲浠ュ湪鍚勪氦鏄撶珯娴佸嫊锛屼互鎵嬫寔鍫卞児瑷�(sh猫)鍌欍€侀浕鑵︾恫(w菐ng)绲�(lu貌)鍫卞児绲傜鎴栫▼搴忓寲浜ゆ槗鎵嬫锛屼唬琛ㄥ鎴堕€�(j矛n)琛屽牨鍠�銆� 鐩＄闅ㄨ憲浜ゆ槗闆诲瓙鍖栫殑閫�(j矛n)姝�锛屽牬鍏�(n猫i)缍�(j墨ng)绱€(j矛)浜虹殑浣滅敤鏈夋墍寮卞寲锛屼絾灏嶅ぇ瀹㈡埗鑰岃█锛屾槸鍚︽搧鏈夊牬鍏�(n猫i)缍�(j墨ng)绱€(j矛)浜轰粛鐒舵槸浠栧€戦伕鎿囩稉(j墨ng)绱€(j矛)鍟嗙殑閲嶈鍘熷洜銆� |
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瑁�(b菙)鍏呮祦鍕曟€ф彁渚涘晢鍒跺害 |
鐐轰繚鎸佸競鍫存祦鍕曟€�锛屼績閫�(j矛n)鏇村浜ゆ槗锛岀磹绱勮瓑鍒镐氦鏄撴墍鍦ㄦ渻鍝′紒妤�(y猫)涓伕鍑虹偤鏁�(sh霉)涓嶅鐨勯浕瀛愬寲浜ゆ槗閲忚純澶х殑鏈冨摗浣滅偤瑁�(b菙)鍏呮祦鍕曟€ф彁渚涘晢(SLPs)锛岄€欎簺浜ゆ槗鍟嗘湁缇╁嫏(w霉)浠ヨ嚜鐕熻超鎴跺皪鍏惰矤(f霉)璨�(z茅)鐨勮瓑鍒告彁渚涢洐鍚戝牨鍍�锛岃€屼笖蹇呴爤淇濊瓑浜ゆ槗鏃ュ収(n猫i) 10%浠ヤ笂鐨勬檪娈�锛屽叾鍫卞児鐐哄叏鍦嬫渶鍎�(y艒u)鍫卞児(NBBO)銆� 瑁�(b菙)鍏呮祦鍕曟€ф彁渚涘晢鍙搧鏈夊拰鏅€氬鎴剁浉鍚岀殑浜ゆ槗淇℃伅娓犻亾锛屼絾鏄�锛屽皪鍏舵垚浜ょ殑閮ㄥ垎锛岃嫢婊胯冻浜ゆ槗鎵€鐨勬暩(sh霉)閲忚(gu墨)瀹�(骞冲潎鏃ヤ氦鏄撻噺 1 000 钀偂)锛屾渻寰楀埌杓冮珮鍥炴墸銆� 5 瀹舵寚瀹氬仛甯傚晢涔熷彲鍏呯暥(d膩ng)瑁�(b菙)鍏呮祦鍕曟€ф彁渚涘晢锛屼絾鏄�锛屽皪鍚屼竴鍙瓑鍒�锛屼笉鑳藉悓鏅傛摂(d膩n)浠绘寚瀹氬仛甯傚晢鍜岃(b菙)鍏呮祦鍕曟€ф彁渚涘晢銆� |
(鍥�)缇庡湅鍌靛埜甯傚牬(鍏ㄧ悆鏈€澶�)
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鍒嗛 |
鍏�(n猫i)瀹� |
| 缇庡湅鍦嬪偟甯傚牬 |
1.姒傚康锛氱編鍦嬭伅(li谩n)閭︽斂搴滅櫦(f膩)琛岀殑鍌靛埜琚当(t菕ng)绋辩偤缇庡湅鍦嬪偟锛岀編鍦嬪湅鍌垫槸缇庡湅鍌靛埜甯傚牬鐨勫熀鐭�銆� 2.鐗归粸(di菐n)锛氶€氬父鎯呮硜涓�锛屼腑澶斂搴滅櫦(f膩)琛岀殑鏈梗鍌靛埜鍩烘湰涓嶅瓨鍦ㄩ仌绱勯ⅷ(f膿ng)闅紝鎵€浠ラ€欓鍌靛埜琚鐐�“鐒￠ⅷ(f膿ng)闅硣鐢�(ch菐n)”锛屽畠鍊戠殑鏀剁泭鐜囦篃琚噾铻嶅競鍫寸暥(d膩ng)浣�“鐒￠ⅷ(f膿ng)闅敹鐩婄巼”锛屽皪鍏朵粬閲戣瀺璩囩敘(ch菐n)鐨勫畾鍍瑰拰浜ゆ槗鐢�(ch菐n)鐢熼噸澶у奖闊�銆� 3.