billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: regulatory developments I’ve been asked to give a regulatory perspective on exchange-traded funds (ETFs).

assistant: 市場監管方面的最新發展 主辦單位希望我從監管的角度談談交易所買賣基金（ETF）。
user: Please translate the following sentence from English to Chinese: However, in the most serious cases of abuse or fraud we seek to remove participants from the industry in order to maintain overall market standards and to protect investors.

assistant: 然而，在遇到最嚴重的違規或詐騙個案時，爲了維持整體市場的水平及保障投資者，我們會禁止違規人士繼續營運。
user: Please translate the following sentence from English to Chinese: We have seen some of these QFII quotas used to package retail fund products in Hong Kong.

assistant: 有部分 QFII 的投資額度亦用於構建在香港的零售基金產品。
user: Please translate the following sentence from English to Chinese: The SFC therefore intends to adopt the working group's recommendation by setting the re-pledging limit at a range of between 130% and 150%.

assistant: 因此，證監會打算採納工作小組的建議，將轉按上限定於 130%至 150%的範圍內。
user: Please translate the following sentence from English to Chinese: Hence, we plan to introduce a two-stage approach when implementing the re-pledging limit:

assistant: 因此，我們計劃分兩階段落實轉按上限：
user: Please translate the following sentence from English to Chinese: Professor Schwab said the resulting shifts and disruptions brought by the fourth industrial revolution mean that we live in a time of great promise and great peril.

assistant: Schwab 教授指出，第四次工業革命所引起的轉變及衝擊，意味著我們正處於機遇處處而又危機四伏的時代。
user: Please translate the following sentence from English to Chinese: 9. We expect to receive more comments from the market, probably towards the end of the consultation period.

assistant: 9. 我們預期臨近諮詢期結束前應該會收到更多來自市場的意見。
user: Please translate the following sentence from English to Chinese: Hong Kong Securities Institute Roundtable Luncheon 10 March 2006 Island Shangri-La Hong Kong Review of the Securities Market in 2005 and the Way Forward By Martin Wheatley Chairman Securities and Futures Commission Hong Kong Mr. Edward Kwan, Mr Gary Cheung, Distinguished Guests, Ladies and Gentlemen,

assistant: 香港證券專業學會圓桌午餐會 2006 年 3 月 10 日港島香格里拉大酒店 香港 2005 年證券市場回顧與前瞻 香港證券及期貨事務監察委員會 主席韋奕禮(Martin Wheatley) 關百忠先生，張爲國先生，各位嘉賓，先生、女士：
user: Please translate the following sentence from English to Chinese: Amid the current positive market sentiment and investment environment, we note that the number and size of the authorized unit trusts and mutual funds are increasing and I believe that this growth will continue as investors become more aware of the importance of wealth management and retirement planning.

assistant: 在目前樂觀的巿場氣氛及投資環境帶動下，我們注意到認可單位信託及互惠基金的數目及規模正不斷上升，我相信隨著投資者進一步瞭解到財富管理及退休計劃的重要性，此增長將持續下去。
user: Please translate the following sentence from English to Chinese: Through these funds, retail investors could gain access to these emerging but restricted markets in the region.

assistant: 透過這些基金，散戶投資者可參與區內這些新興但有限制的市場。
user: Please translate the following sentence from English to Chinese: 1. The fund manager must be licensed (either in Hong Kong or in a jurisdiction that is acceptable in our Code on Unit Trusts and Mutual Funds), and must have the requisite skill and competence.

assistant: 1. 基金經理必須在香港或在《單位信託及互惠基金守則》接納的司法管轄區領有牌照，並具備所需的技術和能力；
user: Please translate the following sentence from English to Chinese: It has one of the world’s highest saving rates. In fact, at US$4 trillion per year, it saves more money than any other country in the world.

assistant: 現時，內地的儲蓄率爲全世界最高，每年的儲蓄額爲四萬億美元，所儲金額比任何其他國家都要多。
user: Please translate the following sentence from English to Chinese: 3. As the turmoil is an important episode for financial markets and its effects are far reaching and the situation is still evolving, I would like to focus my remarks this evening on the origins of the crisis and how it is playing out.

assistant: 3. 由於這次危機影響深遠，情況仍在不斷演變，並且是金融巿場的重大事件，所以我希望在今晚集中探討是次危機的起因及事態的發展。
user: Please translate the following sentence from English to Chinese: Regarding investor protection, we act as a gatekeeper to ensure that only fit and proper person with sufficient knowledge in Hong Kong regulatory framework could provide regulated activities.

