刘素林法律英语翻译原创付费文章之6 SEC简明英文写作 英中对照 5元

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不再接法律翻译单子，今后以婚恋培训谋生，提供情感咨询。
婚恋培训班常年招生
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8， 法律汉语 免费
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五，法律英语同义词近义词
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我自己不太确定的地方用红色标了出来。
欢迎各位吹毛求疵继续探讨深究
A Plain English Handbook
How to create clear SEC disclosure documents
简明英语手册：如何草拟清晰的SEC披露文件

By the Office of Investor Education and Assistance
U.S. Securities and Exchange Commission
450 5th Street, N.W. Washington, DC 20549
August 1998
邮编20549
华盛顿特区，西北区，第五大道450号
美国证券交易委员会
投资者教育和帮助办公室
1998年8月

This handbook shows how you can use well-established techniques for writing in
plain English to create clearer and more informative disclosure documents. We are
publishing this handbook only for your general information. Of course, when drafting
a document for filing with the SEC, you must make sure it meets all legal
requirements.
本手册教 你如何使用公认的简明英语写作技巧写出更清晰、信息量更大的披露文件。本
手册仅供参考。当然，在起 草要提交给SEC的文件时，你必须确保其符合所有的法律
要求。

Acknowledgments 致谢（略）
Nancy M. Smith
Director, Office of Investor Education and Assistance

Table of Contents 目录
Preface前言
by Warren E. Buffett 1
Introduction 简介
by Arthur Levitt, Chairman U.S. Securities and Exchange Commission 3

Chapter 1What Is a “Plain English” Document? 5

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什么是“简明英语”
Chapter 2 Getting Started 7
准备开始
Chapter 3 Knowing Your Audience 9
了解你的读者
Chapter 4 Knowing the Information You Need to Disclose 11
了解你需披露的信息
Chapter 5 Reorganizing the Document 15
重新组织文件
Chapter 6 Writing in Plain English 17
用简明英语写作
Chapter 7 Designing the Document 37
设计文件
Chapter 8 Time-Saving Tips 55
省时窍门
Chapter 9 Using Readability Formulas and Style Checkers 57
使用可读性公式和样式检查
Chapter 10 Evaluating the Document 59
评估文件
Chapter 11 Reading List 61
阅读清单
Chapter 12 Keeping in Touch with Us 63
随时联系我们
Appendix A Plain English at a Glance 65 附录一 简明英语一览
The SEC’s Plain English Rules—an Excerpt 66 证交会的简明英语规则——节选
Appendix B Plain English Examples 69 附录二 简明英语例子
“Before‖ and ―After‖ Filings with Notes 70 申请文件修改前后对比（附注释）

Preface 前言
by Warren E. Buffett
沃伦 E. 巴菲特

This handbook, and Chairman Levitt’s whole drive to encourage ―plain English‖ in
disclosure documents, are good news for me. For more than forty years, I’ve studied
the documents that public companies file. Too often, I’ve been unable to decipher just
what is being said or, worse yet, had to conclude that nothing was being said. If
corporate lawyers and their clients follow the advice in this handbook, my life is going
to become much easier.
这本手册，以及证交会主席Levitt全力鼓励披露文件使用简明英语，对我来说都 是好消
息。我研究上市公司递交的文件已有四十多年，经常发现我不能理解这些文件在说什么，
或者，更糟糕的是，我发现它们什么也没说。若公司律师及其客户遵循本手册的建议，
我的生活就会变得 更容易些。

There are several possible explanations as to why I and others sometimes stumble

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over an accounting note
1
or indenture description. Maybe we simply don’t have the
technical knowledge to grasp what the writer wishes to convey. Or perhaps the writer
doesn’t understand what he or she is talking about. In some cases, moreover, I
suspect that a less-than scrupulous issuer doesn’t want us to understand a subject it
feels legally obligated to touch upon.
为什么我和其他人有时无法理解财务报表注释或 债券契约
2
描述在说什么？我觉得有几
个可能的原因。或许是因为我们只是不具备作者 想传达的内容方面的专业知识，或许是
因为作者本身就不知道他或她在说什么。而且，有些时候，我怀疑 不太严谨的发行人不
想我们理解其感觉有法定义务谈及的事项。

Perhaps the most common problem, however, is that a well- intentioned
3
and
informed writer simply fails to get the message across to an intelligent, interested
reader. In that case, stilted jargon and complex constructions are usually the villains.
或许最常见的问题是，博学而善意的作者只是没能把信 息传递给聪明而感兴趣的读者。
这种情形中，客套的行话术语和复杂的结构通常是罪魁祸首。