鍒嗛锛氭寜鐓ф湡闄愪笉鍚岋紝1 骞存湡浠ュ収(n猫i)鐨勭編鍦嬪湅鍌佃绋辩偤鍦嬪韩鍒�(T-Bills)銆佹湡闄愬湪 1 骞翠互涓� 10 骞翠互涓嬬殑琚ū鐐哄湅搴エ鎿�(j霉)(T-Notes)锛�10 骞翠互涓婄殑琚ū鐐烘斂搴滃叕鍌�(T-Bonds)銆傛澶�锛屾牴鎿�(j霉)鍦嬪偟鐨勭壒榛�(di菐n)锛岀編鍦嬪湅鍌甸倓鏈夐€氳波鑶ㄨ劰淇濆€煎偟鍒�(TIPs)銆佹诞鍕曞埄鐜囧湅搴エ鎿�(j霉)(FRNs)绛夊垎椤�銆� |
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缇庡湅鑱�(li谩n)閭︽(j墨)妲�(g貌u)鍌靛埜甯傚牬 |
缇庡湅鑱�(li谩n)閭︽(j墨)妲�(g貌u)鍌靛埜瀵�(sh铆)闅涗笂娉涙寚鍏╅姗�(j墨)妲�(g貌u)鐧�(f膩)琛岀殑鍌靛埜锛� 缇庡湅鑱�(li谩n)閭︽斂 濡傜編鍦嬪叏鍦嬫寜鎻崝(xi茅)鏈�(Ginnie Mae 鎴� GNMA),瀹冩槸缇庡湅鑱�(li谩n)閭︽斂搴滄(j墨)妲�(g貌u)鐧�(f膩)琛屾斂搴滀綇鎴胯垏鍩庡競鐧�(f膩)灞曢儴涓嬪爆鐨勬斂搴滃叏璩囧叕鍙�锛岀敱瀹冪櫦(f膩)琛岀殑鎸夋彮璨告垨鎿�(d膩n)淇濈殑鍌垫鏀寔璀夊埜鏄洰鍓嶅叏缇庡敮涓€浜湁涓ぎ鏀垮簻淇＄敤绛夌礆鐨勬寜鎻敮鍒告寔璀夊埜銆� 鏀垮簻鏀寔浼� 渚嬪鎴垮埄缇�(Fannie Mae)銆佹埧鍦扮編(Freddie Mac)灏辨槸鍏稿瀷妤�(y猫)(GSEs)鐧�(f膩)鐨勬斂搴滄敮鎸佷紒妤�(y猫)锛屼絾鏄畠鍊戠殑鍌靛埜鍏锋湁淇＄敤棰�(f膿ng)闅�锛屼腑澶斂搴滃苟琛岀殑鍌靛埜锛屼笉灏嶅叾閭勬湰浠樻伅閫�(j矛n)琛屾摂(d膩n)淇�銆� |
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缇庡湅甯傛斂鍌靛埜甯傚牬 |
1.姒傚康锛氬競鏀垮偟鍒�(Municipal Bonds)鏄窞鍙婂窞鎵€灞湴鏂规斂搴�(甯�銆侀幃(zh猫n)銆佺福鑸囧(xu茅)鍗€(q奴))鎴栧叾闄勫爆姗�(j墨)妲�(g貌u)(浣忔埧銆佽(w猫i)鐢熶繚鍋ャ€佹(j墨)鍫�銆佹腐鍙ｈ垏缍�(j墨ng)婵�(j矛)鐧�(f膩)灞曠瓑鑱疯兘灞€鑸囦唬鐞嗘(j墨)妲�(g貌u))鐧�(f膩)琛岀殑鍌靛埜銆� 2.鐩殑锛氱偤澶氱ó澶氭ǎ鐨勫競鏀垮伐绋嬬睂闆嗚硣閲戙€佹彁渚涚従(xi脿n)閲戞祦浠ュ強婊胯冻鍏朵粬鏂归潰鐨勬斂搴滈渶姹�銆傛湁鐨勫窞鐢氳嚦鍒╃敤閫欏€�“閫氶亾”鐐洪潪鏀垮簻鐨勭鐕熷伐绋嬪嫙闆嗚硣閲�銆� 3.閭勬湰浠樻伅渚嗘簮锛氱櫦(f膩)琛屼汉鐨勪竴鑸▍鏀�銆佺壒瀹氱▍绋敹鍏�銆佸叕鍏卞伐绋嬫敹鍏ユ垨鑰呯鐕熷(sh铆)楂旂殑鍎熶粯锛屼篃鍙互鏄€欎簺澶氱ó渚嗘簮鐨勭稖鍚堛€� |
