billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: 35. In conclusion, global financial markets are facing challenges never faced before.

assistant: 35. 總括而言，全球金融市場正面對前所未有的挑戰。
user: Please translate the following sentence from English to Chinese: Hong Kong has become the launch pad of many important liberalization measures that have contributed significantly to the success of the Mainland’s market reforms.

assistant: 與此同時，香港協助內地推出多項重要的市場開放措施，對內地市場成功推行改革貢獻良多。
user: Please translate the following sentence from English to Chinese: Enforcement actions are an effective backstop but again, they are not the whole solution.

assistant: 執法行動固然是一個行之有效的方法，但如上文所述，並不能完全解決所有問題。
user: Please translate the following sentence from English to Chinese: Today, IOSCO has more than 180 members and its members regulate more than 90% of the world’s securities markets.

assistant: 時至今日，國際證監會組織已有超過 180 名成員，這些成員對全球超過 90%的證券市場進行規管。
user: Please translate the following sentence from English to Chinese: Finally, may I take this opportunity to say a few words to our media friends present today.

assistant: 最後，我希望藉這個機會向今天蒞臨這個典禮的傳媒朋友說幾句話。
user: Please translate the following sentence from English to Chinese: On the one hand, the SFC ensures the market’s awareness of its policy and practices through the establishment of codes and guidelines, and issuance of FAQs and circulars.

assistant: 一方面，證監會藉著制定守則和指引及發出常見問題和通函，確保市場認識本會政策和慣例；
user: Please translate the following sentence from English to Chinese: In December 2003, the Hong Kong Monetary Authority announced that Bank of China (Hong Kong) Limited was appointed as the clearing bank for RMB business in Hong Kong.

assistant: 2003 年 12 月，香港金融管理局宣佈中國銀行（香港）有限公司獲委任爲香港人民幣業務的清算行。
user: Please translate the following sentence from English to Chinese: Currently, there are 14 authorised hedged funds with total NAV of US$1.57 billion as of June 2007.

assistant: 目前，我們共有 14 項認可對沖基金，截至 2007 年 6 月爲止涉及資產淨值合計 15.7 億美元。
user: Please translate the following sentence from English to Chinese: (II) High quality services

assistant: (II) 優質的服務
user: Please translate the following sentence from English to Chinese: We fully appreciate that for some global organisations, implementing this initiative may take time, particularly if it involves a change in governance structure.

assistant: 我們完全明白部分全球性機構在實施有關舉措方面可能需要一些時間，尤其是假如當中涉及管治架構變動的話。
user: Please translate the following sentence from English to Chinese: Characteristics of capital markets that give rise to misconduct Recently, the FICC1 Markets Standards Board (FMSB) published a fascinating study of “Misconduct Patterns in Financial Markets.” The study examined 390 cases from 26 jurisdictions, spanning 225 years, to identify the causes of misconduct.

assistant: 引致失當行爲出現的資本市場特點 最近，FICC1市場標準委員會（FICC Markets Standards Board，簡稱 FMSB）發表了一份題爲《金融市場失當行爲的模式》（Misconduct Patterns in Financial Markets）的研究報告，其內容發人深省。 爲了識別失當行爲的成因，這項研究審視了來自 26 個司法管轄區、橫跨 225 年的 390 宗個案。
user: Please translate the following sentence from English to Chinese: 33. On the international front, IOSCO has also been looking into issues relating to the regulation of hedge funds. In particular, it is exploring how hedge funds can ensure clear, concise and effective disclosure of their features particularly regarding fees, risks, experience of fund managers, internal controls, performance and conflicts of interest.

assistant: 33. 在國際方面，國際證監會組織亦一直研究有關監管對沖基金的事宜，特別是探討對沖基金如何能確保可清晰、準確及有效地披露其特別關乎費用、風險、基金管理人的經驗、內部監控、表現及利益衝突的各項特點。
user: Please translate the following sentence from English to Chinese: As of the end of September 2014, there were 70 SFC-authorized RQFII products, including 53 RQFII unlisted funds, 15 RQFII A-share ETFs and 2 RQFII Mainland treasury bonds ETFs, with a total asset under management of US$15.2 billion.

assistant: 截至 2014 年 9 月底爲止，共有 70 項證監會認可的 RQFII 產品，包括 53 只 RQFII 非上市基金、15 只 RQFII A 股交易所買賣基金（ETF）和兩隻 RQFII 內地國債 ETF，管理資產合共達 152 億美元。
user: Please translate the following sentence from English to Chinese: This is in addition to the deleveraging drive and higher credit default risk in the Mainland, the depreciation of the renminbi against the US dollar and the escalating trade war between China and the United States.