This handbook tells you how to free yourself of those impediments to effective
communication. Write as this handbook instructs you and you will be amazed at how
much smarter your readers will think you have become.
这本手册告诉你如何摆脱有效沟通的障碍。按照本手册的指导写作，你将惊奇地发现，
你的读者认为你变得聪明多了。

One unoriginal but useful tip: Write with a specific person in mind. When writing
Berkshire Hathaway’s annual report, I pretend that I’m talking to my sisters. I have
no trouble picturing them: Though highly intelligent, they are not experts in
accounting or finance. They will understand plain English, but jargon may puzzle
them. My goal is simply to give them the information I would wish them to supply me
if our positions were reversed. To succeed, I don’t need to be Shakespeare; I must,
though, have a sincere desire to inform.
一个非原创但有用的提示：想着是写给特定的人。在写Berkshire Hathaway公司年报
的时候，我假装我是在和我的姐妹们说话。描述她们很容易：她们非常聪明，但并不是
会计或财 务方面的专家。行话可能使她们困惑，但她们会理解简明英语。我的目的只是
向她们提供下述信息：假如 我们位置互换，我希望她们向我提供的信息。要实现这个目

1
accounting note 财务报表注释
公司财务报表的脚注，用来向读者解释、澄清某些事情。
Footnotes to a company's financial statements.
An accounting note is a piece of information added to a financial statement to clarify or expand upon it for
the benefit of a reader.

2
A contract between an issuer of bonds and the bondholder stating the time period before repayment, amount of
interest paid, if the bond is convertible (and if so, at what price or what ratio), if the bond is callable and the
amount of money that is to be repaid. The indenture is another name for the bond contract terms, which are also
referred to as a deed of trust. http:
A written note evidencing proof of indebtedness.

3
well-intentioned 好意的（但结果更糟，结果不理想）
trying to be helpful to people, but actually making things worse for them: well-intentioned grandparents who
interfere between parents and children

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标，我不需要是莎士比亚，但我必须有真诚的、传达信息的意愿。

No siblings to write to? Borrow mine: Just begin with ―Dear Doris and Bertie.‖
没有兄弟姐妹？写给我的兄弟姐妹吧：
亲爱的Doris and Bertie：。

Introduction 序言
by Arthur Levitt
Chairman, U.S. Securities and Exchange Commission
美国证券交易委员会主席


Investors need to read and understand disclosure documents to benefit fully from
the protections offered by our federal securities laws. Because many investors are
neither lawyers, accountants, nor investment bankers, we need to start writing
disclosure documents in a language investors can understand: plain English.
投资者需要阅读并理解披露文件，以享受我们的联邦证券法提供的最大保护
1
。因为许多
多投资者既不是律师、会计师，也不是投资银行家，我们需要以投资者能理解的 语言—
—简明英语——开始披露文件的写作。

The shift
2
to plain English requires a new style of thinking and writing, whether you
work at a company, a law firm, or the U.S. Securities and Exchange Commission. We
must question whether the documents we are used to writing highlight the important
information investors need to make informed decisions. The legalese and jargon of
the past must give way to everyday words that communicate complex information
clearly.
无论你是在公司、律师事务所还是美国证券交 易委员会工作，简明英语要求全新的思考
和写作方式。我们必须质疑我们过去习惯书写的文件是否突出了 投资者在作出明智决策
时需要的重要信息。过去使用的法言法语和行话必须给能清晰传递复杂信息的日常 用语
让路。

The good news is that more and more companies and lawyers are using plain
English and filing documents with the SEC that others can study, use, and improve
upon. With the SEC’s plain English rules in place, every prospectus will have its
cover page, summary, and risk factors in plain English.
好消息是，越来越多的 公司和律师正在使用简明英语，向SEC提交其他人能够学习、
使用和据以提高的文件。有了SEC的简 明英语规则，所有招股说明书的封面、摘要和
风险因素都将以简明英语写就。


1
2
以完全享受我们的联邦证券法提供的保护。哪个译文更好？
译文根据上下文，省略了其翻译。
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The benefits of plain English abound. Investors will be more likely to understand
what they are buying and to make informed judgments about whether they should
hold or sell their investments. Brokers and investment advisers can make better
recommendations to their clients if they can read and understand these documents
quickly and easily.
简明英语的好处很多。投资者将更有可能理解他们在买什么东西，对于是否持 有或卖出
其投资也将作出明智的判断。若能快速且轻松地读懂这些文件，经纪人和投资顾问也能
向其客户做出更好的推荐。