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缇庡湅鍏徃鍌靛埜甯傚牬 |
缇庡湅鍏徃鍌靛埜绋绻佸锛屽垎鐐哄叕鍕熺櫦(f膩)琛屽偟鍒稿拰绉佸嫙鐧�(f膩)琛屽偟鍒稿叐绋�銆� 缇庡湅璀夌洠(ji膩n)鏈冭(gu墨)瀹氾紝鍚� 35 浜轰互鍏�(n猫i)鐨勭壒瀹氭姇璩囪€呭嫙闆嗚瓑鍒哥偤绉佸嫙鍌靛埜锛屼笉鍙楃編鍦嬭瓑鐩�(ji膩n)鏈冮檺鍒讹紝绱勬湁 1/3 宸﹀彸鐨勫叕鍙搁噰鐢ㄧ鍕熸柟寮忕櫦(f膩)琛屽偟鍒�銆� |
(浜�)缇庡湅琛嶇敓鍝佸競鍫�
缇庡湅鎿佹湁鐩墠鍏ㄧ悆鏈€澶х殑琛嶇敓鍝佸競鍫�锛岃姖鍔犲摜鍜岀磹绱勬槸琛嶇敓鍝佷氦鏄撴渶闆嗕腑鐨勫湴鏂�銆�20 涓栫磤(j矛) 80 骞翠唬浠ヤ締锛屽ぇ澶氭暩(sh霉)鏂扮殑琛嶇敓鐢�(ch菐n)鍝佺櫦(f膩)婧愪簬缇庡湅銆�
(鍏�)缇庡湅鐨勯噾铻嶅競鍫寸洠(ji膩n)绠�
1929锝�1933 骞村ぇ鍗辨(j墨)浠ヤ締锛岀編鍦嬪(sh铆)琛岀殑鏄�“闆欏堡澶氶牠”閲戣瀺鐩�(ji膩n)绠￠珨鍒躲€傛墍璎傜殑“闆欏堡”锛屾槸鎸囧湪鑱�(li谩n)閭﹀拰宸炲叐鍊嬪堡绱氶兘鏈夐噾铻嶇洠(ji膩n)绠￠儴闁€; 澶氶牠”锛屾槸鎸囪ō(sh猫)绔嬩簡澶氬鐩�(ji膩n)绠℃(j墨)妲�(g貌u)锛屽垎鍒ヨ浣夸笉鍚岀殑鐩�(ji膩n)绠¤伔璨�(z茅)銆�2008 骞撮噾铻嶅嵄姗�(j墨)涔嬪悗锛岄€欎竴楂斿埗姝ｈ檿浜庢敼闈╁畬鍠勯亷绋嬩腑銆�
1.鑱�(li谩n)閭﹀拰宸為洐灞ょ洠(ji膩n)绠�
(1)娉曞緥(缇庡湅鍦嬫渻銆佸窞鍜屽湴鏂硅鏈冨潎鎿佹湁绔嬫硶娆�(qu谩n))
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鑱�(li谩n)閭﹀堡闈㈣瓑鍒告硶 |
銆�1933 骞磋瓑鍒告硶銆嬨€�1934 骞磋瓑鍒镐氦鏄撴硶銆嬨€�1940 骞存姇璩囧叕鍙告硶銆嬨€�1940骞存姇璩囬¨鍟忔硶銆嬨€�2010 骞村寰�-寮楄槶鍏嬫硶妗堛€嬬瓑銆� |
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鍚勫窞灞ら潰娉曞緥 |
闄や簡璀夊埜娉曞锛屽悇宸炵殑鍏徃娉�銆佺牬鐢�(ch菐n)娉�銆佸湅鍏�(n猫i)鏀跺叆娉曠瓑锛屽湪寰堝鎯呮硜涓嬩篃鏄皪璀夊埜娉曞緥鐨勮(b菙)鍏呫€� |
(2)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)
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鑱�(li谩n)閭︿竴绱氱洠(ji膩n)绠℃(j墨)妲�(g貌u) |
