billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: ‘‘Business Day’’ means a day (excluding Saturdays) on which the Stock Exchange is scheduled to open for dealings in Hong Kong and banks are open for business in Hong Kong;

assistant: 「營業日」指聯交所預定在香港開市交易和銀行在香港開門營業的日子（不包括星期六）；
user: Please translate the following sentence from English to Chinese: In August 2008, criminal sentences were handed down.

assistant: 八年八月，宣判作出刑事處罰。
user: Please translate the following sentence from English to Chinese: The lease payments are spread over the lease term, and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease.

assistant: 該等租賃付款分佈於租賃期間，並分配予本金減少及利息，致使收入淨額反映租賃期內未償還投資淨額的穩定回報率。
user: Please translate the following sentence from English to Chinese: The court granted that motion on March 1, 2011.

assistant: 法院於二零一一年三月一日授出該動議。
user: Please translate the following sentence from English to Chinese: to propose to the general meeting the appointment or replacement of the accounting firms which provide audit services for the Company;

assistant: 向股東大會提請聘請或更換爲公司審計的會計師事務所；
user: Please translate the following sentence from English to Chinese: 2 Subject to any potential postponement upon the occurrence of a Market Disruption Event, provided that no Valuation Date shall fall on or after the Expiry Date. Please see Condition 4(C) for details.

assistant: 2 在發生市場受阻事件的情況下可能予以押後，惟估值日不可與到期日重疊或遲於到期日，詳見細則 4(C)。
user: Please translate the following sentence from English to Chinese: Our Guarantor’s credit ratings as of the Launch Date are for reference only.

assistant: 我們的 擔保人於推出日的信貸評級僅供參考。
user: Please translate the following sentence from English to Chinese: The Issuer will not be liable to the ELI holder for any interest in respect of the amount due or any loss or damage that such ELI holder may suffer as a result of the existence of the Settlement Disruption Event.

assistant: 發行人並無責任就股票掛鉤票據持有人因發生結算中斷事件可能招致的任何虧損或損失款額支付任何利息。
user: Please translate the following sentence from English to Chinese: Pursuant to the regulations described above and IRS Notice 2015-66, and subject to the exceptions described below, FATCA’s withholding regime generally will apply to (i) withholdable payments (other than gross proceeds of the type described above and certain payments made with respect to a “preexisting obligation,” as defined in the regulations);

assistant: 根據上述規例及美國國稅局通知第 2015-66 號，以及受下述例外情況所規限，FATCA的預扣稅制度一般將應用於 (i)可預扣款項（上 內的股息付款而釐定；
user: Please translate the following sentence from English to Chinese: Trading Fees and Levies The Stock Exchange charges a trading fee of 0.005 per cent. and the Securities and Futures Commission charges a transaction levy of 0.0027 per cent. for each transaction effected on the Stock Exchange payable by each of the seller and the buyer and calculated on the value of the consideration for the CBBCs.

assistant: 交易費用及徵費 就於聯交所進行的每項交易而言，聯交所收取 0.005% 的交易費，而證券及期貨事務監察委員會則收取 0.0027% 的交易徵費。 該等費用須按牛熊證的代價價值計算，由買賣雙方自行支付。
user: Please translate the following sentence from English to Chinese: The Macquarie Group’s businesses operate in or depend on the operation of global markets, either directly or indirectly, including through exposures in securities, loans, derivatives and other activities.

assistant: Macquarie Group在環球市場經營業務，業務直接或間接視乎環球市場的操作而定，包括透過證券、貸款、衍生工具的投資及其他活動。
user: Please translate the following sentence from English to Chinese: For more information on VaR, see Trading Risk Management on page 114.

assistant: 有關虧損風險的更多資料，請參閱第 114 頁的交易風險管理。
user: Please translate the following sentence from English to Chinese: The cases have since been transferred to the High Court of Justice, Queen’s Bench Division, Commercial Court in London.