Companies that communicate successfully with their investors form stronger
relationships with them. These companies save the costs of explaining legalese and
dealing with confused and sometimes angry investors. Lawyers reviewing plain
English documents catch and correct mistakes more easily. Many companies have
switched to plain English because it’s a good business decision. They see the value of
communicating with their investors rather than sending them impenetrable
documents. And as we depend more and more on the Internet and electronic delivery
of documents
1
, plain English versions will be easier to read electronically than
legalese.
成功与其投资者交流的公司与其投资者形成更牢固的关系。这些公司不需要解释法言法
语，不需 要处理困惑的、有时愤怒的投资者的各种疑问，因此节省了成本。审查简明英
语文件的律师更容易发现并 纠正错误。很多公司已经转向简明英语，因为这是不错的商
业决定。他们看到与其投资者交流而不是向其 投资者发送费解文件的价值。我们越来越
多地通过网络和电子方式交付文件，与充斥法言法语的版本相比 ，简明英语版本将更易
于在电子设备上阅读。

The SEC’s staff has created this handbook to help speed and smooth the transition
to plain English. It includes proven tips from those in the private sector who have
already created plain English disclosure documents. This handbook reflects their
substantial contributions and those of highly regarded experts in the field who were
our consultants on this project, Dr. William Lutz at Rutgers University and the firm
of Siegel & Gale in New York City.
SEC的工作人员制作了该手册，以帮助各位快速 平稳地转向简明英语。手册包括已经创
建了简明英语披露文件的私营企业使用的成熟技巧。本手册反映了 这些私营企业以及本
领域知名专家的重要贡献。这些专家是我们这个项目的顾问：Rutgers大学的 William
Lutz 博士以及纽约市Siegel & Gale律师事务所。

But I hasten to add that the SEC has not cornered the market on plain English

1
这部分该如何断句？
the
Internet and electronic
delivery of documents 还是
the Internet
and
electronic delivery of documents
我觉得是后者。

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advice. Our rules and communications need as strong a dose of plain English as any
disclosure document. This handbook gives you some ideas on what has worked for
others, but use whatever works for you. < br>但我要赶紧补充的是，SEC并未垄断简明英语建议的市场。如同任何披露文件，我们的
规则和新 闻公报也需要使用简明英语。本手册给你一些对他人有效的建议，但也要使用
对你有效的建议。

No matter what route you take to plain English, we want you to produce documents
that fulfill the promise of our securities laws. I urge you —in long and short
documents, in prospectuses and shareholder reports—to speak to investors in words
they can understand. Tell them plainly what they need to know to make intelligent
investment decisions.
无论简明英语方面 你走的是什么路，我们想要你提供能实现我们的证券法承诺的文件。
我劝你，无论是在简短的还是较长的 文件中，也无论是在招股说明书还是股东报告中，
都要使用投资者能理解的词语说话。只是告诉他们在作 出明智决定是需要知道的信息即
可。

1．What Is a “Plain English” Document?
1、什么是“简明英语”文件
We’ll start by dispelling a common misconception about plain English writing. It does
not mean deleting complex information to make the document easier to understand.
For investors to make informed decisions, disclosure documents must impart
complex information. Using plain English assures the orderly and clear presentation
of complex information so that investors have the best possible chance of
understanding it.
我们首先要消除对简明英语写作的一个普遍误解：它并不意味着删除复杂信息以使文件
更易于理 解。对于要作出明智决定的投资者来说，披露文件必须传递复杂的信息。使用
简明英语确保了有序清晰地 介绍复杂信息，这样投资者就可能最有机会理解这些信息。

Plain English means analyzing and deciding what information investors need to make
informed decisions, before words, sentences, or paragraphs are considered. A plain
English document uses words economically and at a level the audience can
understand. Its sentence structure is tight. Its tone is welcoming and direct. Its design
is visually appealing. A plain English document is easy to read and looks like it’s
meant to be read.
简明英语意味着要分析和决定：投资者无需考虑单词、 句子或段落的含义而直接作出明
智决定需要什么信息。简明英语经济地使用读者能理解的词语。其句子结 构严密，语气
热情直接，设计具有视觉吸引力。简明英语文件易于阅读，且看起来想要读者读它。

This handbook’s purpose 本手册的目的
This handbook gives you practical tips on how to create plain English documents. All
of these were born of experience. They come from experts and those who have

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already written or rewritten their documents in plain English.
本手册给你如何写作简明英 语文件的实用技巧。所有这些技巧都来源于经验和实践。它
们都来自专家和已经开始用简明英语写作或重 写其文件的那些人。

