{"id":3443,"date":"2012-08-30T03:38:00","date_gmt":"2012-08-29T19:38:00","guid":{"rendered":"http:\/\/ec.moneydj.com\/joe\/?p=3443"},"modified":"2014-07-23T00:27:59","modified_gmt":"2014-07-22T16:27:59","slug":"%e6%b5%b7%e5%a4%96%e5%88%b8%e5%95%86%e7%9a%84%e7%a8%ae%e9%a1%9e%e8%88%87%e8%a6%8f%e7%af%84","status":"publish","type":"post","link":"https:\/\/blog.moneydj.com\/joe\/2012\/08\/30\/%e6%b5%b7%e5%a4%96%e5%88%b8%e5%95%86%e7%9a%84%e7%a8%ae%e9%a1%9e%e8%88%87%e8%a6%8f%e7%af%84\/","title":{"rendered":"\u6d77\u5916\u5238\u5546\u7684\u7a2e\u985e\u8207\u898f\u7bc4"},"content":{"rendered":"


\n<\/p>\n

\u7d93\u71df\u8b49\u5238\u696d\u52d9\u4e4b\u8b49\u5238\u5546\uff0c\u53ef\u5206\u70ba\u8b49\u5238\u627f\u92b7\u5546\u3001\u8b49\u5238\u81ea\u71df\u5546\u4ee5\u53ca\u8b49\u5238\u7d93\u7d00\u5546\u3002\u800c\u540c\u6642\u7d93\u71df\u4e09\u7a2e\u696d\u52d9\u8005\uff0c\u5247\u70ba\u7d9c\u5408\u8b49\u5238\u5546\u3002\u4e00\u822c\u6211\u5011\u958b\u6236\u7684\u6d77\u5916\u5238\u5546\u591a\u70ba\u8b49\u5238\u7d93\u7d00\u5546\u3002<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u8b49\u5238\u7d93\u7d00\u5546\u4e3b\u8981\u529f\u80fd\u5c31\u662f\u63d0\u4f9b\u4ea4\u6613\u5e73\u53f0\u7d66\u5ba2\u6236\uff0c\u9032\u884c\u8b49\u5238\u8cb7\u8ce3\u7684\u4ef2\u4ecb\u548c\u57f7\u884c\u4ea4\u6613\uff0c\u6839\u64da\u529f\u80fd\u4ee5\u53ca\u4ed8\u8cbb\u5206\u70ba\u5169\u7a2e\u4e0d\u540c\u7684\u5238\u5546\uff1a<\/span><\/font><\/div>\n
\u5b8c\u5168\u670d\u52d9\u5238\u5546\uff08<\/span>Full-Service Broker<\/span><\/span><\/b>\uff09\uff1a<\/span><\/b>\u63d0\u4f9b\u5b8c\u6574\u7684\u670d\u52d9\uff0c\u5c24\u5176\u662f\u63d0\u4f9b\u6295\u8cc7\u5efa\u8b70\u8207\u7814\u7a76\u5831\u544a\uff0c\u4e26\u6709\u5c08\u4eba\u670d\u52d9\uff0c\u4e5f\u6703\u6709\u9000\u4f11\u898f\u5283\u4ee5\u53ca\u7bc0\u7a05\u5efa\u8b70\u7b49\u670d\u52d9\uff0c\u77e5\u540d\u7684\u5927\u5238\u5546\u591a\u5c6c\u65bc\u6b64\u985e\uff08<\/span>Merrill Lynch<\/span>\u3001<\/span>Wells Fargo<\/span>\u3001<\/span>Morgan Stanley<\/span>\uff09\u3002\u55ae\u7b46\u4ea4\u6613\u8cbb\u7528\u7d04<\/span>100-500<\/span>\u7f8e\u5143\uff0c\u5927\u591a\u9084\u6703\u6536\u5e33\u6236\u5e74\u8cbb\u7d04<\/span>100-500<\/span>\u7f8e\u5143\u3002<\/span><\/font><\/div>\n
\u6298\u6263\u5238\u5546\uff08<\/span>Discount Broker<\/span><\/b><\/span>\uff09\uff1a<\/b><\/span>\u5927\u591a\u70ba\u7db2\u8def\u5238\u5546\uff0c\u7531\u6295\u8cc7\u4eba\u900f\u904e\u7db2\u8def\u81ea\u884c\u4e0b\u55ae\uff0c\u63d0\u4f9b\u7dda\u4e0a\u7684\u975e\u56fa\u5b9a\u5ba2\u670d\uff0c\u4f46\u50c5\u56de\u7b54\u64cd\u4f5c\u554f\u984c\uff0c\u4e0d\u63d0\u4f9b\u5efa\u8b70\u8207\u8aee\u8a62\u670d\u52d9\u3002\u55ae\u7b46\u4ea4\u6613\u7d04<\/span>7-20<\/span>\u7f8e\u5143\uff0c\u56e0\u8cbb\u7528\u76f8\u8f03\u4e4b\u4e0b\u4f4e\u5ec9\u8a31\u591a\uff0c\u56e0\u6b64\u88ab\u7a31\u70ba\u6298\u6263\u5238\u5546\u3002<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u7136\u800c\uff0c\u8981\u6ce8\u610f\u7684\u662f\uff0c\u5927\u90e8\u4efd\u7684\u6298\u6263\u5238\u5546\u5176\u5be6\u53ea\u662f\u63d0\u4f9b\u4e00\u500b\u4ea4\u6613\u5e73\u53f0\uff08\u4e5f\u5c31\u662f\u4f5c\u70ba\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\uff09\uff0c\u4e26\u4e0d\u7d93\u624b\u5ba2\u6236\u7684\u8b49\u5238\u548c\u6b3e\u9805\uff0c\u800c\u662f\u7531\u5408\u4f5c\u7684\u4ea4\u5272\u7d50\u7b97\u5238\u5546\u9032\u884c\u8b49\u5238\u3001\u6b3e\u9805\u7684\u8655\u7406\u4ee5\u53ca\u4fdd\u7ba1\u3002\u8b49\u5238\u4ea4\u6613\u727d\u6d89\u8a31\u591a\u6b65\u9a5f\uff0c\u5305\u542b\uff1a<\/span><\/font><\/div>\n
\u5be9\u6838\u3001\u958b\u8a2d\u548c\u63a7\u7ba1\u5ba2\u6236\u7684\u5e33\u6236<\/span><\/font><\/div>\n
\u63d0\u4f9b\u6295\u8cc7\u5efa\u8b70\u548c\u63a5\u53d7\u5ba2\u6236\u7684\u4ea4\u6613\u6307\u4ee4<\/span><\/font><\/div>\n
\u57f7\u884c\u5ba2\u6236\u7684\u5404\u7a2e\u4ea4\u6613\u6307\u4ee4<\/span><\/font><\/div>\n
\u63d0\u4f9b\u548c\u8abf\u6574\u63a7\u7ba1\u878d\u8cc7\u3001\u878d\u5238\u5e33\u6236\u7684\u4fe1\u7528\u984d\u5ea6<\/span><\/font><\/div>\n
\u63d0\u4f9b\u5ba2\u6236\u57f7\u884c\u6307\u4ee4\u7684\u66f8\u9762\u78ba\u8a8d<\/span><\/font><\/div>\n
\u5f9e\u5ba2\u6236\u63a5\u6536\u6216\u50b3\u905e\u5ba2\u6236\u57fa\u91d1\u6216\u8b49\u5238<\/span><\/font><\/div>\n
\u4fdd\u5b58\u4ea4\u6613\u7684\u7d00\u9304\uff0c\u5305\u62ec\u5ba2\u6236\u5e33\u6236\u6bcf\u500b\u6708\u7684\u5831\u8868\u548c\u9031\u671f\u6027\u7684\u8072\u660e<\/span><\/font><\/div>\n
\u63d0\u4f9b\u5ba2\u6236\u57fa\u91d1\u548c\u8b49\u5238\u7684\u4fdd\u7ba1<\/span><\/font><\/div>\n
