来自《耶鲁大学开放课程：金融市场 第8集 第8集》

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  Regulation F.D. was,
  F.D.条例
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  I think, passed in recognition of the internet.
  我认为 是随着网络的发展而颁布的
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  Under Louis Brandeis
  路易斯·布兰代斯...
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  --Brandeis wanted companies to always present the information,
  他希望公司能够始终提供信息
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  but for him it always meant presenting a document,
  在他那个时代 是指提供文档
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  so they had something called a prospectus, for example.
  比如当时称为招股说明书一类的文件
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  You could not sell a security without giving a prospectus to
  没有招股说明书就不可以
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  the potential buyers and
  出售证券给潜在买家
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  the prospectus would be something approved by the SEC.
  而且招股书需要通过证交会审核
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  I don't know if the word is approved
  不知道人们对此是否认同
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  but it's--you have to run it by the SEC
  但是你不得不按证交会的规则去办事
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  and then you always have to give that up.
  不断地提交这类文件