As with all the advice in this handbook, feel free to tailor these tips to your schedule,
your document, and your budget. Not all of the tips will apply to everyone or to every
document. Pick and choose the ones that make sense for you.
根据你的日程表、文件类型和预算来使用本手册中的所有建议。不是所 有的建议都适用
于所有的人或所有的文件。选择适合你的那些建议。

Some of our tips cover very basic mechanical issues, like how to photocopy your
working draft. We’ve included them because they were learned the hard way and have
saved people time, money, and aggravation. You’ll see them listed in Chapter 8, titled
―Time-Saving Tips.‖
This handbook is by no means the last word on plain English. We expect to change it
and add more tips as we learn more about writing securities documents in plain
English. So please keep notes on your experiences and copies of your original and
rewritten language. We want to hear from you and include your tips and rewrites in
the next edition.
我们的某些建议涉及非常基本的机械问题，如如 何复印你的工作草案。我们把这些建议
包括进来是因为它们得来不容易，而且节省了人们的时间和金钱， 减少了愤怒。你将会
在第八章“省时窍门”中看到它们。随着我们在用简明英语写证券文件方面了解更多 ，
我们准备修改它并增加更多的窍门。因此，请把你的经验做笔记，并保留你的初稿和重
写稿。 在下一版本中我们想要听取你的意见并把你的建议和重写稿收录进来。

Finally, we encourage you to give this handbook out freely. It is not copyrighted, so
you can photocopy it without fear of penalty.
最后，我们鼓励你自由传播本手册。本手册上无 知识产权，因此你可复印它而无需害怕
受到惩罚。
2．Getting Started
2、准备开始
Assemble the team or move ahead on your own 组建团队或独自前行
As with a lot of things in life, it’s the preparation that often determines the success or
failure of an effort to write documents in plain English. Many of you routinely select a
team to think and talk about how to write a document from scratch or rewrite an
existing document. Or you may do it on your own. In that case, rest assured
1
that one
person can do it alone.

1
rest assured：to be assured; to be certain. 确信，相信
Rest assured that you'll receive the best of care. Please rest assured that we will do everything possible to help.

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如同生命中的很多 其他事情一样，通常是“准备”决定了以简明英语写作文件的努力是
成功还是失败。你们中的很多人通常 选择一个团队来思考和探讨如何从零开始写作文件
或者如何重写已有的文件。你也可以独自一个人做这些 事。若是这样，确信一个人能独
自做。
The list below describes the types of people who have participated in successful plain
English teams. We’re not suggesting that you need to select everyone listed. Some
will not apply to your company or your situation. The people you select, and the point
at which you involve them in your plain English project, will depend on your
document, your schedule, and your budget.
下面的列表描述了成功的简明 英语团队需要的人员。
我们不是建议你要选择所列的每个
人
。有些人不适用于你的公司 或你的情形。你的文件类型、日程表和预算将决定你需要
什么人，以及你在你的简明英语项目中需要他们 的程度。

? A team leader who has the authority to make decisions that keep the project
moving forward and bring it to a successful conclusion. (More than one plain English
project has faltered because the team leader has not had this level of authority.) The
team leader may be a company’s or an underwriter’s lawyer.
? 团队领袖有权作出使项目运转并使其成功结束的决定。（不止一个简明英语项目 因为
团队领导没有这种权力而步履蹒跚。）团队领导可以是公司的或承销商的律师。
? A lead writer who ensures the document uses a logical structure and simple, clear
language. If more than one person is drafting sections of the document, the lead
writer makes sure the final draft has a consistent tone and the individual parts form a
coherent whole.
? 主要写手确保文件的结构逻辑严密，语言简明清晰。若有多人草拟文件的不同部分，
主要写手要确保最终 版本文风一致，各部分组成一个连贯的整体。
? Lawyers for the company or the underwriter who know what information
must be included and why.
? 公司或承销商的律师，他们知道文件必须包括什么信息以及为什么要包括这些信息。

? An investor relations expert who knows firsthand the financial sophistication of
your investors. Investor relations people know which questions investors typically ask
and where past disclosure documents have failed to make information clear.
? 投资者关系专家，他对你的投资者的金融成熟度有第一 手的了解，他知道投资者通常
会问什么问题，过去的披露文件在哪些地方没有把信息披露清楚。
? A compliance officer who can lend guidance to the writer and who knows, along
with your lawyers, what information must be included.
? 合规专员能指导写手，并且和你的律师一起，告诉你披露文件必须包括哪些信息。