\u5c0d\u5ba2\u6236\u6709\u6548\u7684\u4ea4\u6613\u9032\u884c\u7d50\u7b97\u548c\u4ea4\u5272<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u80fd\u5920\u57f7\u884c\u4e0a\u9762\u63d0\u5230\u6240\u6709\u529f\u80fd\u7684\u5238\u5546\u7a31\u70ba\u300c\u81ea\u884c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u300d\uff08<\/b><\/span><\/span>Self Clearing
\nFirm<\/b><\/span><\/span>\uff09<\/b><\/span>\uff0c\u5982<\/span>Merrill Lynch<\/span>\u3001<\/span>Morgan Stanely<\/span>\u3001<\/span>Goldman Sachs<\/span>\u3001<\/span>Charles Schwab<\/span>\uff0c\u4f46\u9019\u6a23\u7684\u5238\u5546\u53ea\u662f\u5c11\u6578\u3002\u9019\u4e9b\u81ea\u884c\u7d50\u7b97\u8b49\u5238\u5546\u5927\u591a\u898f\u6a21\u9f90\u5927\uff0c\u7d44\u7e54\u5167\u90e8\u6703\u9032\u884c\u5404\u9805\u529f\u80fd\u7684\u5206\u5de5\uff0c\u6709\u4e9b\u90e8\u9580\u6216\u5206\u516c\u53f8\u64d4\u4efb\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u89d2\u8272\uff0c\u53e6\u5916\u4e00\u4e9b\u5247\u8655\u7406\u7d50\u7b97\u548c\u4ea4\u5272\u8207\u4fdd\u7ba1\u7684\u4f5c\u696d\u3002<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u5927\u90e8\u5206\u7684\u5238\u5546\u90fd\u662f\u975e\u81ea\u884c\u7d50\u7b97\u7684\u7d93\u7d00\u5238\u5546\uff0c\u6839\u64da\u529f\u80fd\u53ef\u518d\u5340\u5206\u70ba\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\uff08<\/b><\/span><\/span>Introducing
\nBrokerage Firm<\/span>\uff0c<\/span>IB<\/span><\/b><\/span>\uff09<\/b><\/span>\u53ca\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff08<\/b><\/span><\/span>Carrying
\nFirm<\/span>\u3001<\/span>Clearing Firm<\/span>\uff0c<\/span>CF<\/span><\/b><\/span>\uff09<\/b><\/span>\u3002\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u57f7\u884c\u6240\u6709\u76f4\u63a5\u6709\u95dc\u5ba2\u6236\u63a5\u89f8\u7684\u529f\u80fd\u548c\u5ba2\u6236\u7684\u4ea4\u6613\u6307\u4ee4\uff0c\u9019\u4e9b\u529f\u80fd\u7a31\u70ba\u300c\u524d\u90e8\u300d\u529f\u80fd\uff08\u524d\u4e09\u9805\uff09\u3002\u800c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5247\u57f7\u884c\u300c\u5f8c\u90e8\u300d\u529f\u80fd\uff0c\u5305\u62ec\u7d50\u7b97\u3001\u4ea4\u5272\u548c\u4fdd\u7ba1\uff08\u5f8c\u516d\u9805\uff09\u3002\u4e0d\u904e\u9019\u4e5d\u9805\u529f\u80fd\u7684\u5340\u5206\u4e26\u4e0d\u662f\u56fa\u5b9a\u7684\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u53ef\u81ea\u884c\u6c7a\u5b9a\u8981\u4fdd\u7559\u54ea\u4e9b\u529f\u80fd\u5728\u81ea\u5df1\u8eab\u4e0a\uff0c\u5176\u4ed6\u7684\u529f\u80fd\u518d\u8207\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u7c3d\u8a02\u5408\u7d04\uff0c\u5916\u5305\u51fa\u53bb\u3002<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u9032\u884c\u7d50\u7b97\u4ea4\u6613\u5176\u5be6\u9700\u8981\u76f8\u7576\u7684\u8cc7\u672c\u3001\u5c08\u696d\u6280\u8853\u548c\u77e5\u8b58\uff0c\u5927\u591a\u6578\u7684\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u901a\u5e38\u56e0\u70ba\u898f\u6a21\u8f03\u5c0f\u800c\u53ef\u80fd\u6c92\u6709\u8db3\u5920\u7684\u8cc7\u672c\u548c\u80fd\u529b\u81ea\u884c\u7d50\u7b97\uff0c\u7562\u7adf\u958b\u8a2d\u4e00\u5bb6\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u689d\u4ef6\u4ee5\u53ca\u8cc7\u672c\u984d\u8981\u6c42\u4e26\u4e0d\u9ad8\uff0c<\/span>SEC<\/span>\u898f\u5b9a\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u6700\u4f4e\u6de8\u8cc7\u672c\u8981\u6c42\uff08<\/span>Minimum Net Capital Requirement<\/span>\uff09\u50c5\u4e94\u842c\u7f8e\u5143\uff0c\u81ea\u884c\u7d50\u7b97\u5238\u5546\u6216\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5247\u8981\u4e8c\u5341\u4e94\u842c\u7f8e\u5143\u3002\u56e0\u6b64\uff0c\u5927\u591a\u6578\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\uff08\u5c24\u5176\u662f\u5c0f\u578b\u7684\u6298\u6263\u5238\u5546\uff09\u90fd\u5916\u5305\u7d50\u7b97\u5de5\u4f5c\u7d66\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u9019\u6a23\u505a\u4e5f\u5e36\u4f86\u4e86\u4e0d\u5c11\u597d\u8655\uff0c\u4fc3\u4f7f\u4e86\u5238\u5546\u7684\u84ec\u52c3\u767c\u5c55\uff0c\u4e0d\u6703\u8b93\u5e02\u5834\u4e0a\u53ea\u5269\u4e0b\u80fd\u5920\u81ea\u884c\u7d50\u7b97\u7684\u5927\u578b\u5238\u5546\uff0c\u5e02\u5834\u56e0\u6b64\u800c\u591a\u6a23\u5316\uff0c\u6295\u8cc7\u4eba\u4e5f\u56e0\u70ba\u7af6\u722d\u800c\u4eab\u53d7\u5230\u66f4\u597d\u3001\u66f4\u4fbf\u5b9c\u7684\u670d\u52d9\uff0c\u6574\u500b\u5238\u5546\u7522\u696d\u56e0\u6b64\u800c\u591a\u5143\u4e26\u5145\u6eff\u7af6\u722d\u529b\u3002\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u5bb6\u6578\u5f9e<\/span>1975<\/span>\u5e74\u5230<\/span>2001<\/span>\u5e74\u70ba\u6b62\uff0c\u7531<\/span>564<\/span>\u5bb6\u589e\u52a0\u5230<\/span>4859<\/span>\u5bb6\uff0c\u6210\u9577\u76f8\u7576\u591a\u3002<\/span><\/font><\/div>\n