assistant: 另外，中美貿易戰在升溫，人民幣兌美元貶值，以及內地信貸違約風險亦見增加。
user: Please translate the following sentence from English to Chinese: In fact, we are in discussions with the China Securities Regulatory Commission (CSRC) to expand the scope of Stock Connect, Bond Connect, ETF1 Connect and MRF.

assistant: 事實上，我們正與中國證券監督管理委員會（中國證監會）討論擴大滬港通、深港通、債券通、ETF1通及基金互認安排的範圍。
user: Please translate the following sentence from English to Chinese: This is not a gradual evolution — it’s a revolution.

assistant: 這不是漸進式的演變──這是一場革命。
user: Please translate the following sentence from English to Chinese: They could see that Hong Kong funds are a good instrument that they can use as they continue to connect their capital markets with the rest of the world.

assistant: 內地當局看到，香港的基金可以作爲一種理想的投資工具，幫助他們把內地資本市場與國際市場相聯接。
user: Please translate the following sentence from English to Chinese: We are increasingly concerned that some listed companies are acquiring assets at unreasonably high prices or selling companies’ assets at substantially undervalued prices.

assistant: 我們愈來愈關注有上市公司以不合理的高價購買資產，或以大幅度低估的價格賤售資產的情況。
user: Please translate the following sentence from English to Chinese: The proposals focus on four key aspects of the sponsor:

assistant: 該等建議以保薦人的以下四個主要範疇作爲焦點：
user: Please translate the following sentence from English to Chinese: We have also completed the review of disclosure of interest regime.

assistant: 我們亦已完成披露權益制度的檢討工作。
user: Please translate the following sentence from English to Chinese: This ambitious year-long project involved multiple Mainland authorities, and touched on a large number of complex issues, including foreign access to the Mainland capital markets, cross-border RMB flow and the use of RMB outside the Mainland.

assistant: 這項歷時年多的宏大計劃，涉及內地多個部門，並牽涉衆多複雜的問題，包括外資進入內地資本市場、跨境人民幣流動和人民幣在境外的使用等。
user: Please translate the following sentence from English to Chinese: Complexity does not necessarily make a product better, but might confuse or mislead.

assistant: 產品複雜化並不等於優化，相反還可能會令投資者產生混淆或誤導他們。
user: Please translate the following sentence from English to Chinese: In June 2005, the SFC revised the REIT Code to allow investments in overseas properties.

assistant: 證監會在 2005 年 6 月修訂了《房地產基金守則》，以允許投資於海外物業。
user: Please translate the following sentence from English to Chinese: Last month, Vice Premier Li Keqiang led a delegation of senior Mainland officials to Hong Kong. During the visit, Vice Premier Li unveiled a series of policy initiatives that uses Hong Kong as the platform to further the Mainland’s currency liberalization and capital market opening goals.

assistant: 在上個月，李克強副總理率領內地一衆高官到訪香港，期間宣佈了一系列政策措施，旨在通過香港這個帄臺協助內地進一步達成開放人民幣及資本市場的目標。
user: Please translate the following sentence from English to Chinese: If they establish that deficiencies exist, then they should come forward to discuss the matter with us and not wait for the completion of our investigation.

assistant: 如發現任何缺失，應主動與我們討論有關事宜，不要待證監會完成調查後才與本會聯絡。
user: Please translate the following sentence from English to Chinese: Our intention is to put in place a regulatory system that strikes a good balance (it will never be perfect or please everyone) that provides enough flexibility for market players and sufficient investor protection.

assistant: 任何監管制度都不會完美無瑕或面面俱全，因此我們的規管目標是妥善平衡各方需要、讓市場人士靈活發展，同時爲投資者提供足夠保障。
user: Please translate the following sentence from English to Chinese: But the product was described in the presentation slides as a product which is suitable for conservative investors with low risk tolerance!

assistant: 然而，在簡報投影片中，該產品卻被形容爲適合風險承受能力較低的保守型投資者的產品！
user: Please translate the following sentence from English to Chinese: Fitness, properness and financial soundness are key indicators for the assessment.

assistant: 適當性及財務穩健性是評估的主要指標。
user: Please translate the following sentence from English to Chinese: First, Mainland fund managers will have direct access to international investors eager to take part in the Mainland growth story.