assistant: 在投資者保障方面，我們擔當把關者的角色，確保只有符合適當人選資格且對香港的監管架構具備充分認識的人才可提供受規管活動。
user: Please translate the following sentence from English to Chinese: Below the heading are the three principal areas of work of the SFC:

assistant: 這個標題下面的就是證監會三個主要工作範疇：
user: Please translate the following sentence from English to Chinese: REITs are first and foremost steady yield plays and alternative investments with lower correlation to the equities market.

assistant: 房地產基金主要是一種能夠提供穩定回報及與股票市場的相關性較低的另類投資項目。
user: Please translate the following sentence from English to Chinese: In terms of investment channels for the currency, having RMB-denominated products is not sufficient in itself.

assistant: 要將人民幣計價產品發展成一個蓬勃的市場，在需求方面，我們必須相應地擴展人民幣計價產品的投資者基礎。
user: Please translate the following sentence from English to Chinese: We must ensure that our investor education efforts meet the varying needs of our growing and more diverse investor base.

assistant: 我們必須確保我們的投資者教育工作滿足我們不斷增長、更趨多元化的投資社羣的不同需要。
user: Please translate the following sentence from English to Chinese: Not only this, Hong Kong has been drawing increasing numbers of fund managers, attracted no doubt by the depth and breadth of our market, the transparent and customerfocused approach of our regulation, and the enormous opportunities in mainland China, the needs of which Hong Kong is in a unique position to serve.

assistant: 此外，愈來愈多基金經理選擇來港經營業務，究其原因，無非是因爲本港市場既深且廣、本會的監管方針具透明度和以客爲本，以及香港可藉助本身的獨特位置去滿足中國內地所需，從而享受到內地市場提供的龐大商機。
user: Please translate the following sentence from English to Chinese: Earlier this year, the United States Securities and Exchange Commission (SEC) indicated that it planned to review the use of derivatives by ETFs, mutual funds and other investment companies.

assistant: 美國證券交易委員會（證交會）今年早前亦表示打算檢討 ETF、互惠基金及其他投資公司使用衍生工具的情況。
user: Please translate the following sentence from English to Chinese: This is further evidenced in the Supplement IV to CEPA signed by the HKSAR Government and the Mainland last week.

assistant: 而上星期特區政府及內地簽署的 CEPA 補充協議四，亦是另一證明。
user: Please translate the following sentence from English to Chinese: 30. The above is the story as it has unfolded since July. You would be very much aware of the impact on Hong Kong.

assistant: 30. 以上是由 7 月至今的事態發展，相信各位都十分清楚香港所受到的衝擊。
user: Please translate the following sentence from English to Chinese: We should therefore introduce appropriate regulations to protect consumers’ interests accordingly.

assistant: 所以，我們應該訂立相應的法規保護消費者的權益。
user: Please translate the following sentence from English to Chinese: By 2010, in slightly over a decade, China had climbed to second place.

assistant: 到了 2010 年，中國在短短十年間已攀升至第二位。
user: Please translate the following sentence from English to Chinese: The Mainland therefore has a strategic interest in Hong Kong’s continued development as an international financial centre.

assistant: 因此，如香港能繼續其作爲國際金融中心的發展，便能符合內地的策略性利益。
user: Please translate the following sentence from English to Chinese: 38. Third, we have also worked on ensuring that our enforcement powers are adequate and our actions are transparent.

assistant: 38. 第三，我們亦致力確保我們有充足的執法權力，及我們的行動具備透明度。
user: Please translate the following sentence from English to Chinese: Hong Kong – 7th largest stock market in the world

assistant: 香港–世界第七大股票市場
user: Please translate the following sentence from English to Chinese: Mr Zhang added that investor protection is a fundamental principle of the scheme and is high on the list for regulators.

assistant: 張先生補充說，投資者保障是這項計劃的基本原則，亦是監管機構優先關注的事項。
user: Please translate the following sentence from English to Chinese: Growth has been very good but just as important is the need to take positive steps to move up the value curve by broadening and deepening our knowledge and improving our infrastructure.

assistant: 增長固然可觀，但同樣重要的是採取積極措施，透過擴闊並深化我們的專業知識，加強基礎設施建設，從而力爭向價值鏈的上游邁進。
user: Please translate the following sentence from English to Chinese: In the past, you were never timid about coming up to me to share what the latest trends were, and what we should work on to open up more market prospects and opportunities for you.