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\u7d50\u7b97\u5951\u7d04\u6709\u5169\u7a2e\u7279\u6b8a\u7684\u578b\u614b\uff1a<\/span><\/b><\/span><\/font><\/div>\n
\u5b8c\u5168\u63ed\u9732\u5f0f\u7d50\u7b97\u5951\u7d04\uff08F<\/span>ully Disclosed Arrangements<\/span><\/span><\/b>\uff09\uff1a<\/span><\/b>\u4e0d\u7d93\u624b\u5ba2\u6236\u6b3e\u3001\u5238\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u63ed\u9732\u500b\u5225\u5ba2\u6236\u7684\u8cc7\u6599\u7d66\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5efa\u7acb\u4e26\u7d00\u9304\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u5e33\u6236\u540d\u5b57\uff0c\u7136\u5f8c\u5728\u81ea\u5df1\u7684\u6de8\u8cc7\u672c\u4e0b\u8f49\u79fb\u9019\u4e9b\u5e33\u6236\u3002\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u9084\u6703\u63d0\u4f9b\u4ea4\u6613\u78ba\u8a8d\u51fd\u548c\u6bcf\u500b\u6708\u7684\u8aaa\u660e\u6587\u4ef6\u7d66\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u3002\u5728\u9019\u7a2e\u5236\u5ea6\u4e0b\uff0c\u9664\u672c\u8eab\u6709\u6545\u610f\u904e\u5931\u56e0\u800c\u9020\u6210\u5ba2\u6236\u640d\u5931\u5916\uff0c\u5238\u5546\u4e26\u4e0d\u5c0d\u6240\u4ecb\u7d39\u4e4b\u4eba\u58eb\u6216\u4ea4\u6613\u627f\u64d4\u6cd5\u5f8b\u8cac\u4efb\u3002\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u548c\u6298\u6263\u5238\u5546\u5927\u591a\u63a1\u7528\u5b8c\u5168\u63ed\u9732\u5f0f\u7684\u7d50\u7b97\u5951\u7d04\uff0c\u5c07\u5ba2\u6236\u7684\u8cc7\u6599\u63ed\u9732\u7d66\u5408\u4f5c\u7684\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u3002<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u7d9c\u5408\u5f0f\u7d50\u7b97\u5951\u7d04\uff08O<\/span>mnibus Arrangements<\/span><\/b><\/span>\uff09\uff1a<\/b><\/span>\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u548c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u4e4b\u9593\u7dad\u6301\u55ae\u4e00\u5e33\u6236\uff08\u6216\u662f\u81ea\u884c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5c31\u7e3d\u652c\u4e86\u524d\u90e8\u8207\u5f8c\u90e8\u7684\u529f\u80fd\u65bc\u4e00\u8eab\uff09\u3002\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u4fdd\u7ba1\u6bcf\u4e00\u4f4d\u5ba2\u6236\u7684\u7d00\u9304\uff0c\u4e26\u63d0\u4f9b\u4ea4\u6613\u78ba\u8a8d\u51fd\u548c\u6bcf\u500b\u6708\u7684\u8aaa\u660e\u6587\u4ef6\u7d66\u5ba2\u6236\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u8207\u88ab\u4ef2\u4ecb\u5ba2\u6236\u4e4b\u9593\u4e26\u7121\u63a5\u89f8\uff0c\u751a\u81f3\u5ba2\u6236\u4e0d\u77e5\u9053\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u7684\u5b58\u5728\u3002\u81ea\u884c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u548c\u5b8c\u5168\u670d\u52d9\u5238\u5546\u5927\u591a\u63a1\u7528\u7d9c\u5408\u5f0f\u5b89\u6392\u7684\u7d50\u7b97\u5951\u7d04\u3002<\/span><\/font><\/div>\n