assistant: 該案件自此移交至倫敦高等司法院皇座法庭商業庭。
user: Please translate the following sentence from English to Chinese: 14 Illegality or Impracticability The Issuer is entitled to terminate the Warrants if it determines in good faith and in a commercially reasonable manner that, for reasons beyond its control, it has become or it will become illegal or impracticable:

assistant: 14 不合法或不可行 倘發行人以真誠及商業上合理之方式釐定，基於其控制以外的原因﹕
user: Please translate the following sentence from English to Chinese: Trading Fees and Levies The Stock Exchange charges a trading fee of 0.005 per cent. and the Securities and Futures Commission charges a transaction levy of 0.0027 per cent. for each transaction effected on the Stock Exchange payable by each of the seller and the buyer and calculated on the value of the consideration for the CBBCs.

assistant: 交易費用及徵費就於聯交所進行的每項交易而言，聯交所收取0.005%的交易費，而證券及期貨事務監察委員會則收取0.0027%的交易徵費。 該等費用須按牛熊證的代價價值計算，由買賣雙方自行支付。
user: Please translate the following sentence from English to Chinese: The Bonds, in denomination of HK$1,250,000, will be issued by way of debt issue to professional investors only.

assistant: 債券面額爲1,250,000港元，將僅透過向專業投資者發行債務之方式予以發行。
user: Please translate the following sentence from English to Chinese: Fair value

assistant: 公平值
user: Please translate the following sentence from English to Chinese: During the Reporting Period, the Compliance and Risk Management Committee of the Board convened a total of three meetings, the details of which were as follows:

assistant: 報告期內，公司董事會合規與風險管理委員會召開了三次會議，具體情況如下：
user: Please translate the following sentence from English to Chinese: The relevant Launch Announcement and Supplemental Listing Document in relation to the issue of any series of Warrants may specify additional terms and conditions which shall, to the extent so specified or to the extent inconsistent with the applicable Product Conditions, replace or modify the applicable Product Conditions for the purpose of such series of Warrants. Capitalised terms used in the applicable Product Conditions and not otherwise defined therein shall have the meaning given to them in the relevant Launch Announcement and Supplemental Listing Document.

assistant: 發行任何系列的權證的有關發行公佈及補充上市文件可列明其他條款和細則，如有列明或與適用產品細則不符，則就有關係列的權證而言取代或修改適用產品細則。 適用產品細則中並無另行界定的用語具有有關發行公佈及補充上市文件所賦的涵義。
user: Please translate the following sentence from English to Chinese: and - a credit rating may be downgraded if the credit quality of the Guarantor declines.

assistant: 及 - 如擔保人的信貸質素下降，信貸評級 可能被調低。
user: Please translate the following sentence from English to Chinese: Also at December 31, 2011, outstanding loans on Geniki’s balance sheet totalled EUR 2,624 million and customer deposits EUR 1,828 million.

assistant: 同樣在二零一一年十二月三十一日，Geniki資產負債表上未償還貸款總額爲26.24億歐元，客戶存款爲18.28億歐元。
user: Please translate the following sentence from English to Chinese: – the interim interest rates and expected dividend payments or other distributions on any components comprising the Index;

assistant: –中期利率及組成指數的任何成份股的預期股息分派或其他分派；
user: Please translate the following sentence from English to Chinese: Our Guarantor’s credit ratings are subject to change or withdrawal at any time within each rating agency's sole discretion.

assistant: 我們的擔保人的信貸評級或會按各評級機構的全權酌情決定隨時更改或撤回。
user: Please translate the following sentence from English to Chinese: Subject to such payment having been made, the issuer shall have no obligation towards the holders under the CBBCs subsequent to the MCE date.

assistant: 在作出該付款後，發行人於強制贖回事件日期後根據牛熊證對持有人毋須承擔任何責任。
user: Please translate the following sentence from English to Chinese: Except as set out in the Listing Documents, there has been no material adverse change in our financial or trading position or prospects or indebtedness since 31 December 2017.

assistant: 除上市文件所述者外，自二零一七年十二月三十一日以來，本公司的財務或交易狀況或前景或負債並無重大不利變動。
user: Please translate the following sentence from English to Chinese: Derivative financial instruments Exchange traded derivatives contracts have limited credit risk as counterparties have to be members of the exchange and demonstrate they have adequate resources to fulfill obligations when they become due.