缇庡悓鑱�(li谩n)閭﹀劜鍌欑郴绲�(t菕ng)(FEI))銆佽波骞ｇ洠(ji膩n)鐞嗙讲(OCC)銆佽伅(li谩n)閭﹀瓨娆句繚闅叕鍙�(FDIC)銆佸叏鍦嬩俊鐢ㄧぞ绠＄悊灞€(NCUA)銆佽瓑鍒镐氦鏄撳鍝℃渻(SEC)鍜屽晢鍝佹湡璨ㄤ氦鏄撳鍝℃渻(CFTC)銆� |
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宸炰竴绱氱洠(ji膩n)绠℃(j墨)妲�(g貌u) |
鍚勫窞閵€琛屾キ(y猫)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)銆佽瓑鍒告キ(y猫)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)鍜屼繚闅キ(y猫)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)銆� |
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璺ㄩ儴闁€鐩�(ji膩n)绠℃(j墨)鍒� |
鑱�(li谩n)閭﹂噾铻嶆(j墨)妲�(g貌u)妾㈡煡濮斿摗鏈�(FFIEC)鍜岀附绲�(t菕ng)閲戣瀺甯傚牬宸ヤ綔绲�(PWG)銆� |
2.鍒嗘キ(y猫)鐩�(ji膩n)绠￠珨绯�
(1)鑳屾櫙
1929锝�1933 骞村ぇ鍗辨(j墨)涔嬪悗锛岀編鍦嬪湅鏈冮€氶亷浜嗐€婃牸鎷夋柉-鏂拏鏍肩埦娉曟銆�锛岀⒑绔嬩簡鍟嗘キ(y猫)閵€琛岃垏鎶曡硣閵€琛屽垎妤�(y猫)缍�(j墨ng)鐕熺殑鏍煎眬锛岄毃涔嬭€屼締鐨�锛屾槸閲濆皪琛屾キ(y猫)鎴栧姛鑳借ō(sh猫)缃殑鐩�(ji膩n)绠℃(j墨)妲�(g貌u)銆�
(2)閵€琛屾キ(y猫)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)
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璨ㄥ梗鐩�(ji膩n)鐞嗙讲 |
1.闅稿爆锛氱編鍦嬭病鏀块儴銆� 2.鑱疯兘锛氱洠(ji膩n)绠＄編鍦嬭伅(li谩n)閭︽敞鍐婇妧琛�(鍦嬫皯閵€琛�)銆傚叿楂旂洠(ji膩n)绠¤伔鑳藉寘鎷細妾㈡煡;瀵╂壒鐩�(ji膩n)绠″皪璞¤ō(sh猫)绔嬪垎鏀(j墨)妲�(g貌u)銆佽硣鏈瓑璁婃洿鐨勭敵璜�;灏嶅叾閬曟硶閬曡(gu墨)琛岀偤鎴栦笉绌�(w臎n)鍋ョ稉(j墨ng)鐕熻鐐洪噰鍙栫洠(ji膩n)绠℃帾鏂�;鍒跺畾骞朵笅鐧�(f膩)鏈夐棞(gu膩n)閵€琛屾姇璩�銆佽哺娆剧瓑鎿嶄綔鐨勬硶瑕�(gu墨)銆� |