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\u7f8e\u570b<\/span>1934<\/span>\u5e74\u8b49\u5238\u4ea4\u6613\u6cd5\uff08<\/span>Securities Exchange Act of 1934<\/span>\uff09\u5c0d\u65bc\u5238\u5546\u4e26\u7121\u7279\u5225\u7684\u898f\u5b9a\u548c\u5206\u985e\uff0c\u76f4\u5230<\/span>1992<\/span>\u5e74\u7684\u898f\u5247<\/span>15c<\/span>3-1<\/span>\uff08<\/span>Uniform Net Capital Rules<\/span>\uff09\uff0c\u624d\u5c0d\u5238\u5546\u505a\u4ee5\u4e0b\u7684\u5927\u81f4\u5206\u985e\u548c\u898f\u7bc4\uff1a<\/span><\/font><\/div>\n
1. General Securities Firms<\/b><\/span><\/span>\uff1a<\/b><\/span>\u4e00\u822c\u5238\u5546\uff0c\u6703\u7dad\u6301\u5ba2\u6236\u5e33\u6236\uff08<\/span>Broker-Dealer Firms That Carry Customer Account<\/span>\uff0c<\/span>Carrying Firm<\/span>\uff09\uff0c\u5ba2\u6236\u5305\u62ec\u4e00\u822c\u6295\u8cc7\u4eba\u6216\u5176\u4ed6\u5238\u5546\uff0c\u6703\u63a5\u53d7\u548c\u6301\u6709\u6b3e\u3001\u5238\uff0c\u4e26\u57f7\u884c\u7d50\u7b97\u5de5\u4f5c\u3002\u4e00\u822c\u5238\u5546\u6709\u4e00\u500b<\/span>K(2)(i)<\/span>\u6240\u898f\u7bc4\u7684\u4f8b\u5916\uff0c\u6240\u8b02\u7d9c\u5408\u5f0f\u7d50\u7b97\u5951\u7d04\u7684\u5238\u5546\u5c31\u5c6c\u65bc\u9019\u500b\u4f8b\u5916\u7684\u898f\u7bc4\uff0c\u5238\u5546\u63a5\u53d7\u5ba2\u6236\u7684\u6b3e\u3001\u5238\u4f46\u4e26\u4e0d\u6301\u6709\uff0c\u800c\u662f\u548c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5408\u4f5c\uff0c\u5982\u4e0a\u9762\u63d0\u5230\u7684\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u548c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u4e4b\u9593\u7dad\u6301\u300c\u55ae\u4e00\u5e33\u6236\u300d\uff0c\u9019\u5e33\u6236\u7a31\u70ba\u300c\u5ba2\u6236\u7279\u5b9a\u5229\u76ca\u5c08\u6236\u300d\uff08<\/span>Special Account for the Exclusive Benefit of Customers<\/span>\uff09\u3002<\/span><\/font><\/div>\n

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2. Introducing BDs<\/span>\uff08<\/span>Broker-Dealer<\/span><\/b><\/span>\uff09\uff1a<\/b><\/span>\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\uff0c\u4e0d\u7dad\u6301\u5ba2\u6236\u5e33\u6236\uff0c\u800c\u5c07\u5ba2\u6236\u7684\u540d\u5b57\u3001\u5730\u5740\u5b8c\u5168\u63ed\u9732\u7d66\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u8ca0\u8cac\u90f5\u5bc4\u4ea4\u6613\u78ba\u8a8d\u51fd\u8207\u5176\u4ed6\u6587\u4ef6\u7d66\u5ba2\u6236\uff0c\u800c\u5ba2\u6236\u5247\u5c07\u8cc7\u91d1\u532f\u7d66\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u4e0d\u63a5\u53d7\u6216\u6301\u6709\u5ba2\u6236\u7684\u6b3e\u3001\u5238\u3002<\/span><\/font><\/div>\n

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3. Broker-Dealers that Handle Mutual Funds or Variable
\nAnnuities Only<\/span><\/b><\/span>\uff1a<\/span><\/b>\u4ea4\u6613\u5171\u540c\u57fa\u91d1\u80a1\u4efd\u6216\u53ef\u8b8a\u5e74\u91d1\u4e4b\u7d93\u7d00\u5238\u5546\u3002<\/span><\/font><\/div>\n