assistant: 各位過去總是樂意前來向我講述最新的市場趨勢，以及我們應在爲基金業開拓市場前景及商機方面進行甚麼工作。
user: Please translate the following sentence from English to Chinese: As the commercial paper market dried up, the affiliates, known as conduits or structured investment vehicles, had to call on the back-up credit lines from their affiliated banks.

assistant: 隨著商業票據市場萎縮，這些一般稱爲投資導管或結構性投資工具的聯營公司需要動用聯營銀行提供的後備信貸額。
user: Please translate the following sentence from English to Chinese: As factories in the PRD region continue to close due to the global slump in demand, the PRD needs to find a formula for the next economic miracle.

assistant: 隨著環球需求下滑，珠三角地區的工廠相繼結業，珠三角需另謀對策，來創造下一輪的經濟增長奇蹟。
user: Please translate the following sentence from English to Chinese: In 2006, Hong Kong ranked 2nd worldwide (after London) in terms of total funds raised through IPOs, and Mainland enterprises accounted for almost 90% of the funds raised.

assistant: 在 2006 年，按照首次公開招股的集資總額計算，香港在全球排名第二，僅次於倫敦，當中由內地企業籌集的資金幾乎佔集資額的 90%。
user: Please translate the following sentence from English to Chinese: Of course, in the process, Hong Kong also stands to benefit.

assistant: 當然，在人民幣發展成爲國際貨幣的過程，香港亦能受惠。
user: Please translate the following sentence from English to Chinese: Getting a licence is a privilege, not an entitlement.

assistant: 取得牌照是一項特權，而非一項基本權利。
user: Please translate the following sentence from English to Chinese: Starting with only one product, the HSI Future, in 1988 with annual trading of 140,000 contracts, last year we saw 25.5 million futures contracts traded.

assistant: 衍生產品市場的飛躍發展亦非常顯著，由最初即在 1988 年，只有恒指期貨一項產品、每年交投量僅爲 14 萬張合約，發展至去年錄得的全年期貨合約交投量達 2,550 萬張。
user: Please translate the following sentence from English to Chinese: Of course, supply of and demand for RMB-denominated products and RMB financial transactions cannot be developed in a vacuum.

assistant: 當然，增加人民幣計價產品的供求，促進以人民幣結算的金融交易，需要實質條件配合。
user: Please translate the following sentence from English to Chinese: 27. Here comes my third and final area to cover today – the regulatory response to the challenge of ensuring investors’ confidence.

assistant: 27. 以下是我今天涵蓋的第三及最後一個範疇－對確保投資者信心這項挑戰作出的監管回應。
user: Please translate the following sentence from English to Chinese: This structure also reflects the profile of the investors and issuers.

assistant: 這架構也反映出投資者和發行人的概況。
user: Please translate the following sentence from English to Chinese: 16. Another area where there was a call for less or no regulation was in respect of hedge funds, as they brought in huge business to prime brokers and helped to create deeper and more liquid markets.

assistant: 16. 此外，市場亦要求放寬甚至取消對對沖基金的監管，因爲對沖基金給主要經紀行帶來鉅額生意，且有助提高市場的深度和流動性。
user: Please translate the following sentence from English to Chinese: The sooner Hong Kong can start helping regional economies to eventually converge into a single platform, the faster the entire region can start reaping the benefits of increased connectivity.

assistant: 香港愈早開始協助區內各經濟體系逐步融合爲單一平臺，整個地區便可愈快開始因爲加強地域聯繫而受惠。
user: Please translate the following sentence from English to Chinese: Mainland Enterprises\n

assistant: 內地企業\n
user: Please translate the following sentence from English to Chinese: In some extreme cases, some junior executives are appointed ROs while the controlling minds of the firm stay in the shadows in the hope of escaping regulatory scrutiny.

assistant: 在部分極端個案中，有公司甚至只委任一些初級行政人員作爲負責人員，而實際掌管公司的「大腦」卻躲藏在背後，企圖避過監管機構的耳目。
user: Please translate the following sentence from English to Chinese: Reliance on a few distribution agents whose customers it does not know.

assistant: 倚賴少數分銷代理，但卻不認識該些分銷代理的客戶。
user: Please translate the following sentence from English to Chinese: Hong Kong’s Islamic finance initiatives Following the Hong Kong Government’s commitment to develop an Islamic finance platform, the SFC has already taken various initiatives and the Hong Kong market has seen the introduction of several Islamic-related financial products over the past year.