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鑱�(li谩n)閭﹀劜鍌欓珨绯� |
鑱疯兘锛氫富瑕佽矤(f霉)璨�(z茅)鍒跺畾璨ㄥ梗鏀跨瓥锛屽苟灏嶅叾鎴愬摗閵€琛屼互鍙婇噾铻嶆帶鑲″叕鍙哥瓑閫�(j矛n)琛岀洠(ji膩n)绠�锛屾澶栭倓鎵挎摂(d膩n)閲戣瀺绌�(w臎n)瀹氬拰閲戣瀺鏈嶅嫏(w霉)鑱疯兘銆� |
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鑱�(li谩n)閭﹀瓨娆句繚闅叕鍙� |
1.鐩(bi膩o)锛氶€氶亷淇濊(h霉)閵€琛屽拰鍎茶搫姗�(j墨)妲�(g貌u)鐨勫瓨娆�銆佺洠(ji膩n)绠℃姇淇濇(j墨)妲�(g貌u)浠ュ強灏嶇牬鐢�(ch菐n)姗�(j墨)妲�(g貌u)閫�(j矛n)琛屾帴绠＄瓑渚嗙董鎸侀噾铻嶉珨绯荤┅(w臎n)瀹氬拰鍏溇淇″績銆� 2.鑱疯兘锛氬皪鎶曚繚鐨勯潪鑱�(li谩n)鍎叉垚鍝″窞绔嬮妧琛岃矤(f霉)鏈変富瑕佺洠(ji膩n)绠¤伔璨�(z茅)锛屽悓鏅傚皪鍏朵粬鎶曚繚鐨勯妧琛屽拰鍎茶搫姗�(j墨)妲�(g貌u)璨�(f霉)鏈夎紨鍔╃洠(ji膩n)绠¤伔璨�(z茅) |
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鍎茶搫姗�(j墨)妲�(g貌u)鐩�(ji膩n)绠＄讲 |
鑱疯兘锛氫富瑕佽矤(f霉)璨�(z茅)鍎茶搫鍗�(xi茅)鏈冨強鍏舵帶鑲″叕鍙哥殑鐩�(ji膩n)绠°€� |
| 鍦嬪淇＄敤鍚堜綔绀剧鐞嗗眬 | 鑱疯兘锛氫富瑕佽矤(f霉)璨�(z茅)鐧�(f膩)鏀捐伅(li谩n)閭︿俊鐢ㄥ悎浣滅ぞ鐨勫煼(zh铆)鐓у苟浜堜互鐩�(ji膩n)绠�锛屽苟閬�(y霉n)鐢ㄥ湅瀹朵俊鐢ㄥ悎浣滅ぞ淇濋毆鍩洪噾灏嶆墍鏈夎伅(li谩n)閭︿俊鐢ㄥ悎浣滅ぞ鍜屽ぇ閮ㄥ垎宸炵珛淇＄敤鍚堜綔绀剧殑鍎茶搫瀛樻浜堜互淇濊(h霉)銆� |
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銆愭敞鎰忋€戣伅(li谩n)閭﹂噾铻嶆(j墨)妲�(g貌u)妾㈡煡濮斿摗鏈冧綔鐐轰笂杩� 5 瀹剁洠(ji膩n)绠℃(j墨)妲�(g貌u)鐨勫崝(xi茅)瑾�(di脿o)姗�(j墨)妲�(g貌u)锛屼富瑕佽矤(f霉)璨�(z茅)鍒跺畾绲�(t菕ng)涓€鐨勭洠(ji膩n)绠℃簴(zh菙n)鍓囧拰鍫卞憡鏍煎紡绛�銆� |
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(3)璀夊埜妤�(y猫)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)