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4. Market Makers<\/span><\/b><\/span>\uff1a<\/span><\/b>\u9020\u5e02\u5238\u5546\uff0c\u5728\u5e02\u5834\u4e0a\u63d0\u4f9b\u5831\u50f9\u548c\u627f\u64d4\u8b49\u5238\u7684\u8cb7\u9032\u548c\u8ce3\u51fa\uff0c\u60f3\u8981\u4ea4\u6613\u7684\u6295\u8cc7\u4eba\u4e0d\u9700\u8981\u7b49\u5f85\u5c0d\u624b\u65b9\u7684\u51fa\u73fe\uff0c\u9020\u5e02\u5546\u53ef\u4ee5\u76f4\u63a5\u627f\u63a5\u9019\u7b46\u4ea4\u6613\uff0c\u9019\u7a2e\u5236\u5ea6\u4e0d\u540c\u65bc\u7af6\u50f9\u4ea4\u6613\uff0c\u597d\u8655\u662f\u53ef\u4ee5\u900f\u904e\u8cc7\u672c\u96c4\u539a\u7684\u9020\u5e02\u5546\u5275\u9020\u8b49\u5238\u7684\u6d41\u52d5\u6027\uff0c\u800c\u9020\u5e02\u5546\u5247\u900f\u904e\u8cb7\u8ce3\u5831\u50f9\u7684\u5dee\u8ddd\u4f86\u5be6\u73fe\u5229\u6f64\uff0c\u4e5f\u56e0\u6b64\u6d41\u52d5\u6027\u8d8a\u5dee\u7684\u8b49\u5238\uff0c\u8cb7\u8ce3\u50f9\u5dee\u901a\u5e38\u8d8a\u5927\uff0c\u56e0\u70ba\u9020\u5e02\u5546\u9700\u8981\u66f4\u9ad8\u7684\u5229\u6f64\u4f86\u5f4c\u88dc\u4ea4\u6613\u6642\u9593\u5dee\u8ddd\u53ef\u80fd\u9020\u6210\u7684\u640d\u5931\u548c\u98a8\u96aa\u3002<\/span><\/font><\/div>\n

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5. Other Broker<\/span><\/b><\/span>\uff1a<\/span><\/b>\u5176\u4ed6\u985e\u5225\u7684\u5238\u5546\u3002<\/span><\/font><\/div>\n

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\u4ee5\u4e0b\u5c31\u8a73\u7d30\u89e3\u91cb\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u548c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u7684\u5340\u5225\u3002<\/span><\/font><\/div>\n

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\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\uff1a<\/span><\/b>\u57f7\u884c\u8b49\u5238\u4ea4\u6613\u7684\u524d\u90e8\u529f\u80fd\uff0c\u5305\u62ec\uff1a\u958b\u767c\u6f5b\u5728\u5ba2\u6236\u3001\u5be9\u6838\u5ba2\u6236\u7684\u958b\u6236\u3001\u76e3\u7ba1\u5ba2\u6236\u4ea4\u6613\u3002\u6709\u6642\u5019\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5546\u4e5f\u53ef\u4ee5\u76f4\u63a5\u548c\u9020\u5e02\u5238\u5546\u6216\u8b49\u5238\u4ea4\u6613\u6240\u9032\u884c\u4ea4\u6613\uff0c\u7136\u5f8c\u518d\u59d4\u7531\u5408\u4f5c\u7684\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u9032\u884c\u7d50\u7b97\u670d\u52d9\u3002\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u4fdd\u7ba1\u4e26\u5229\u7528\u6240\u6709\u548c\u5ba2\u6236\u76f8\u95dc\u7684\u8cc7\u6599\uff0c\u5305\u62ec\u59d3\u540d\u3001\u5730\u5740\u3001\u793e\u6703\u5b89\u5168\u78bc\u3001\u6295\u8cc7\u7d93\u9a57\u3001\u6295\u8cc7\u76ee\u6a19\u3001\u5e74\u9f61\u3001\u6536\u5165\u3001\u8cc7\u7522\u6de8\u503c\u3002\u6700\u91cd\u8981\u7684\u662f\uff0c\u901a\u5e38\u300c\u8a8d\u8b58\u5ba2\u6236\u300d\uff08<\/span>Know Your Customer<\/span>\uff0c<\/span>KYC<\/span>\uff09\u4e5f\u662f\u4ef2\u4ecb\u7d93\u7d00\u5238\u5238\u5546\u7684\u8cac\u4efb\uff0c\u800c<\/span>KYC<\/span>\u662f\u70ba\u4e86\u9632\u6cbb\u6d17\u9322\u3001\u91d1\u878d\u8a50\u6b3a\u4ee5\u53ca\u6050\u6016\u653b\u64ca\u3002\u900f\u904e\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u53ef\u53c3\u8207\u8b49\u5238\u4ea4\u6613\u537b\u7121\u9700\u82b1\u8cbb\u4ea4\u6613\u6240\u6216\u7d50\u7b97\u6240\u7684\u6703\u8cbb\uff0c\u9019\u53c8\u7bc0\u7701\u4e86\u8a31\u591a\u6210\u672c\u3002\u4e00\u822c\u6211\u5011\u958b\u6236\u7684\u6d77\u5916\u5238\u5546\uff0c\u90fd\u662f\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u3002<\/span><\/font><\/div>\n