assistant: 香港在推動伊斯蘭金融方面的舉措繼香港政府近期表示會銳意發展伊斯蘭金融平臺後，證監會已實施多項相關舉措，而在過往一年，香港市場亦推出了數只與伊斯蘭市場有關的金融產品。
user: Please translate the following sentence from English to Chinese: monitoring the financial integrity of licensed persons and their compliance with all the relevant regulations;

assistant: 監察持牌人的財政穩健性及遵守所有相關法規；
user: Please translate the following sentence from English to Chinese: We have prepared an application checklist, setting out the documents that have to be submitted for our vetting, in order to facilitate the preparation of REIT application.

assistant: 我們準備了一份申請查檢表，載列須提交給我們審批的文件，以利便房地產基金的申請人作出準備。
user: Please translate the following sentence from English to Chinese: Securities and Futures (Investor Compensation – Levy) Rules were amended to provide for an automatic investor compensation fund levies triggering and suspension mechanism.

assistant: 《證券及期貨(投資者賠償－徵費)規則》已予以修訂，從而爲訂立投資者賠償基金徵費自動觸發及暫停機制作出規定。
user: Please translate the following sentence from English to Chinese: Hong Kong’s role in RMB internationalisation  Hong Kong has been a successful testing ground for the Mainland financial reforms – it is an important fund-raising platform for Mainland enterprises cum a channel for the outflow of Mainland capital  Hong Kong can play a key role in promoting the wider use of RMB in the international market, whilst the Mainland keeps the capital account under control  Hong Kong as an offshore RMB centre:

assistant: 香港在人民幣國際化進程中所扮演的角色 香港作爲國家金融改革的試驗場，也同時爲內地企業提供了一個 重要的集資平臺，並且也是資金“走出去”的橋樑 香港可大力推廣和促進人民幣在國際市場中的廣泛使用，與此同 時，內地仍可繼續實行資本管制的措施 香港作爲一個是人民幣離岸中心：
user: Please translate the following sentence from English to Chinese: We see this driving better ex-ante decisions and proper behaviour, starting from the top management and then cascading down through the organisation.

assistant: 我們視這項舉措爲契機，有助推動公司由最高管理層開始，從上而下作出更佳的決策及恰當的行爲。
user: Please translate the following sentence from English to Chinese: 24. There is a well developed model under the umbrella of IOSCO – the global securities regulators organisation – where signatories to a Multilateral MOU can both seek and offer assistance in investigating market misconduct and corporate failures. IOSCO’s members comprise more than 100 regulatory agencies from around the world covering 90% of the world’s capital markets.

assistant: 24. 在國際證監會組織(全球證券監管機構組織)的管轄下有一個發展完善的模型－《多邊諒解備忘錄》的簽署機構在調查巿場失當行爲及企業倒閉時能夠同時尋求及提供協助。 國際證監會組織的成員由覆蓋全球 90%資本巿場的逾 100 家監管機構組成。
user: Please translate the following sentence from English to Chinese: 13. (Slide 2) Unlike the EAA, the SFC regulates a wide scope of activities, which fall into three main groups:

assistant: 13. ( 附圖二 ) 跟地產代理監管局不同的是，證監會監管的對象較廣，大家從圖表可以見到，被證監會監管的主要爲三個類別：
user: Please translate the following sentence from English to Chinese: REIT managers may have questions on various aspects of the REIT Code, which is a principle-based code to give the SFC flexibility in applying the regulations to this new product.

assistant: 房地產基金經理可能會遇到有關《房地產投資信託基金守則》(《房地產基金守則》) 不同層面的疑問，因爲該守則以原則爲本，旨在給予證監會在對房地產基金應用有關規定時的靈活性。
user: Please translate the following sentence from English to Chinese: Nearly two-thirds of new firm applications are now for the Type 9 licence.

assistant: 現時，近三分之二的新公司所申請的都是第 9 類牌照。
user: Please translate the following sentence from English to Chinese: Our recently released Fund Management Activities Survey for the year 2007 reconfirmed Hong Kong as an international asset management centre.

assistant: 本會最近發表的《2007 年基金管理活動調查》再次確認香港是國際資產管理中心。
user: Please translate the following sentence from English to Chinese: We are very fortunate that because of the strategic value we offer and the unique relationship that we enjoy with the Mainland, these Mainland intermediaries have chosen to use Hong Kong as their springboard to the world.