assistant: 衍生金融工具 交易所買賣衍生工具合約具有有限的信用風險，因爲對手方須爲交易所成員，並證明本身擁有足夠資源以履行到期責任。
user: Please translate the following sentence from English to Chinese: Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

assistant: 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。
user: Please translate the following sentence from English to Chinese: Such adjustments shall take effect on the same day that the Entitlement is adjusted.

assistant: 有關調整將於權利被調整的同日生效。
user: Please translate the following sentence from English to Chinese: Our AoA does not include a contrary provision.

assistant: 我們的章程並未納入與其相反的規定。
user: Please translate the following sentence from English to Chinese: The official closing price of the Share on the Underlying Exchange on the Underlying Exchange Business Day immediately preceding the Cash Distribution Adjustment Date

assistant: 股份於緊接現金分派調整日前之相關交易所營業日在相關交易所之正式收市價
user: Please translate the following sentence from English to Chinese: and accrued liabilities. In addition, U.S. GAAP requires that the fair value of deposit liabilities with no stated maturity (i.e., demand, savings and certain money market deposits) be equal to their carrying value; recognition of the inherent funding value of these instruments is not permitted.

assistant: 此外，美國公認會計原則要求那沒有到期日的存款負債的公允價值（即定期儲蓄和某些貨幣市場存款）等於其賬面值，這些工具的內在價值不允許確認。
user: Please translate the following sentence from English to Chinese: These transactions are not considered significant for disclosure purposes under FIN 46(R).

assistant: 就根據FIN第46(R)號進行披露而言，該等交易並不視爲重大。
user: Please translate the following sentence from English to Chinese: (j) “Voting Preferred Stock” means, with regard to any election or removal of a Preferred Stock Director (as defined in Section 8(b) below) or any other matter as to which the holders of Series B are entitled to vote as specified in Section 8 of this Certificate of Designations, any and all series of Preferred Stock (other than Series B) that rank equally with Series B either as to the payment of dividends or as to the distribution of assets upon liquidation, dissolution or winding up of the Corporation and upon which like voting rights have been conferred and are exercisable with respect to such matter.

assistant: (j)「具投票權優先股」指，就本命名證書第8節所列明B系列持有人有權投票的優先股董事（定義見下文第8(b)節）的任何選舉或免職或任何其他事項而言，在支付股息或本公司清算、解散或清盤時的資產派付權利均與B系列相同並已獲賦予可就有關事項行使的同樣投票權的任何及所有系列優先股（B系列除外）。
user: Please translate the following sentence from English to Chinese: (ii) Subject as provided below in the case of a Settlement Disruption Event, the Issuer will procure:

assistant: (ii) 如發生交收中斷事件，在符合以下的規定下，發行人將促使：
user: Please translate the following sentence from English to Chinese: and - a trading fee of 0.005%, in each case, of the consideration amount of the Bonds traded.

assistant: 及 - 有關交易金額的 0.005%作爲交易費。
user: Please translate the following sentence from English to Chinese: Cash and cash equivalents in the consolidated cash flow statement

assistant: 在綜合現金流量表內的現金及等同現金項目
user: Please translate the following sentence from English to Chinese: In France, certain resolution authorities are conferred with substantial powers under the BRRD to enable them to take or exercise a wide range of actions or powers in relation to the relevant entities (such as the Guarantor) at risk of failing.

assistant: 於法國，若干清算機構獲BRRD賦予相當權力，可在相關實體（例如擔保人）瀕臨倒閉的情況下，對其採取或行使一系列措施或權力。
user: Please translate the following sentence from English to Chinese: In 2000, RLC I granted Rabobank Nederland a 900 deep-subordinated loan with a term of 31 years.

assistant: 於二零零零年，RLC I 授予荷蘭合作銀行 900 之長期後償貸款，年期爲 31 年。
user: Please translate the following sentence from English to Chinese: – the level and volatility of the underlying index (being a measure of the fluctuation in the level of the underlying index over time);

assistant: —掛鉤指數的水平及波幅（即掛鉤指數水平隨時間波動的量度單位）；
user: Please translate the following sentence from English to Chinese: (xi) Hedge accounting The Bank and Consolidated Entity designate certain derivatives or financial instruments as hedging instruments in qualifying hedge relationships.