assistant: 首先，內地的基金經理可以直接接觸有意在不斷增長的內地市場發掘商機的國際投資者。
user: Please translate the following sentence from English to Chinese: Through the Committee on Unit Trusts, we noted that while the Code has specified certain types of indices that a fund may track, these could not have been exhaustive as the Code has also laid down the guiding principles for the identification of an index for tracking.

assistant: 通過單位信託委員會，我們留意到《單位信託守則》雖已限定基金可跟蹤的若干指數類別，但也爲跟蹤指數的篩選準則制訂了指導原則，由此可見，所列出的指數類別並非鉅細無遺。
user: Please translate the following sentence from English to Chinese: This usually involves a very fine balancing act and we may not always instantly get the balance “just right” as Goldilocks would say.

assistant: 這通常需要作出良好的平衡，但我們未必時常能即時拿捏最準確的平衡點。
user: Please translate the following sentence from English to Chinese: Short ETFs are novel retail products in Hong Kong.

assistant: 淡倉交易所買賣基金在香港是全新的零售產品。
user: Please translate the following sentence from English to Chinese: Anomalies and challenges of the China/Hong Kong regulatory co-existence

assistant: 中國／香港監管制度並存所產生的異常現象及挑戰
user: Please translate the following sentence from English to Chinese: The Asian Crisis Let’s move on 10 years.

assistant: 亞洲金融危機我們把時間推後 10 年。
user: Please translate the following sentence from English to Chinese: And it is not just investors.

assistant: 有此要求的不獨是投資者。
user: Please translate the following sentence from English to Chinese: Strengthening investor protection For many years before the crisis, the financial sector had grown rapidly and profitably.

assistant: 加強投資者保障在金融危機爆發前多年，金融業已迅速增長，業務盈利可觀。
user: Please translate the following sentence from English to Chinese: If it has a one-to-one advisory relationship with a client, and has taken the client’s personal circumstances into account, then if it recommends that the client invest in particular ETFs traded on an overseas exchange, or effects transactions in those ETFs, that is unlikely to amount to an invitation to the public.

assistant: 該平臺如與某客戶之間存在一對一的顧問關係，並且在考慮該客戶的個人情況後建議客戶對在海外交易所買賣的特定 ETF 作出投資，或執行該等 ETF 的交易，便不大可能構成向公衆作出的邀請。
user: Please translate the following sentence from English to Chinese: o the enhancement of the transparency of the bonds market;

assistant: 及 o 落實國際證監會組織原則。
user: Please translate the following sentence from English to Chinese: This will bring the reserves to about $3.85 billion at the end of this financial year.

assistant: 預料本財政年度結束時本會的儲備將增至大約 38 億 5,000 萬元。
user: Please translate the following sentence from English to Chinese: (2) Sustained growth in turnover As at the end of 2005, securities trading generated by securities firms in Hong Kong reached HK$20 trillion in aggregate, which almost doubled that in 2003.

assistant: (2) 證券交易額持續增加 截至 2005 年底，香港證券公司的證券交易總額達 20 兆港元，較 2003 年增長近一倍。
user: Please translate the following sentence from English to Chinese: Ready availability of listed company financial information is an important resource for investors.

assistant: 隨時隨地可供取閱的上市公司財務信息，對投資者來說是重要的資源。
user: Please translate the following sentence from English to Chinese: For Hong Kong, this initiative will reinforce our position as a major international fund management centre. This is a first-in-the world opportunity for any outside fund manager to directly sell its fund products in the Mainland.

assistant: 就香港而言，這項措施將會鞏固我們作爲主要國際基金管理中心的地位，首開全球先河，讓外來基金管理公司可以直接在內地銷售其基金產品。
user: Please translate the following sentence from English to Chinese: Efficiency of marketplace Finally, I would like to talk about the efficiency of our marketplace which is critical to the development of fund management industry in Hong Kong.

assistant: 市場效率 最後，我想談談對於香港基金管理業的發展極爲重要的市場效率。
user: Please translate the following sentence from English to Chinese: Now this seems odd that in a professional industry such as ours, we have to do spell checks for you – not the people represented here today I hasten to add.

assistant: 在香港這麼一個專業的行業，還得靠我們替業內人士檢查每項細節，看來真的很奇怪，但我要補充我並不是指有派代表出席今日的頒獎禮的人士。
user: Please translate the following sentence from English to Chinese: For example, New York’s regulatory regime is often cited as one of the reasons for its loss of competitiveness as market participants move their business to jurisdictions such as London where regulation is considered to be more efficient.