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? A production and operations person who understands the mechanics and
costs of printing and mailing your document, so that your improved document
doesn’t get ahead of your in-house capabilities or budget.
?制作人员，他了解印刷和邮寄文件的运作方法 和成本，这样你的改良文本将不会超过
你公司的能力或预算。
? A marketing person who may have market survey research or polls on your
investors. Also, the marketing department is usually attuned to the terminology that
your investors can readily understand.
? 营销人员可以对你的投资者进行市场调查研究或让其投票。而且，营销部通常理解你
的投资 者容易理解的术语。
? An information designer who is a graphic designer trained to work closely with
the writers and to think about how to present complex information visually.
? 信息设计员是受训与写手一起工作的平面设计师，他要思考如何把复杂信息用视觉的
方式呈现出来。

Select documents
You may want to consider these issues as you start writing in plain English:
? How long is the document?
? Will you write all of it, or only sections of it, in plain English?
? How much time do you have before you need to file your document?
选择文本类型
开始以简明英语写作时，你可能要考虑下列问题：
? 文本有多长？
? 你将以简明英语写作所有的内容还是只是其中一部分？
? 在递交文件前你有多少时间？

You will also want to gather and distribute other documents that your company has
written for investors. It’s likely that your company has already used plain English in
its glossy annual reports and other communications prepared especially for investors.
These documents may save you time by showing you the type of language your
company is already comfortable using.
你还需要收集和分发你的公司已经为投资者写好的其他文件 。或许你的公司已经在特别
为投资者准备的用高光纸印刷的年度报告和其他声明中使用了简明英语。这些 文件会告
诉你公司已经在自在使用的语言种类，这会节省你的时间。

3．Knowing Your Audience
3、了解你的读者
―One must consider also the audience...the reader is the judge.‖
Aristotle Rhetoric

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Knowing your audience is the most important step in assuring that your document
is understandable to your current or prospective investors. To write
understandable documents, you need to gauge the financial sophistication of your
investors.
了解你的读者，是确保你现有的或潜在的投资者能理解你 的文件的最重要的一步。要
写出易于理解的文件，你需要评估你的投资者的金融成熟度。
Through polls and other market survey research tools, some companies know the
demographics of their investors well. Other companies rely on their investor relations
staff or their underwriters to describe who has bought, or is likely to buy, their
securities.
通过投票和其他市 场调查研究工具，有些公司很好地掌握了其投资者的统计情况。其他
公司则依赖其投资者关系方面的工作 人员或其承销商来描述哪些人已经购买了或有可
能购买其证券。
Using whatever information is available, you can create a profile of your
investors or prospective investors based on the following questions:
基于下列问题，利用任何可得的信息，你能知道你的投资者或潜在投资者的大体
情况：
? What are their demographics—age, income, level of education, and job experience?
? How familiar are they with investments and financial terminology?
? What investment concepts can you safely assume they understand?
? How will they read the document for the first time? Will they read it straight
through or skip around to the sections that interest them?
? Will they read your document and your competitors’ side by side?
? How will they use the document while they own the security? What information will
they be looking for later, and is it easy to find?
? 其基本信息——年龄、收入、教育程度和工作经历——是什么？
? 其有多熟悉投资和金融术语？
? 你能安全确保他们理解什么投资概念？
? 他们第一次会如何阅读文件？他们是直接读完还是跳到他们感兴趣的地方？
? 他们会对比着读你和你竞争者的文件吗？
? 拥有证券时他们会如何使用文件？他们想要看到什么信息？这些信息易于发现吗？

Your investors or prospective investors may include individuals and institutions with
varying degrees of financial sophistication. While your audience will include analysts
and other industry experts, you may want to keep in mind that your least
sophisticated investors have the greatest need for a disclosure document they can
understand. Some companies have faced the differing needs of their investors and

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other audiences by making basic educational information visually distinctive from the
rest of the text so that sophisticated investors can easily recognize and scan it.
你的投资者或潜在投资者可能包括具有不同程度金 融成熟度的个人和机构。尽管你的读
者将包括分析师和其他行业专家，你可能需要记住：你的经验极少的 投资者极其需要他
们能理解的披露文件。对于投资者和其他读者的这种不同需求，有些公司把基本教育信
息与文本其他部分区分开来，这样经验丰富的投资者能容易地识别并浏览。
Once you’ve drawn a profile of your investors, keep it constantly in mind. Some
writers keep a photo of a typical investor to make sure they don’t lose sight of their
readers.
一旦知道了你的投资者的大体情况，始 终记住它。有些写手将典型投资者的情况制成照
片，以确保他们不会忽略其读者。
After analyzing who your investors are, you can turn to the document you want to
write or rewrite.
分析完你的投资者是谁之后，你就能转向你想写或想重写的文件。