assistant: (xi) 對沖會計本行及合併實體指定若干衍生工具或金融工具作爲對沖工具以令對沖關係符合資格。
user: Please translate the following sentence from English to Chinese: For Category N Bear CBBCs (where the call level is equal to the strike level), the holder of the CBBCs will not receive any cash payment from us upon the occurrence of the mandatory call event.

assistant: 就N類熊證而言（其贖回水平相等於行使水平），牛熊證持有人將不會於發生強制贖回事件時獲本公司支付任何現金付款。
user: Please translate the following sentence from English to Chinese: A sale or reclassification of a more than insignificant amount of held-to-maturity investments would result in the reclassification of all held-to-maturity investments as available-for-sale, and would prevent the Group from classifying investment securities as held-to-maturity for the current and the following two financial years.

assistant: 持有至到期投資的任何重大數額的出售或重新分類將導致須重新分類所有持有至到期投資至可供出售，並會妨礙本集團於當年及之後兩個財政年度將投資證券分類爲持有至到期。
user: Please translate the following sentence from English to Chinese: If the Cash Settlement Amount is equal to or less than the Exercise Expenses, you will lose all of your investment in the Warrants.

assistant: 倘若現金結算額等於或低於行使費用，則閣下將損失閣下於權證的所有投資。
user: Please translate the following sentence from English to Chinese: The Issuer will not be liable to the Warrantholder for any interest in respect of the amount due or any loss or damage that such Warrantholder may suffer as a result of the existence of the Settlement Disruption Event.

assistant: 發行人毋須就到期款項向權證持有人支付任何利息或對權證持有人因出現結算中斷事件而可能蒙受的任何損失或損害負責。
user: Please translate the following sentence from English to Chinese: and (b) the day on which the Closing Level is determined in accordance with these Conditions (as the case may be).

assistant: 及 (b)根據此等細則釐定收市水平之日（以較後者爲準）（視情況而定）後第三個中央結算系統結算日。
user: Please translate the following sentence from English to Chinese: and/or (iii) the Liquidity Provider’s response time for a quote may be significantly longer than its normal standard. Adjustment related risk The occurrence of certain events (including, without limitation, a rights issue, bonus issue or cash distribution by the Trust, a subdivision or consolidation of the underlying Unit and a restructuring event affecting the Trust) may entitle us to adjust the terms and conditions of the Warrants.

assistant: 及／或 (iii) 流通量提供者回應報價的所需時間或會大幅長於其一般水平。 與調整有關的風險當發生若干事件 ( 包括但不限於信託基金進行供股、新基金單位發行或作出現金分派、相關基金單位的拆細或合併或影響信託基金的重組事項)，我們有權調整權證的條款及細則。
user: Please translate the following sentence from English to Chinese: “HKEx” means Hong Kong Exchanges and Clearing Limited;

assistant: 「香港交易所」指香港交易及結算所有限公司；
user: Please translate the following sentence from English to Chinese: While the Board has consistently and regularly approved paying management almost 50% of net revenues, it has returned very little of the net revenues to the shareholders in the form of dividends.

assistant: 當董事會一貫及經常地批准向管理層派付收益淨額的差不多50%之時，卻以股息形式向股東派付非常少的收益淨額。
user: Please translate the following sentence from English to Chinese: 3 This category comprises commercial and residential real estate (including RMBS and CMBS), ABS exposure, real estate acquired at auction and real estate fund investments.

assistant: 3 此類別包括商業及住宅房地產（包括 RMBS 及 CMBS）、資產抵押證券風險、拍賣收購房地產及房地產基金投資。
user: Please translate the following sentence from English to Chinese: Strike Level has the meaning specified in the relevant Supplemental Listing Document, subject to any adjustment as provided in Condition 6;

assistant: 行使水平具有於有關補充上市文件內所賦予的涵義，並須受細則6規定的任何調整所規限；
user: Please translate the following sentence from English to Chinese: See Product Condition 2.5 for further information.

assistant: 有關進一步資料，參見產品細則第 2.5 條。
user: Please translate the following sentence from English to Chinese: If, in a subsequent period, the fair value of a debt instrument classified as available-for-sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the income statement.