assistant: 舉例說，隨著市場參與者把業務從紐約轉移到倫敦等監管制度更有效率的司法管轄區，紐約的監管制度就常被詬病爲導致其市場競爭力下降的一個原因。
user: Please translate the following sentence from English to Chinese: You have actually just caught me in time as this time next month, I will be retiring as Chair of SFC, my second retirement since I retired from KPMG in 2011.

assistant: 這次邀請來得很及時，因爲我下個月的這個時候便退任證監會主席，這是我自 2011 年從畢馬威退下來後的第二次退休。
user: Please translate the following sentence from English to Chinese: The solution would be to offer to help to Mainland companies, intermediaries and regulators to build capabilities similar to those that have supported the Hong Kong market and made it an international success.

assistant: 我們擁有幫助香港成功發展成爲國際金融市場的種種能力，因此，我們可以幫助內地企業、中介人和監管機構建立類似的能力，是我們可以向內地提供的解決方案。
user: Please translate the following sentence from English to Chinese: And this visible part I would split into two – one part wants to operate at the edge – and occasionally beyond it – if what is legal.

assistant: 我會將這個可見部分分爲兩部分――一部分希望在邊緣營運――及在合法的情況下，偶爾超越該個界限。
user: Please translate the following sentence from English to Chinese: KEYNOTE SPEECH AT LIPPER FUNDS AWARD 2008 “With the latest regulatory development and the industry AUM growing, how can the SFC provide an effective environment for the fund industry to grow successfully?

assistant: 2008 年度理柏基金獎頒獎禮主題演說 隨著監管發展不斷演變及基金業的管理資產日益增長，證監會如何能提供有效的環境，促進基金業蓬勃發展？
user: Please translate the following sentence from English to Chinese: and we believe that this will be a good opportunity for the world to experience first hand, the quality of the Hong Kong market and Hong Kong as a world-class city.

assistant: 我們相信這將會是讓世界各地人士親身體驗香港市場質素及感受作爲世界級大都會之一的香港的魅力的好機會。
user: Please translate the following sentence from English to Chinese: As a regulator in an international financial centre, the SFC is charged with maintaining and promoting the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures markets.

assistant: 作爲一個國際金融中心的監管機構，證監會有責任維持和促進證券及期貨市場的公平、效率、競爭力、透明度及秩序。
user: Please translate the following sentence from English to Chinese: As first mover we are ahead of other RMB centres.

assistant: 由於我們早著先機，現時我們領先於其他人民幣中心。
user: Please translate the following sentence from English to Chinese: And in yet other cases, the local managerial team may have to step up to take overall corporate responsibility and be held accountable for the decisions they take.

assistant: 但在另外一些情況下，本地的管理團隊可能需承擔整體的企業責任，併爲他們所作出的決策接受問責。
user: Please translate the following sentence from English to Chinese: (iii) Use of soft commission Soft commission arrangements is another area of concern for regulators as they give rise to conflicts of interest issues between the fund manager (who receive benefits) and the fund and its investors’ interest (in paying the lowest commission rate available and obtaining best execution of the funds’ transactions).

assistant: (iii) 非金錢佣金安排 非金錢佣金安排是另一個備受監管機構關注的範疇，因爲這些安排在基金經理（收取利益者）與基金及投資者利益（投資者希望支付最少佣金亦同時希望基金交易獲得最佳的執行）之間產生了利益衝突的問題。
user: Please translate the following sentence from English to Chinese: But we believe that with the co-operation and support of both Taiwan and Hong Kong, we will be able to create an investment environment that will be mutually beneficial to the investors and fund industry in both Taiwan and Hong Kong.

assistant: 但我們相信，只要得到臺港雙方的合作及支持，必定可以爲臺灣及香港的投資者及基金業製造一個互惠互利的投資環境。
user: Please translate the following sentence from English to Chinese: The strategy involved putting in place the necessary regulatory infrastructure for Chinese state-owned enterprises to list in Hong Kong.

assistant: 這套策略包括設立必要的監管架構，以便內地的國有企業來港上市。
user: Please translate the following sentence from English to Chinese: For example, in December 2006, the SFC reduced the transaction levy from 0.005% to 0.004%.