4．Knowing the Information You Need to Disclose
4、了解你需披露的信息
―Writers must therefore constantly ask: What am I trying to say? Surprisingly often
they don’t know. They must look at what they have written and ask: Have I said it?‖
William Zinsser On Writing Well

The steps outlined in this section have been used successfully by others who have
written disclosure documents in plain English. As we said earlier, feel free to tailor
these steps to your own schedule and team. This is one approach if you are rewriting
an existing document, but others may work equally well.
下面所列步骤是已经用简明英语写出 披露文件的那些人成功使用的。如前所述，根据自
己的日程表和团队决定使用哪些步骤。这是重写已有文 件的一个方法，但其他方法也可
能管用。

Read and outline the current document
阅读并概括现有文件

Read the entire document once without making any notes or comments on the text.
This should give you a general understanding of the information covered in the
document and make your next read more productive.
把整个文件读一遍，不要在文件上作任何备注或评论。这样能使你对文件包含 的信息有
个大体的了解，并让你的下一次阅读更有成效。

When you read it the second time, make notes on what information is covered and
any questions you have. Your notes will also help you to assess if information flows

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through your document in a logical order.
第二遍阅读时，就所包含的信息做备注，并写下你的任何疑问。备注也 有助于你评估文
件中的信息是否以逻辑的顺序罗列。

As you read, consider the following:
? Will the investors understand the language?
? Does the document highlight information that is important to investors?
? Is any important information missing?
? Does the document include information that is not legally required and will not
help investors make informed decisions?
读后，考虑下列问题：
? 投资者会了解文件的语言吗？
? 文件是否突出了对投资者重要的信息？
? 是否遗漏了任何重要信息？
? 文件是否包括了法律不要求披露且无助于投资者作出明智决定的信息？

Meet to resolve questions
与相关人会面解决问题

Meet with the authors of the original document or others who understand it and any
members of the team who can help to answer the questions you wrote in the margins.
Besides the obvious reason for the meeting, another more important goal is
to question the need for everything that appears in the document.
与草拟原始文件的作者、了解文件的 其他人和能帮助你回答你页边上的问题的任何团队
成员见面。见面除了有显而易见的原因，另一个重要目 的是
质疑文件中出现的一切是否必要。


“Because it’s always been there‖ is not reason enough to keep it in your draft. Since
much of the language in these documents is recycled from older (or another
company’s) documents, often no one knows who initially wrote it or why it is needed
now. If you’ve done your legal research and no one knows why the information is
important or required, consider taking it out.
“因为它一直都在那儿”不是在你的文件中保留它 的好理由。因为这些文件中的很多语
言是从旧的（或其他公司的）文件那里来的，通常没人知道当初它是 谁写的或者为什么
现在需要它。若你已经做过法律研究且没人知道为什么某信息重要或必要，考虑去掉它 。

Eliminate redundant information
删除冗余信息

Question the need for repeating any information. Reading the same material two or
three times can bore and even trouble readers. Most readers skip over paragraphs if
they think they’ve read them before. If you cut down on repetitious paragraphs or
sentences, you’ll not only earn the gratitude of your reader, you’ll reduce printing and
mailing costs.
质疑重复某些信息的必要性。阅读同样的资料两到三次会使读者感到烦恼甚至给读者带

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来 麻烦。若认为以前已经读过，绝大多数读者会跳过这些段落。若你能删除重复段落或
句子，你不但会获得 读者的感激，还会减少印刷和邮寄成本。

Discuss the cover page and the summary
讨论封面和摘要

A cover page should be an introduction, an inviting entryway into your document,
giving investors some key facts about your offering, but not telling everything all at
once. If it looks dense and overgrown with thorny details, no one will want to pick it
up and start reading. If it looks like a legal document written by lawyers and for
lawyers, many investors will not even attempt to read it.
封面应该是你文件的简介和邀请函，它告诉投资者你的发行的一些关键事实， 但又不一
下子告诉他们所有的一切。如果封面看起来密密麻麻，充满了棘手的细节，没人会想拿
起它看。如果它看起来像是律师写给律师的法律文件，很多投资者甚至不会试图去读它。

To create an inviting cover page, you’ll need to strip away much of what is
conventionally placed there, but which is not required.
要制作出有 吸引力的封面，你需要删除传统上被放在那里但根本没有必要出现在那里的
很多内容。

As you review your cover page, question why each item of information is there. It may
be important, but does it have to be on the cover page? You usually have a substantial
document following the cover page—let some of those other pages carry the
information load in logical order.
浏览封面时，质疑为什么它要包括那些信息。这些信息可能重要，但它们必须要出现在< br>封面上吗？让封面之后的正文以逻辑的顺序提供那些信息吧。