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璨℃斂閮� |
鑱疯铂(z茅)锛氱洠(ji膩n)绠℃暣鍊嬫斂搴滃偟鍒稿競鍫寸殑鑱疯铂(z茅)锛屽叿楂旂洠(ji膩n)绠℃斂搴滃偟鍒哥稉(j墨ng)绱€(j矛)鍟嗗拰浜ゆ槗鍟嗙殑浜ゆ槗琛岀偤锛屼互淇濊(h霉)鎶曡硣鑰�锛屽缓绔嬪叕骞�銆佸叕姝ｅ拰瀵屾湁娴佸嫊鎬х殑甯傚牬銆� |
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甯傛斂鍌靛埜姹虹瓥濮斿摗鏈�(MSRB) |
1.鎬ц唱(zh矛)锛氬競鏀垮偟鍒告焙绛栧鍝℃渻鏄嚜寰嬫€х祫绻旓紝鍙楄瓑鍒镐氦鏄撳鍝℃渻鐨勭洠(ji膩n)绠�銆� 2.鑱疯铂(z茅)锛氱櫦(f膩)甯冩湁闂�(gu膩n)鐩�(ji膩n)绠℃硶瑕�(gu墨)锛屽嵆鐩�(ji膩n)绠¤瓑鍒稿叕鍙稿拰閵€琛屾壙閵枫€佷氦鏄撳拰閵峰敭甯傛斂鍌靛埜绛夎鐐虹殑娉曡(gu墨)銆� |
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璀夊埜浜ゆ槗濮斿摗鏈�(SEC) |
1.闇€鍚� SEC 鎻愪氦娉ㄥ唺鐢宠珛鐨勬(j墨)妲�(g貌u)锛氬叕闁嬬櫦(f膩)琛岃瓑鍒哥殑鐧�(f膩)琛屼汉;浜ゆ槗鎵€涓婂競鐨勫叕鍙�;鍏敤浜嬫キ(y猫)鎺ц偂鍏徃(闄ら潪璞佸厤)銆� 2.鍙楀埌 SEC 鐩�(ji膩n)绠＄殑姗�(j墨)妲�(g貌u)銆佷汉鍝℃垨琛岀偤锛氫俊鎵樻(j墨)妲�(g貌u);鎶曡硣鍏徃;鎶曡硣鍜ㄨ甯�;浠ュ強浜ゆ槗鎵€鎴愬摗鏈夐棞(gu膩n)浜ゆ槗琛岀偤銆� 3.涓€鑸儏娉佷笅锛屾敞鍐婂叕鍙哥櫦(f膩)琛屽拰閵峰敭璀夊埜銆佽臣璨峰叾浠栦紒妤�(y猫)鐨勮瓑鍒�銆佽硣鐢�(ch菐n)浠ュ強鑸囧叾闄勫爆姗�(j墨)妲�(g貌u)鐧�(f膩)鐢熶氦鏄撶瓑闇€浜嬪厛鐛插緱璀夊埜浜ゆ槗濮斿摗鏈冪殑鎵规簴(zh菙n)銆� 4.鍏朵粬鍒跺害锛氶嚌灏嶇牬鐢�(ch菐n)鍏徃鐨勮瓑鍒镐氦鏄撳鍝℃渻鑱借瓑鍒跺害鍜屽牨鍛婂埗搴�銆� |
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閲戣瀺妤�(y猫)鐩�(ji膩n)绠″眬(FINRA) |
1.鎬ц唱(zh矛)锛氳瓑鍒告キ(y猫)鑷緥鎬х祫绻斻€� 2.鑱疯铂(z茅)锛氳矤(f霉)璨�(z茅)鐩�(ji膩n)绠＄稉(j墨ng)绱€(j矛)鍟�銆佷氦鏄撳晢鑸囨姇璩囧ぇ鐪句箣闁撶殑妤�(y猫)鍕�(w霉)銆� |
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鍟嗗搧鏈熻波浜ゆ槗濮斿摗鏈� |