assistant: 例如，證監會在 2006 年 12 月將交易徵費由 0.005%減至 0.004%。
user: Please translate the following sentence from English to Chinese: Furthermore, there are 12 authorised funds in Hong Kong which mainly invest in Taiwan’s securities market, of which four were just launched in the past three months. This reflects Hong Kong investors’ increasing interest in the Taiwan market.

assistant: 另外，香港有 12 只主要投資於臺灣證券市場的認可基金，而其中有 4 只是在過去 3 個月才推出的，反映香港投資者對臺灣市場的興趣逐漸增加。
user: Please translate the following sentence from English to Chinese: When creditors tried to auction the CDOs in an opaque and illiquid market, the salvage value was much lower than expected and creditors sold only a fraction of the assets.

assistant: 當債權人試圖在非公開且不流通的市場拍賣 CDO 時，會發現 CDO 的殘值遠低於預期水平，而債權人亦只能將欠債人的一小部分資產出售套現。
user: Please translate the following sentence from English to Chinese: A number of deficiencies were detected. In particular:

assistant: 我們發現了多項不足之處，特別是：
user: Please translate the following sentence from English to Chinese: As at end of 2007, there were 2,040 SFC-authorised retail funds.

assistant: 截至 2007 年年底爲止，市場共有 2,040 項證監會認可零售基金。
user: Please translate the following sentence from English to Chinese: After the Lehman failure, investor confidence across different types of investment products, be it funds or otherwise, became even more fragile.

assistant: 雷曼集團倒閉後，投資者對包括基金在內的各類投資產品的信心變得更脆弱。
user: Please translate the following sentence from English to Chinese: Our thesis has been vindicated by the success of the RQFII.

assistant: RQFII 的成功印證了我們的理念。
user: Please translate the following sentence from English to Chinese: Fees and charges income during 2006/07 increased significantly due to volume increases in the underlying work performed and licenses issued.

assistant: 由於本會所進行的相關工作量及發出牌照的數目增加，因此 2006/07 年度的收費收入大幅上升。
user: Please translate the following sentence from English to Chinese: I would like to discuss the following four aspects today: - Current status of the Hong Kong securities and futures markets - Regulatory philosophy of the SFC - CEPA – Current status and development - Way forward for CEPA Hong Kong as the largest stock market in Asia (ex-Japan) The growth of the Hong Kong stock market has been encouraging since the recovery of the local economy in 2004.

assistant: 今天，我希望與大家分享以下 4 方面的內容 - 香港證券及期貨市場的現狀 - 香港證監會的監管理念 - CEPA 的現狀及發展 - 有關 CEPA 的進一步工作 香港是亞洲第一大股票市場（除日本以外） 自 2004 年香港經濟復甦以來，香港的證券市場有著令人鼓舞的發展。
user: Please translate the following sentence from English to Chinese: This is certainly an area of strength for Hong Kong.

assistant: 這無疑是香港的優勢之一。
user: Please translate the following sentence from English to Chinese: the number growing from 920 five years ago, with net asset value of US$26 billion to 2,000 funds today with net asset value of US$668 billion 25 times as large.

assistant: 基金數量由五年前的 920 項、淨資產值爲 260 億美元，增長至現時的 2,000 項基金、淨資產值爲 6,680 億美元，增長達 25 倍。
user: Please translate the following sentence from English to Chinese: Some hedge fund managers tell me that greater transparency could reveal their trading strategies or proprietary technologies, or could expose them to populist or political backlash.

assistant: 有些對沖基金經理告訴我，提高透明度可能會導致他們的交易策略或自行研發的技術要被迫披露於人前，或令他們受到民衆或政客的抨擊。
user: Please translate the following sentence from English to Chinese: These range from disclosure of interests breaches to unlicensed dealing or advising, and from cold calling to market manipulation.

assistant: 這些罪行由違反披露權益規定到無牌交易或無牌提供意見，及由自薦造訪到操縱市場不等。
user: Please translate the following sentence from English to Chinese: The importance of title is beyond doubt, as properties are the cornerstone of any REIT.

assistant: 業權的重要性毋庸置疑，因爲物業是任何房地產基金的基石。
user: Please translate the following sentence from English to Chinese: I have been told that I can choose my own topic, provided that it is one of “significance to company directors and the Hong Kong financial market”.

assistant: 我獲告知我可以自行選擇題目，只要是“對公司董事和香港金融市場而言具有重大意義”便可以。
user: Please translate the following sentence from English to Chinese: We mustn’t forget that when it comes to testing reform initiatives, there is another consideration.