assistant: 倘於其後期間，被分類爲可供出售的債務工具的公平值增加，而該升幅可客觀地與減值虧損於損益賬確認後出現的事件有關，減值虧損則於損益賬中撥回。
user: Please translate the following sentence from English to Chinese: Except that the Board may make or grant share offer, agreement, option and exchange or conversion of Shares during the Relevant Period in relation to the issuance of A Shares and/or H Shares, which might require further promotion or implementation after the end of the Relevant Period, the exercise of the powers referred to above shall be within the Relevant Period.

assistant: 除董事會於相關期間就發行A股及╱或H股作出或授予售股建議、協議、購股權及交換或轉換股份，而該售股建議、協議、購股權及交換或轉換股份可能需要在相關期間結束後繼續推進或實施外，上述授權不得超過相關期間。
user: Please translate the following sentence from English to Chinese: – the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations ;

assistant: －我們經營所在國家的法例、規例或會計或稅務準則、政策或慣例變更的影響；
user: Please translate the following sentence from English to Chinese: Mortgage and other asset-backed loans and securities:

assistant: 按揭及其他資產抵押貸款及證券：
user: Please translate the following sentence from English to Chinese: Issue of the Warrants is conditional upon listing approval being granted. From the Listing Date up to the last trading day of the Warrants (both dates inclusive), you may sell or buy the Warrants on the Stock Exchange.

assistant: 由上市日起至權證的最後交易日止（包括首尾兩日），閣下可於聯交所買賣權證。
user: Please translate the following sentence from English to Chinese: (a) Exchange traded derivative balances that relate to futures contracts are settled daily.

assistant: (a) 與期貨合約有關的交易所買賣衍生工具結餘於每日結算。
user: Please translate the following sentence from English to Chinese: (3) Capital verification of the proceeds and registration of shares The gross proceeds from the Issuance amounted to RMB14,207,942,160.00. After the deduction of issuance expenses of RMB74,736,488.79, the net proceeds raised amounted to RMB14,133,205,671.21, of which RMB1,088,731,200.00 was used as share capital and RMB13,044,474,471.21 was transferred into capital reserve.

assistant: （三）募集資金驗資和股份登記情況 本次發行募集資金總額爲人民幣 14,207,942,160.00 元，扣除發行費用人民幣 74,736,488.79 元后，實際募集資金淨額爲人民幣 14,133,205,671.21 元，其中股本爲人民幣 1,088,731,200.00 元，資本公積爲人民幣 13,044,474,471.21 元。
user: Please translate the following sentence from English to Chinese:  the probable range of the Cash Settlement Amount;

assistant: 現金結算金額的可能範圍；
user: Please translate the following sentence from English to Chinese: Credit derivatives primarily consist of CDS.

assistant: 信貸衍生工具主要包括信貸違約掉期。
user: Please translate the following sentence from English to Chinese: When the Warrants are exercised, the holder is entitled to a cash amount called the "Cash Settlement Amount" net of any Exercise Expenses (as defined under the heading "Exercise Expenses" in the sub-section titled "What are the fees and charges?

assistant: 當權證獲行使時，持有人有權根據上市文件所述的條款及細則獲得一筆稱爲「現金結算額」（經扣除任何行使費用（定義見下文「權證有哪些費用及收費?
user: Please translate the following sentence from English to Chinese: “Valuation Date” means each of the five Business Days immediately preceding the Expiry Date, provided that if the Issuer determines, in its sole discretion, that a Market Disruption Event has occurred on any Valuation Date, then that Valuation Date shall be postponed until the first succeeding Business Day on which there is no Market Disruption Event irrespective of whether that postponed Valuation Date would fall on a Business Day that is already or is deemed to be a Valuation Date.

assistant: 「估值日」指緊接期滿日前五個營業日之每一日，惟倘若發行人在其完全酌情決定下確定一項市場干擾事件於任何估值日發生，則該估值日應押後至並無市場干擾事件發生之首個接續營業日，不論該押後估值日是否爲估值日或被視爲估值日之營業日。
user: Please translate the following sentence from English to Chinese: The firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending as well as commercial real estate financing. Commitments that are extended for contingent acquisition financing are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources.