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\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff1a<\/span><\/b>\u57f7\u884c\u8b49\u5238\u4ea4\u6613\u7684\u5f8c\u90e8\u529f\u80fd\u3002\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u548c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u6240\u7684\u8f03\u5238\u4ea4\u6613\u4efb\u52d9\u5206\u914d\u6839\u64da\u6bcf\u500b\u5951\u7d04\u800c\u6709\u6240\u4e0d\u540c\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u7684\u4efb\u52d9\u901a\u5e38\u5305\u62ec\uff1a\u4ea4\u6613\u7684\u78ba\u8a8d\u3001\u4ea4\u5272\u8207\u7d50\u7b97\uff0c\u4ea4\u6613\u7d00\u9304\u7684\u7dad\u6301\uff0c\u5ba2\u6236\u8b49\u5238\u53ca\u8cc7\u91d1\u7684\u6536\u53d7\u3001\u4fdd\u7ba1\u548c\u50b3\u905e\uff0c\u9084\u6709\u878d\u8cc7\u5e33\u6236\u4e2d\u6388\u4fe1\u984d\u5ea6\u7684\u64f4\u5927\uff0c\u4ee5\u53ca\u57f7\u884c\u5728\u4ea4\u6613\u6240\u6216\u4e0d\u900f\u904e\u4ea4\u6613\u6240\u7684\u4ea4\u6613\u3002\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u8207\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u6709\u5408\u4f5c\u95dc\u4fc2\uff0c\u4f46\u537b\u5b8c\u5168\u7368\u7acb\u65bc\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u5ba2\u6236\uff0c\u53ea\u6709\u518d\u5ba2\u6236\u5c0d\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u4e0b\u9054\u6307\u4ee4\u6216\u540c\u610f\u4ea4\u6613\u4e4b\u5f8c\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u624d\u6703\u53c3\u8207\uff0c\u6839\u64da\u6307\u4ee4\u8207\u9020\u5e02\u5238\u5546\u6216\u8b49\u5238\u4ea4\u6613\u6240\u8cb7\u9032\u6216\u8ce3\u51fa\u8b49\u5238\uff0c\u4ea4\u6613\u5b8c\u6210\u5f8c\u63d0\u4f9b\u7d66\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u4ea4\u6613\u78ba\u8a8d\u51fd\u53ca\u5176\u4ed6\u6587\u4ef6\uff0c\u66ff\u5ba2\u6236\u4fdd\u7ba1\u8b49\u5238\uff0c\u4e26\u5728\u5fc5\u8981\u6642\u63d0\u4f9b\u878d\u8cc7\u670d\u52d9\u3002<\/span><\/font><\/div>\n

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\u70ba\u4e86\u89e3\u6c7a\u300c\u7d19\u4e0a\u4f5c\u696d\u5371\u6a5f\u300d\uff08<\/span>Paperwork Crisis<\/span>\uff09\uff0c\u7f8e\u570b<\/span>SEC<\/span>\u5728<\/span>1975<\/span>\u5e74\u9812\u5e03\u65b0\u6cd5\u4ee4\u4ee5\u9f13\u52f5\u5efa\u7acb\u4e00\u500b\u65b0\u7cfb\u7d71\uff0c\u80fd\u5920\u8b93\u8b49\u5238\u4ea4\u6613\u300c\u7acb\u5373\u4e14\u6b63\u78ba\u7d50\u7b97\u53ca\u4ea4\u5272\u300d\u3002\u8a72\u6cd5\u4ee4\u662f<\/span> 1934<\/span>\u5e74\u8b49\u5238\u4ea4\u6613\u6cd5\u7684\u4fee\u6b63\uff0c\u5176\u4e0d\u4f46\u4fc3\u4f7f\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u6578\u91cf\u589e\u52a0\uff0c\u4e5f\u4f7f\u66f4\u6709\u6548\u7387\u7684\u7d50\u7b97\u53ca\u4ea4\u5272\u7cfb\u7d71\u958b\u59cb\u767c\u5c55\u3002<\/span><\/font><\/div>\n

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\u6839\u64da\u8b49\u5238\u4ea4\u6613\u6cd5<\/span>15c<\/span>3-3(b)(3)<\/span>\u7684\u898f\u5b9a\uff0c\u7d93\u7d00\u81ea\u71df\u5238\u5546\u5fc5\u9808\u5be6\u969b\u6301\u6709\u6216\u63a7\u5236\u5ba2\u6236\u7684\u6709\u50f9\u8b49\u5238\uff0c\u4ee5\u78ba\u4fdd\u8b49\u5238\u5546\u5982\u679c\u9700\u8981\u6e05\u7b97\u7684\u6642\u5019\uff0c\u6709\u8db3\u5920\u7684\u8cc7\u91d1\u548c\u8b49\u5238\uff0c\u4e5f\u624d\u80fd\u8fc5\u901f\u5c07\u5ba2\u6236\u7684\u8cc7\u7522\u8fd4\u9084\u672c\u4eba\u3002\u4f46\u662f\u5982\u679c\u662f\u5b8c\u5168\u63ed\u9732\u5f0f\u7684\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\uff0c\u5ba2\u6236\u5728\u958b\u6236\u7684\u6642\u5019\uff0c\u6703\u7acb\u5373\u5c07\u5ba2\u6236\u7684\u6709\u50f9\u8b49\u5238\u53ca\u8cc7\u91d1\u50b3\u905e\u7d66\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u7531\u8a72\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u6839\u64da\u8b49\u5238\u4ea4\u6613\u6cd5<\/span>17a<\/span>-3<\/span>\u53ca<\/span>17a<\/span>-4<\/span>\uff0c\u4fdd\u7ba1\u53ca\u4fdd\u5b58\u696d\u52d9\u76f8\u95dc\u4e4b\u5e33\u518a\u3001\u8a18\u9304\u3002\u4e5f\u5c31\u662f\u8aaa\uff0c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u4f9d\u6cd5\u4e26\u6c92\u6709\u5ba2\u6236\u6b3e\u3001\u5238\u7684\u4fdd\u7ba1\u7fa9\u52d9\u3002<\/b><\/span><\/span><\/font><\/div>\n

