If it's between, they can choose either one.

如果介于两者之间则可任选其一
They're all regulated and the government wants to be sure that

政府对投资顾问进行监管并希望确保
financial advisors are--know what good practice is and

他们了解正确的业务操作流程
so that means they have to take an exam.

这就意味着他们必须参加考试
The exam is administered by what's called FINRA,

考试由FINRA监制
which you should know, is Financial Institutions Regulatory Authority--

FINRA全称为美国金融行业监管局
formerly called NASD.

前身是NASD
See how this is getting complicated?

真是越变越复杂了
NASD is National Association of Securities Dealers

NASD全称为全美证券交易商协会
and they started the NASDAQ stock market index,

他们制定了纳斯达克证券市场指数
which you hear about all the time.

这个词你们经常可以听到
NASDAQ is NASD Automated Quotation System.

纳斯达克是全美证券交易商协会自动报价系统