assistant: 公司亦提供與或然收購融資、其他類型的企業借貸以及商業房地產融資有關的借貸承擔。 爲或然收購融資而提供的承擔在性質上通常是短期的，因爲借貸人通常尋求以其他資金來源取而代之。
user: Please translate the following sentence from English to Chinese: ● our latest audited financial statements and any interim financial statements;

assistant: ●我們的最近期經審計財務報表及任何中期財務報表；
user: Please translate the following sentence from English to Chinese: IX. Punishment on and rectification of the Company and its directors, supervisors, senior management, controlling shareholders, de facto controllers and purchaser During the Reporting Period, none of the directors, supervisors, senior management, Shareholders holding over 5% of equity interest or de facto controllers of the Company was investigated by competent authorities, imposed with coercive measures by a judiciary authority or disciplinary department, transferred to a judicial authority or held criminally liable, banned from access to market, identified as an unsuitable person, punished by other administrative departments or publicly condemned by a stock exchange.

assistant: 九、上市公司及其董事、監事、高級管理人員、控股股東、實際控制人、收購人處罰及整改情況報告期內，公司董事、監事、高級管理人員、持有5%以上股份的股東、實際控制人不存在被有權機關調查、被司法機關或紀檢部門採取強制措施、被移送司法機關或追究刑事責任、被採取市場禁入、被認定爲不適當人選、被其他行政管理部門處罰，以及被證券交易所公開譴責的情形。
user: Please translate the following sentence from English to Chinese: (a) in respect of a bull CBBC, the difference between the Minimum Trade Price/Minimum Index Level of the Underlying Asset and the Strike Price/Strike Level;

assistant: (a) （如屬牛證）相關資產之最低交易價／最低指數水平與行使價／行使水平之差額；
user: Please translate the following sentence from English to Chinese: What documents should you read before investing in the Warrants?

assistant: 閣下投資權證前應閱覽甚麼文件?
user: Please translate the following sentence from English to Chinese: The Group expects that the adoption of HKFRS 9 will have an impact on the classification and measurement of the Group’s financial assets.

assistant: 本集團預期採納香港財務報告準則第 9號將會對本集團財務資產的分類及計量產生影響。
user: Please translate the following sentence from English to Chinese: Stamp Duty No stamp duty is currently payable in Hong Kong on transfer of cash settled warrants (including the Warrants).

assistant: 印花稅於香港轉讓現金結算權證（包括權證）現時毋須支付任何印花稅。
user: Please translate the following sentence from English to Chinese: A bull CBBC is designed for an investor holding a view that the price of the underlying shares will increase during the term of the CBBC. A bear CBBC is designed for an investor holding a view that the price of the underlying shares will decrease during the term of the CBBC.

assistant: 牛證爲認爲相關股份的價格將於牛熊證有效期內上升的投資者而設。 熊證爲認爲相關股份的價格將於牛熊證有效期內下跌的投資者而設。
user: Please translate the following sentence from English to Chinese: In millions of dollars Commercial Mortgages Adverse change of:

assistant: 百萬元 商業按揭下列項目的不利變動：
user: Please translate the following sentence from English to Chinese: Has our financial position changed since last financial yearend?

assistant: 我們的財政狀況自上個財政年度完結以來有否改變?
user: Please translate the following sentence from English to Chinese: Where a transfer of Warrants takes place on the Stock Exchange, currently settlement must be made not later than two CCASS Settlement Days after such transfer.

assistant: 若於聯交所轉讓權證，目前須於有關轉讓後不遲於兩個中央結算系統結算日進行交收。
user: Please translate the following sentence from English to Chinese: The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act.

assistant: 本公告所述的證券將不會根據經修訂的1933年美國證券法（「證券法」）登記，亦不得在美國境內或向任何美國人士（如證券法S規例定義）作出要約或出售，惟根據證券法登記規定獲豁免或毋須遵守證券法的登記規定進行的交易除外。
user: Please translate the following sentence from English to Chinese: Regulatory uncertainty makes future planning with respect to the management of Citi’s businesses more difficult.

assistant: 監管方面的不確定因素使 Citi 業務管理方面的日後規劃變得更困難。