assistant: 憑著香港提供的策略價值，加上我們與內地的獨有聯繫，我們有幸得到內地中介機構的垂青，選擇香港爲它們打進全球市場的跳板。
user: Please translate the following sentence from English to Chinese: Because of this, more and more investors turn to their investment advisors for objective and appropriate advice.

assistant: 因此，愈來愈多投資者向投資顧問尋求客觀及適當的意見。
user: Please translate the following sentence from English to Chinese: We were the first regulator to sign MOUs with all the Mainland financial regulators, CSRC, CBRC and CIRC.

assistant: 我們是首家與所有內地金融監管機構，即中國證監會、中國銀監會及中國保監會簽訂諒解備忘錄的監管機構。
user: Please translate the following sentence from English to Chinese: Thirdly, this is an initiative of great significance for both Hong Kong and the Mainland. It cannot and should not be rushed.

assistant: 最後，這項措施對香港和內地而言，均具有重大意義，因此不能也不應操之過急。
user: Please translate the following sentence from English to Chinese: They are required to comply with the codes, rules and regulations issued by the SFC and subject to the SFC’s extensive ongoing supervision of their financial position and conduct etc.

assistant: 所有持牌人都須遵守證監會頒佈的所有法規及守則，並接受證監會在財務及操守風險方面的多方面持續監察。
user: Please translate the following sentence from English to Chinese: The second factor is the export of capital by the Mainland and its investors, looking for investment and risk diversification.

assistant: 第二個因素是內地和其投資者爲尋求投資機會及分散風險，而將資金投放其他市場。
user: Please translate the following sentence from English to Chinese: Let’s start on the domestic front. When I joined the SFC in 1998, the Mainland had already experienced a decade of heady growth.

assistant: 當我在 1998 年加入證監會的時候，內地剛好經歷了十年的驚人增長，但當時尚未成爲今天的經濟龍頭。
user: Please translate the following sentence from English to Chinese: A significant portion of QDII products on the Mainland, for instance, are products advised by Hong Kong-based managers.

assistant: 舉例來說，許多在內地銷售的合格境內機構投資者產品的投資顧問均爲香港本地的投資經理。
user: Please translate the following sentence from English to Chinese: Again, no surprise, the applicant eventually withdrew its listing application.

assistant: 毫無意外地，該申請人最終亦撤回了其上市申請。
user: Please translate the following sentence from English to Chinese: (III) China Insurance Regulatory Commission (CIRC) made QDII rules for insurance companies issued in August 2007.

assistant: (III) 中國保險監督管理委員會(中國保監會)在 2007 年 8 月發出有關保險公司的 QDII 規則。
user: Please translate the following sentence from English to Chinese: Concluding remarks Hong Kong has worked hard to build its asset management business.

assistant: 結語 香港一直努力發展資產管理業務。
user: Please translate the following sentence from English to Chinese: regulatory issues on the product side and disclosure issues investor education

assistant: 有關產品的監管及披露事宜投資者教育
user: Please translate the following sentence from English to Chinese: II. High quality services In a matured competitive market, those who provide high quality services and products win the race for investors and their mandates.

assistant: II. 優質的服務 在成熟的競爭市場中，誰能提供優質的服務及產品，誰便能爭取到投資者及他們的委託。
user: Please translate the following sentence from English to Chinese: The UCITS III directive provides new avenues for the use of sophisticated financial instruments to the extent that such activity is well supported by appropriate risk control mechanisms.

assistant: 《UCITS III 指令》讓市場人士可以利用先進的金融投資工具進行嶄新的投資活動，惟這些活動必須附以適當的風險監控機制。
user: Please translate the following sentence from English to Chinese: My priorities Many of you may remember that, when I took up this appointment three months ago, I set out four of my priorities:

assistant: 我的首要工作 在座當中不少人或會記得，三個月前我在接受這項任命當日爲自己訂立了四項首要工作：
user: Please translate the following sentence from English to Chinese: Equally significant is that as the market becomes more sophisticated, and therefore more unforgiving to the average retail investor, more and more investors rely on investment advisers or IAs to guide them through the complex range of financial products, to find those that are reasonably suitable and appropriate for them.

assistant: 同樣顯著的是，隨著市場變得愈趨複雜，一般散戶投資者感到無從入手，以致愈來愈多投資者倚賴投資顧問指點迷津，希望從五花八門的金融產品中挑選出較適合他們的產品。
user: Please translate the following sentence from English to Chinese: Now … with all the euphoria about markets – it is easy to forget the fundamental purpose of a stock market.