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\u91cd\u9ede\uff1a\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u88ab\u8a8d\u70ba\u662f\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u5ba2\u6236\uff0c\u800c\u4e0d\u662f\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u4e4b\u5ba2\u6236\u3002\u4f46\u662f\u7576\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7121\u529b\u511f\u9084\u6642\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5fc5\u9808\u5c0d\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u8ca0\u8cac\u3002<\/span><\/font><\/div>\n

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\u4ee5\u95dc\u4fc2\u4f86\u8aaa\uff0c\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u88ab\u8a8d\u70ba\u662f\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u5ba2\u6236\uff0c\u800c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u53c8\u662f\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u7684\u5ba2\u6236\u3002\u5728\u539f\u672c\u7684\u60c5\u6cc1\u4e0b\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5c0d\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u8ca0\u8cac\uff0c\u800c\u4e0d\u662f\u5c0d\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u5ba2\u6236\u8ca0\u8cac\uff0c\u5ba2\u6236\u53ea\u548c\u4ed6\u5011\u7684\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u70ba\u4ea4\u6613\u3002<\/span><\/font><\/div>\n

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1980<\/span>\u5e74\u4ee3\u65e9\u671f\u6cd5\u898f\u4fee\u6b63\u5f8c\uff0c\u5df2\u6e1b\u8f15\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u6709\u95dc\u8a8d\u8b58\u5ba2\u6236\u65b9\u9762\u7684\u8cac\u4efb\uff0c\u800c\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u5247\u6709\u8a8d\u8b58\u5ba2\u6236\u4e26\u5224\u65b7\u5efa\u8b70\u662f\u5426\u5408\u9069\u7684\u8cac\u4efb\u3002\u800c\u4e14\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u4e26\u4e0d\u8ca0\u8cac\u76e3\u7763\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u6240\u505a\u7684\u8cb7\u8ce3\u6216\u5efa\u8b70\u3002\u56e0\u6b64\uff0c\u6cd5\u9662\u8a8d\u70ba\u7d50\u7b97\u7d93\u7d00\u5546\u4e26\u4e0d\u9700\u8981\u70ba\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u932f\u8aa4\u57f7\u884c\u800c\u8ca0\u8cac\u3002<\/span><\/font><\/div>\n

<\/font><\/div>\n
\u4f46\u9019\u500b\u539f\u5247\u6709\u5169\u7a2e\u4f8b\u5916\u60c5\u5f62\u3002\u7b2c\u4e00\uff0c<\/span>1970<\/span>\u5e74\u8b49\u5238\u6295\u8cc7\u8005\u4fdd\u8b77\u6cd5\uff08<\/span>Securities Investors Protection Act of 1970<\/span>\uff09\u4e2d\u6307\u51fa\uff0c\u7576\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7121\u529b\u511f\u9084\u7684\u6642\u5019\uff0c\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u5fc5\u9808\u5c0d\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u8ca0\u8cac\u3002\u7b2c\u4e8c\uff0c<\/span>SEC<\/span>\u7684\u91d1\u878d\u6cd5\u898f\u548c\u6de8\u8cc7\u672c\u898f\u7bc4\u90fd\u9069\u7528\u65bc\u7d50\u7b97\u7d93\u7d00\u5238\u5546\uff0c\u5c31\u597d\u50cf\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u5c31\u662f\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u7684\u5ba2\u6236\u4e00\u822c\u3002\u9019\u4e9b\u6cd5\u898f\u6307\u51fa\u4efb\u4f55\u8207\u5ba2\u6236\u5e33\u6236\u6709\u95dc\u7684\u7d93\u7d00\u5546\uff0c\u90fd\u8981\u9054\u5230<\/span>SEC<\/span>\u6240\u8a2d\u6700\u4f4e\u6de8\u8cc7\u672c\u7684\u8981\u6c42\uff0c\u4e26\u63d0\u4f9b\u9019\u4e9b\u5e33\u6236\u4fdd\u7ba1\u8cc7\u91d1\u548c\u8b49\u5238\u7684\u670d\u52d9\u3002\u56e0\u70ba\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u958b\u8a2d\u6709\u4ef2\u4ecb\u7d93\u7d00\u5238\u5546\u7684\u5e33\u6236\uff0c\u56e0\u6b64\u5fc5\u9808\u7b26\u5408<\/span>SEC<\/span>\u6240\u8a2d\u8ca1\u52d9\u76f8\u95dc\u8981\u6c42\u3002\u800c\u56e0\u70ba\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u70ba\u5ba2\u6236\u8cc7\u7522\u8ca0\u91d1\u878d\u76e3\u7763\u7684\u8cac\u4efb\uff0c\u6240\u4ee5\u88ab\u4ef2\u4ecb\u7684\u5ba2\u6236\u5fc5\u9808\u76f4\u63a5\u5c07\u6b3e\u3001\u5238\u4ea4\u4ed8\u7d66\u7d50\u7b97\u7d93\u7d00\u5238\u5546\u3002<\/span><\/b><\/span><\/font><\/div>\n