鑱疯铂(z茅)锛氳矤(f霉)璨�(z茅)鐩�(ji膩n)绠＄編鍦嬫湡璨ㄥ拰鏈熸瑠(qu谩n)甯傚牬銆� |
(4)淇濋毆妤�(y猫)鐩�(ji膩n)绠℃(j墨)妲�(g貌u)
缇庡湅鐨勪繚闅洠(ji膩n)绠¤伔璨�(z茅)涓昏鐢卞悇宸炵殑淇濋毆鐩�(ji膩n)绠″眬鎵挎摂(d膩n)锛屽寘鎷競鍫存簴(zh菙n)鍏ヤ互鍙婄洠(ji膩n)娓鏌ョ瓑鏃ュ父鐩�(ji膩n)绠�銆�
姝ゅ锛屽悇宸炰繚闅洠(ji膩n)绠″眬浜� 1987 骞村叡鍚岃ō(sh猫)绔嬩簡鍏ㄧ編淇濋毆鐩�(ji膩n)绠″崝(xi茅)鏈�(NAIC)锛屼綔鐐哄窞淇濋毆鐩�(ji膩n)绠″眬鐨勮紨鍔╃洠(ji膩n)绠℃(j墨)妲�(g貌u)銆�
(5)2008 閲戣瀺鍗辨(j墨)鐨勫弽鎬�
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鍔犲挤(qi谩ng)鐩�(ji膩n)绠� |
2010 骞� 7 鏈� 21 鏃�锛岀編鍦嬬附绲�(t菕ng)濂у反棣寮忕敖缃层€婂寰�-寮楄槶鍏嬫硶妗堛€�锛屽姏姹傚緸寮�(qi谩ng)鍖栧畯瑙€瀵╂厧鐩�(ji膩n)绠�銆佹彁楂樼洠(ji膩n)绠℃(bi膩o)婧�(zh菙n)銆佸缓绔嬭嚜鏁戣檿缃(j墨)鍒�銆佸姞寮�(qi谩ng)褰卞瓙閵€琛岀洠(ji膩n)绠°€佹敼闈╄瓑鍒稿競鍫�銆佸姞寮�(qi谩ng)娑堣不(f猫i)鑰呬繚璀�(h霉)绛夋柟闈㈡敼闈╅噾铻嶇洠(ji膩n)绠�銆� |
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鏀炬澗鐩�(ji膩n)绠� |
鐒惰€�锛屾壒瑭曡€呰獚(r猫n)鐐恒€婂寰�-寮楄槶鍏嬫硶妗堛€嬪ぇ澶у鍔犱簡閲戣瀺姗�(j墨)妲�(g貌u)鐨勯亱(y霉n)鐕熸垚鏈紝閬庡垎闄愬埗浜嗛噾铻嶈妤�(y猫)鐨勬姇铻嶈硣琛岀偤锛屽悓鏅備篃浣垮緱閮ㄥ垎鎶曡瀺璩囬渶姹備笉鑳藉緢濂藉湴琚豢瓒炽€� 2018 骞� 3 鏈� 14 鏃�锛岀編鍦嬪弮璀伴櫌閫氶亷銆婁績閫�(j矛n)缍�(j墨ng)婵�(j矛)澧為暦銆佹斁鏉剧洠(ji膩n)绠¤姹�銆佷繚璀�(h霉)娑堣不(f猫i)鑰呮瑠(qu谩n)鐩婃硶妗堛€�锛屾硶妗堜慨鏀圭殑鍏�(n猫i)瀹逛富瑕佹秹鍙婃笡杓曞皬鍨嬮妧琛岄噾铻嶇洠(ji膩n)绠¤矤(f霉)鎿�(d膩n)锛屾斁鏉鹃儴鍒嗕腑鍨嬮妧琛岄噾铻嶇洠(ji膩n)绠¤姹傜瓑锛屽ぇ鑷村彲浠ヨ獚(r猫n)鐐烘槸灏嶃€婂寰�-寮楄槶鍏嬫硶妗堛€嬬殑涓€绋慨姝�銆� |
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