assistant: 眼前的市場一片興旺—很容易令人忘卻證券市場的基本作用。
user: Please translate the following sentence from English to Chinese: In fact, synthetic ETFs have provided investors with a wider range of investment opportunities and choices, in particular the opportunity of investing in a relatively easy manner in markets otherwise restricted to them.

assistant: 其實合成 ETF 帶來了更多投資機會及選擇，尤其是投資者可透過合成 ETF 以較簡單的方式參與本來無法參與的市場。
user: Please translate the following sentence from English to Chinese: Of course, investors must assess potential investments in light of their own needs and financial situations.

assistant: 當然，投資者必須按照自己的需要及財務狀況評估潛在的投資機會。
user: Please translate the following sentence from English to Chinese: Some of investment advisers involved were unable to demonstrate why such investments were considered suitable to the clients concerned.

assistant: 一些涉及該等個案的投資顧問更未能證明爲何該等投資會被視爲適合有關的客戶。
user: Please translate the following sentence from English to Chinese: That’s a lot more aggressive that just sitting back and watching value grow – but ideally the outcome is the same – better returns.

assistant: 抱持這種心態的人較只打算坐享其成的人遠爲進取，但理想的結果都是一樣—更佳的回報。
user: Please translate the following sentence from English to Chinese: The general view was that the uptick rule may have been introduced for good reasons 10 years ago as a deterrent to abusive short selling in extreme market conditions.

assistant: 一般認爲限價沽空在十年前制定時，旨在遏止投機者在極端市況下肆意沽空，原意是無可厚非的。
user: Please translate the following sentence from English to Chinese: For those applications that were taken up, the processing time attributable to applicants consistently exceeds 60% of the total processing time.

assistant: 而在已接納的申請中，因申請人而造成的處理時間持續佔總處理時間逾 60%。
user: Please translate the following sentence from English to Chinese: In particular, Shanghai has been earmarked to become an international financial centre by 2020 and the recently established Free Trade Zone indicates that some of the market liberalisation measures may first be tested there.

assistant: 尤其是，內地已規劃在 2020 年之前把上海打造成爲國際金融中心，而上海最近設立自由貿易區，亦顯示部分市場開放措施可能率先在該自由貿易區內試行。
user: Please translate the following sentence from English to Chinese: Likewise, they make for the exits to minimise losses.

assistant: 同樣，他們也會爲減少虧損而離場。
user: Please translate the following sentence from English to Chinese: The Hong Kong platform for fund raising by Mainland enterprises has helped to boost the status of Hong Kong as an IFC.

assistant: 內地企業利用香港作爲集資的平臺，更進一步鞏固了香港作爲國際金融中心的地位。
user: Please translate the following sentence from English to Chinese: To assist investors we have advised all note issuers to pass on to distributors all information that may materially affect the issuers’ ability to perform their obligations, including any credit downgrade of the underlying reference entities of the collateral.

assistant: 爲協助投資者，我們已建議所有票據發行商向分銷商提供所有可能嚴重影響發行商履行責任能力的資料，包括抵押品的相關參考機構被調低信貸評級的消息。
user: Please translate the following sentence from English to Chinese: The sub-prime mortgage loans or their MBS are further repackaged into debt securities with different tranches of risk or credit rating, and return to meet the different risk appetites of investors.

assistant: 次級按揭貸款或其按揭證券會被進一步重新包裝成爲多批具備不同風險或信貸評級及回報率的債務證券，以切合投資者的不同風險承受能力。
user: Please translate the following sentence from English to Chinese: Conclusion I hope I have given you some idea of the key issues that I believe are the most likely to have an impact on Hong Kong’s fund management industry.

assistant: 結語 以上我與大家分享了我相信會對香港基金管理業帶來影響的重要因素。
user: Please translate the following sentence from English to Chinese: SFC’s regulatory philosophy As a securities regulator, the role of the SFC is to maintain a regulatory framework with international standards and market integrity.

assistant: 證監會的規管理念 證監會作爲證券監管者的角色，是要維持與國際標準看齊的監管制度及市場的廉潔穩健。
user: Please translate the following sentence from English to Chinese: The total combined assets under management in HK according to our Fund Management Activity Survey (FMAS) as at end of 2006 (the latest available FMAS results) stood at US$789 billion, representing 4 times HK’s GDP for that year.

assistant: 根據證監會的基金管理活動調查顯示，截至 2006 年年底(即該調查所得的最新結果)，香港基金管理業務的合併資產達 7,890 億美元，相等於香港同年本地生產總值的四倍。