<\/font><\/div>\n
\u540c\u6642\uff0c<\/span>1970<\/span>\u5e74\u6295\u8cc7\u8005\u4fdd\u8b77\u6cd5\u4e2d\uff0c\u4e5f\u8981\u6c42\u8a2d\u7acb\u8b49\u5238\u6295\u8cc7\u8005\u4fdd\u8b77\u516c\u53f8\uff08<\/span>Securities Investor Protection Corporation<\/span>\uff0c<\/span>SIPC<\/span>\uff09\uff0c<\/span>SIPC<\/span>\u70ba\u975e\u71df\u5229\u6027\u8cea\u7684\u6703\u54e1\u7d44\u7e54\uff0c\u5f37\u5236\u8981\u6c42\u6240\u6709\u7b26\u5408\u7f8e\u570b\u300a<\/span>1934<\/span>\u8b49\u5238\u4ea4\u6613\u6cd5\u300b\u7b2c<\/span>15(b)<\/span>\u689d\uff0c\u4f9d\u6cd5\u8a3b\u518a\u7684\u7d93\u7d00\u5238\u5546\u3001\u81ea\u71df\u5546\u4ee5\u53ca\u5168\u570b\u6027\u8b49\u5238\u4ea4\u6613\u6240\u7684\u6703\u54e1\u6210\u70ba<\/span>SIPC<\/span>\u7684\u6703\u54e1\uff0c\u7e73\u7d0d\u6703\u8cbb\u4e26\u5efa\u7acb\u6295\u8cc7\u8005\u4fdd\u8b77\u57fa\u91d1\u3002<\/span>SIPC<\/span>\u6210\u7acb\u7684\u76ee\u7684\u662f\u70ba\u7b26\u5408\u689d\u4ef6\u7684\u7d93\u7d00\u5238\u5546\u548c\u81ea\u71df\u5546\u7684\u5ba2\u6236\u63d0\u4f9b\u4fdd\u96aa\u8207\u4fdd\u8b77\u6a5f\u5236\uff0c\u4f7f\u9019\u4e9b\u5ba2\u6236\u5728\u5238\u5546\u56e0\u7834\u7522\u6216\u9677\u5165\u8ca1\u653f\u5371\u6a5f\u800c\u5931\u53bb\u511f\u4ed8\u80fd\u529b\u6642\uff0c\u80fd\u5920\u5f97\u5230\u8ce0\u511f\u3002<\/span><\/font><\/div>\n

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SIPC<\/span>\u57fa\u91d1\u4fdd\u969c\u7684\u7bc4\u570d\uff0c\u5305\u62ec\u5238\u5546\u5ba2\u6236\u56e0\u5238\u5546\u5468\u8f49\u4e0d\u9748\u6216\u7d50\u675f\u71df\u696d\uff0c\u8b8a\u8ce3\u8cc7\u7522\u800c\u9020\u6210\u7684\u80a1\u7968\u3001\u50b5\u5238\u3001\u7968\u64da\u3001\u50b5\u6b0a\u6191\u8b49\u53ca\u5b9a\u671f\u5b58\u55ae\u7b49\u4e4b\u640d\u5931\uff0c\u4f46\u4e26\u4e0d\u4fdd\u969c\u5238\u5546\u672a\u7d93\u5ba2\u6236\u6388\u6b0a\u6240\u9032\u884c\u8cb7\u8ce3\u9020\u6210\u4e4b\u640d\u5bb3\u3002<\/b><\/span><\/span><\/font><\/div>\n

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SIPC<\/span>\u57fa\u91d1\u7684\u511f\u4ed8\u7a0b\u5e8f\uff0c\u9700\u7b26\u5408\u4e00\u5b9a\u7684\u8981\u4ef6\uff0c\u4e26\u7372\u5f97<\/span>SEC<\/span>\u53ca\u76f8\u95dc\u81ea\u5f8b\u6a5f\u69cb\u7684\u8a8d\u5b9a\u3002\u5728\u901a\u77e5<\/span>SIPC<\/span>\u4e4b\u5f8c\uff0c<\/span>SIPC<\/span>\u539f\u5247\u4e0a\u63a1\u300c\u4e00\u822c\u6e05\u7b97\u7a0b\u5e8f\u300d\uff0c\u4e5f\u5c31\u662f\u7d50\u5408\u6cd5\u9662\u7684\u7834\u7522\u7a0b\u5e8f\u9032\u884c\u6e05\u7b97\uff0c\u5ba2\u6236\u5c31\u80fd\u4f9d\u64da\u6703\u54e1\u5238\u5546\u6240\u6301\u6709\u7684\u5ba2\u6236\u8ca1\u7522\u6bd4\u4f8b\u53d7\u511f\uff0c\u4e4b\u5f8c\u518d\u5c31\u5ba2\u6236\u672a\u53d7\u6e05\u511f\u4e4b\u50b5\u6b0a\uff0c\u5728\u511f\u4ed8\u4e0a\u9650\u4e4b\u7bc4\u570d\uff08\u4e94\u5341\u842c\u7f8e\u5143\uff09\u5167\u4e88\u4ee5\u7d66\u4ed8\u3002\u4f46\u5982\u679c\u6703\u54e1\u5238\u5546\u50b5\u52d9\u91d1\u984d\u8f03\u5c0f\uff0c\u5ba2\u6236\u4eba\u6578\u8f03\u5c11\u7684\u7c21\u6613\u6848\u4ef6\uff0c\u57fa\u65bc\u7a0b\u5e8f\u7684\u8003\u91cf\uff0c\u6703\u63a1\u7528\u300c\u76f4\u63a5\u4ed8\u6b3e\u7a0b\u5e8f\u300d\uff0c\u4e5f\u5c31\u662f\u672a\u7d93\u6e05\u7b97\uff0c\u5148\u76f4\u63a5\u511f\u4ed8\u7d66\u6703\u54e1\u8b49\u5238\u5546\u7684\u5ba2\u6236\u3002<\/p>\n

\u6587\u7ae0\u5167\u5bb9\u4f86\u6e90\u70ba\uff0cJoe\u5b8c\u6574\u8f49\u9304\uff0c\u65b9\u4fbf\u8b80\u8005\u95b1\u8b80<\/span><\/font><\/span><\/font><\/span><\/font>
http:\/\/buffettism.blogspot.tw\/2011\/10\/blog-post_20.html
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