What would be helpful for investors to see on this page? Look through your investors’
eyes and you’ll make better decisions about where to place information.
投资者在封面上会看到什么有用信息？从你的投资者的角度看问题，你会作出把信息放
在哪里的 更好决定。

The same goes for the summary. A summary should orient the reader, highlighting
the most important points that are presented in greater detail in the prospectus.
Many summaries now seem as long as the document itself and consist merely of
paragraphs copied straight from the body of the document.
上述内容同样 适用于摘要。摘要应该为读者指明方向，突出招股说明书中详细陈述的最
重要的要点。现在的很多摘要似 乎和正文一样长，只是把正文的段落直接复制过来。

Use defined terms sparingly
保守地使用定义术语

Although customary, introducing defined terms on the cover page and in the
summary discourages many readers from getting beyond the first pages.
Overwhelmed with memorizing a new and unnatural vocabulary, and bothered by

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constantly having to flip back and hunt for the first time a defined term’s definition
appears, many an investor will not stick with the document. One plain English expert
has advised, don’t let a shortcut for the writer become a roadblock for the reader.
尽管很常见，但封面上 和摘要中的定义术语阻碍了很多读者继续读下去。记住一个新的
且不自然的词汇，还要不停地翻回去寻找 某个定义术语的定义第一次出现的地方，很多
投资者不堪重负，不会读完文件。有位简明英语专家曾建议 ，不要让写作者的捷径成为
读者的路障。

5. Reorganizing the Document
5、重新组织文件
A few principles of good organization apply universally.
普遍适用的一些良好组织原则：

First, present the big picture before the details. Prospectuses routinely start with a
detailed description of the securities. You may read pages before you find out what
the company produces, or why it is merging or spinning off a subsidiary. It’s hard to
absorb the details if you don’t know why they are being given to you. Imagine trying
to put together a complicated jigsaw puzzle without first seeing the picture of the
completed puzzle. An individual piece of information means more to your readers if
they know how it fits into the big picture.
首先，先概括再详述。招股说明书通常以对证券的详细描述开始。你可能要读很多页 才
能发现公司是生产什么的，或者为什么它要合并或分设子公司。如果不知道为什么给你
细节， 你将难以记住它们。想象一下，在没有看到完整的拼图时试图拼出复杂的拼图。
如果读者知道某条信息是 如何融入到大图的，那这条信息对读者意味着更多。

Second, use descriptive headers and subheaders to break your document up into
manageable sections. Prospectuses impart a lot of information. If you present the
information in bite-sized pieces, it’s easier to digest. Make sure your headings tell the
reader what the upcoming sections will cover. Headings like ―general‖ or
―background‖ aren’t especially helpful.
其次 ，使用描述性的标题或副标题将文件分为可管理的部分。招股说明书提供了很多信
息。若以很小的单位呈 现信息，信息将更容易消化。确保标题告诉读者接下来的部分将
包括的内容。象“概述”、―背景‖这样 的标题并没什么特别帮助。

Third, always group related information together. This helps you identify and
eliminate repetitious information.
第三，总是把相关的信息放在一起。这帮助你发现并删除重复信息。

Fourth, your audience’s degree of investment expertise will affect how you organize
the document. If you are writing for financially unsophisticated investors, your
document’s overall organization may take an educational approach. You may need to
explain industry terms or concepts where they first appear.
第四，你读者的投资专业知识水准会影响你如何组织文件。若是写给没有金融经验的投

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资 者看，你的文件可根据投资者教育程度的不同而设计整体组织。你可能需要解释第一
次出现的行业术语或 概念。

Fifth, review your document by taking a good look at the flow of information from
beginning to end. Start making decisions on how the content should be moved
around into a new and logical order based on:
第五，从头到尾好好看下文件的信息流。依据下列各项确定如何以新的逻辑顺序排列内
容：

? the audience profile
? the notes you made in the margins
? the decisions you’ve made on your cover page and summary
? the information you’ve learned in answering your questions
? 读者情况
? 你在页边所作的备注
? 你已经对封面和概要作出的决定
? 在回答你的问题时获得的信息

Once you have finished physically reorganizing the document, you may want to write
an outline of your new organization. Your outline can later become your table of
contents.
一旦你已经重新组织好文件，你可能想就你的新组织写个概述。你写的概述可在日后成
为目录。
You’re now ready to start rewriting your document in plain English.
And, speaking of writing…
现在你已经准备好开始用简明英语重写你的文件。
说到如何写作，且听下回分解。

