英语翻译5.2.Three Coordinated SEC Policies Consider three interr

英语翻译
5.2.Three Coordinated SEC Policies
Consider three interrelated SEC decisions regarding the regulation of investment banks.First,the SEC in 2004 exempted the five largest investment banks from the net capital rule,which was a 1975 rule for computing minimum capital standards at broker- dealers.13 The investment banks were permitted to use their own mathematical models of asset and portfolio risk to compute appropriate capital levels.The investment banks responded by issuing more debt to purchase more risky securities without putting commensurately more of their own capital at risk.Leverage ratios soared from their 2004 levels,as the bank’s models indicated that they had sufficient capital cushions.
Second,in a related,coordinated 2004 policy change,the SEC enacted a rule that induced the five investment banks to become “consolidated supervised entities” (CSEs):The SEC would oversee the entire financial firm.Specifically,the SEC now had responsibility for supervising the holding company,broker-dealer affiliates,and all other affiliates on a consolidated basis.These other affiliates include other regulated entities,such as foreign-registered broker-dealers and banks,as well as unregulated entities such as derivatives dealers (Colby,2007).The SEC was charged with evaluating the models employed by the broker-dealers in computing appropriate capital levels and assessing the overall stability of the consolidated investment bank.Given the size and complexity of these financial conglomerates,overseeing the CSEs was a systemically important and difficult responsibility.
Third,the SEC neutered its ability to conduct consolidated supervision of major investment banks.With the elimination of the net capital rule and the added complexity of consolidated supervision,the SEC’s head of market regulation,Annette Nazareth,promised to hire high-skilled supervisors to assess the riskiness of investment banking activities.But,the SEC didn’t.In fact,the SEC had only seven people to examine the parent companies of the investment banks,which controlled over $4 trillion in assets.Under Christopher Cox,who became chairman in 2005,the SEC eliminated the risk management office and failed to complete a single inspection of a major investment bank in the year and a half before the collapse of those banks (Labaton,2008).Cox also weakened the Enforcement Division’s freedom to impose fines on financial firms under its jurisdiction.
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5.2.Three Coordinated SEC Policies
5.2 3个协调的证券交易委员会政策
Consider three interrelated SEC decisions regarding the regulation of investment banks.
考虑到3个 关于对投资银行管理的 证券交易委员会的相关决定
First,the SEC in 2004 exempted the five largest investment banks from the net capital rule,
第一,证券交易委员会在2004年 豁免 五大投资银行 在资本净值上的管理,
which was a 1975 rule for computing minimum capital standards at broker-dealers.
这个规则是1975年为了计算 经济交易商的 最低资本基准而设
13 The investment banks were permitted to use their own mathematical models of asset and portfolio risk to compute appropriate capital levels.
投资银行曾经被允许应用它们自己的 财产和投资风险 的数学模型 去估算 恰当的资本水平
The investment banks responded by issuing more debt to purchase more risky securities without putting commensurately more of their own capital at risk.
投资银行通过 放出 更多的 债务 来获得更多高危有价证券 回应这个管理办法,没有 史 他们同等或更多的自有资产 遭受危险.
Leverage ratios soared from their 2004 levels,as the bank’s models indicated that they had sufficient capital cushions.
由于 银行的模型 表明 他们有足够的 资本 缓冲 ,杠杆借贷比率 从他们2004年的水平 猛增.
Second,in a related,coordinated 2004 policy change,the SEC enacted a rule
第二,相关的,为了调整2004年的政策变化,证券交易委员会 颁布了一个规定
that induced the five investment banks to become “consolidated supervised entities” (CSEs):
引导五大投资银行变成 “统一监督实体”(CSEs)：
The SEC would oversee the entire financial firm.
证券交易委员会可以监督整个金融机构
Specifically,the SEC now had responsibility for supervising the holding company,broker-dealer affiliates,and all other affiliates on a consolidated basis.
确切的说,证券交易委员会现在有责任监管控股工资,经纪自营商附属企业,和所有其他综合基础的附属企业.
These other affiliates include other regulated entities,such as foreign-registered broker-dealers and banks,as well as unregulated entities such as derivatives dealers (Colby,2007).
这些其他的附属企业包括 其他规定的独立实体,例如 国外的注册经纪自营商和银行,也包括未受管理的那些派生出来的商人(Colby,2007).
The SEC was charged with evaluating the models employed by the broker-dealers in computing appropriate capital levels and assessing the overall stability of the consolidated investment bank.
证券交易委员会 被控告 在评测 经纪自营商 用来估算 恰当的资本水平 的模型 和核定 统一的投资银行 的总体稳定性的时候,
Given the size and complexity of these financial conglomerates,overseeing the CSEs was a systemically important and difficult responsibility.
考虑到了 这些金融企业集团的 大小和复杂性,却忽略了“统一监督实体”是一个全部重要并且有难度的职责
Third,the SEC neutered its ability to conduct consolidated supervision of major investment banks.
第三,正确交易委员会 削弱了 对主要投资银行的引导和统一监管 的力量
With the elimination of the net capital rule and the added complexity of consolidated supervision,
随着资本净值规则的取消 和 统一监管复杂性的增加
the SEC’s head of market regulation,Annette Nazareth,promised to hire high-skilled supervisors to assess the riskiness of investment banking activities.
证券交易委员会 的 市场管理 者——Annette Nazareth承诺 雇佣高技术监督者 来核定投资银行活动 的危险性.
But,the SEC didn’t.但是,证券交易委员会没有这样做.
In fact,the SEC had only seven people to examine the parent companies of the investment banks,which controlled over $4 trillion in assets.
事实上,他们只有7个人去检验投资银行（控制超过4万亿资产）的总公司
Under Christopher Cox,who became chairman in 2005,the SEC eliminated the risk management office and failed to complete a single inspection of a major investment bank in the year and a half before the collapse of those banks (Labaton,2008).
在2005年成为委员长的Christopher Cox的领导下,证券交易委员会割除了风险管理办公室,并且 在这些银行倒闭之前的一年半时间内 没有完成哪怕一个主要投资银行的视察.(Labaton,2008).
Cox also weakened the Enforcement Division’s freedom to impose fines on financial firms under its jurisdiction.
Christopher Cox 还削弱了执行部门 在司法权的范围内 征收金融公司罚款 的自由.
大功告成了,我对金融不是很了解,有些地方翻译的外行,请你自行调整一下吧