assistant: 我們不要忘記，當涉及測試改革措施時還要顧及另一個因素。
user: Please translate the following sentence from English to Chinese: Under the new arrangements, the SFC may request assistance from the CSRC in obtaining information in the Mainland for SFC investigations.

assistant: 根據最新的安排，香港證監會可請求中國證監會協助在內地獲取其調查所需的信息。
user: Please translate the following sentence from English to Chinese: These funds therefore had the potential to cause serious disruption to our market and loss of investor confidence.

assistant: 該些基金因而有潛在力量嚴重擾亂本港巿場及使投資者失去信心。
user: Please translate the following sentence from English to Chinese: Regulation alone would not deliver a quality market unless investors also play an active monitoring role.

assistant: 除非投資者亦積極參與監察工作，否則單靠監管法規本身並不足以建立優質的市場。
user: Please translate the following sentence from English to Chinese: However, the analogy must hold true that provided we can find ways for RMB debt to be created in Hong Kong and for the debt proceeds to be used for investment or trade purposes, thus earning a return, we would have established the fundamentals necessary to creating real RMB assets in Hong Kong.

assistant: 如果我們能夠找到方法在香港發展人民幣債券業務，並利用債券收益作投資或貿易用途，從而賺取回報，我們就可以打下必要的基礎，在香港創造真正的人民幣資產。
user: Please translate the following sentence from English to Chinese: 7 Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

assistant: 7 《證券及期貨事務監察委員會持牌人或註冊人操守準則》。
user: Please translate the following sentence from English to Chinese: Growth of Hong Kong’s hedge funds market Hong Kong is not only a leading asset management centre for traditional funds but also for hedge funds. AsiaHedge reported that Hong Kong has got the largest number of new Asian hedge funds within Asia in 2005 and 2006.

assistant: 香港的對沖基金市場的增長 香港不單是傳統基金主要的資產管理中心，亦是對沖基金的主要資產管理中心。 據AsiaHedge 報道，於2005 及2006 年，在香港新成立的亞洲對沖基金的數目是亞洲區內之冠。
user: Please translate the following sentence from English to Chinese: As a regulator, we have to move with the times.

assistant: 作爲監管機構，我們必須與時並進。
user: Please translate the following sentence from English to Chinese: However, industry participants were concerned that their interests would be affected by the re-pledging limit as proposed by the working group.

assistant: 但是，若干業界回應者似乎憂慮工作小組建議的轉按上限可能會影響他們的利益。
user: Please translate the following sentence from English to Chinese: 35. Our experience shows that most of the market practitioners are compliant with the laws and regulations. For this group, the SFC's role is to help and guide them on compliance.

assistant: 35. 根據我們的經驗，大部分巿場人士均是守法的一羣，他們願意遵守法規，而證監會在此的角色是協助及指導他們合規。
user: Please translate the following sentence from English to Chinese: Now I would like to turn to the question of the specific role of the SFC in this regard.

assistant: 現在，我要轉到證監會在這方面所擔當的特定角色的問題上。
user: Please translate the following sentence from English to Chinese: Last week’s proposals by the US Treasury to improve regulatory coordination and oversight and to modernise the regulatory structure are the most sweeping overhaul since the Depression.

assistant: 而上星期，美國財政部提出一系列建議，希望改善監管部門之間的協調，完善監管制度，令監管架構更趨現代化。 這是大蕭條之後影響最深遠的一次改革。
user: Please translate the following sentence from English to Chinese: So I thought this would be an opportune time to reflect on the basic yet essential role that market regulators play in tackling misconduct in capital markets and how that ties in with our current regulatory approach at the Securities and Futures Commission (SFC).

assistant: 因此，我認爲，現在是適當的時候反思市場監管機構在處理資本市場的失當行爲時所扮演的基本和不可或缺的角色，以及有關角色如何與證券及期貨事務監察委員會（證監會）的現行監管方針相互結合。
user: Please translate the following sentence from English to Chinese: 34. Hong Kong has enjoyed a unique position in being the first stop for capital flowing to and from the Mainland.

assistant: 34. 香港是資金進出內地的首站，這是我們享有的一項獨特優勢。
user: Please translate the following sentence from English to Chinese: We very much hope and would like to see a broad range of REIT products with local, Mainland and other overseas assets coming to the Hong Kong market.

assistant: 我們十分期待及希望見到包含本地、內地及其他海外資產的廣泛類別的房地產基金產品在香港巿場推出。