6. Writing in Plain English
6、以简明英语写作
We thought it would be helpful to list the most common problems we’ve encountered
with disclosure documents.
我们认为，罗列我们已经遇到的披露文件最常出现的问题会对各位有帮助。

Common problems
常见问题

? Long sentences
? Passive voice
? Weak verbs
? Superfluous words
? Legal and financial jargon
? Numerous defined terms

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? Abstract words
? Unnecessary details
? Unreadable design and layout
? 长句子
? 被动语态
? 弱动词
1

? 多余的单词
? 法律和金融行话
? 大量定义术语
? 抽象单词
? 不必要的细节
? 可读性差的设计和布局

In the following pages we offer some ways to fix these problems.
下面我们提供解决这些问题的一些方法。

For example, here’s a common sentence found in prospectuses:
例如，这是招股说明书中的常见句子：
NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR
MAKE ANY REPRESENTATION OTHER THAN THOSE CONTAINED OR
INCORPORATED BY REFERENCE IN THIS JOINT PROXY
STATEMENTPROSPECTUS, AND, IF GIVEN OR MADE, SUCH
INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS
HAVING BEEN AUTHORIZED.
2

除了本联合股东投票通知
3
招股说明 书里包括的或提及的信息或声明，本公司未授权
任何人发布任何信息或作出任何陈述，如有发布或作出， 则该信息或陈述不得被依赖
为已获授权。
Here’s one possible plain English rewrite:
这是以简明英语重写的一个可能版本：
You should rely only on the information contained in this document or that we

1
古英语动词分为两大类：强动词和弱动词。强动词通过词根元音变化构成过去时形式，弱动词则用齿音词尾-d或 -t
构成过去时。强动词相当于现代英语的“不规则动词”；弱动词大部分相当于现代英语的“规则动词 ”。
http:
2
为方便各位阅读，我把其转换为小写。英文大小写转换方法 ：选英文字或文字全选，按Shift+F3，全部小写变大
写.再按一次就大写变小写。
No person has been authorized to give any information or make any representation other than those
contained or incorporated by reference in this joint proxy statementprospectus, and, if given or made,
such information or representation must not be relied upon as having been authorized.
3
Proxy statement股东投票通知
《元照英美法词典》将其译为“委托投票说明书”，不妥。
所谓“联合股东投票通知”是指母公司及其子公司联合召开股东大会，所以投票通知也是联合发布。

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have referred you to. We have not authorized anyone to provide you with
information that is different.
你应该只信赖本文件中包括的信息，或者我们已经让你参考的信息。我们未授 权任
何人向你提供与上述信息不同的信息。
The plain English rewrite uses everyday words, short sentences, active voice,
regular print, and personal pronouns that speak directly to the reader.
以 简明英语重写的版本用的是日常用语、短句、主动语态、通常的打印方式和直接与
读者说话的人称代词。
Do you think the rewrite captures the meaning of the original? Would you write it
differently?
你认为重写版本抓住了原版本的意思了吗？你能写出不同的版本吗？
Throughout this chapter, you’ll find ―before‖ examples from disclosure documents
with plain English ―after‖ examples to illustrate specific principles of plain English.
Since some of the ―before‖ examples contain ambiguities that can be successfully
resolved only by studying their context in a particular document, we did not attempt
to provide rewrites to cover every interpretation. We encourage you to write your own
plain English versions to fit your views and your needs. We don’t want to create a new
generation of plain English ―boilerplate.‖ 在这一章，你会发现从披露文件中摘取的“之前”版本和以简明英语写的“之后”版本。
我们用两相 比较来说明简明英语的特定原则。因为有些“之前”版本所含的模糊之处只
有通过研究其在特定文件中的 上下文才能解决，我们并没有试图提供涵盖所有解释的重
写。我们鼓励你写出你自己的简明英语版本以适 合你的观点和需求。我们不想创设出新
一代的简明英语“样板”。
Although the principles that follow may sound deceptively simple, if you use them,
your writing will improve dramatically.
尽管下述原则貌似很简单，但使用它们会显著提高你的写作。

Use the active voice
1
with strong verbs
使用含有强动词的主动语态
The plodding verbosity of most disclosure documents makes readers yearn for clear
words and short sentences. The quickest fix lies in using the active voice with strong
verbs. Strong verbs are guaranteed to liven up and tighten any sentence, virtually
causing information to spring from the page. When you start to rewrite or edit your
work, highlighting all the verbs can help. You may be surprised by the number of
weak verbs, especially forms of ―to be‖ or ―to have‖ that you’ll find.

1
强动词一览表http:esvspa_
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绝大多数披露文件 的单调乏味冗长使得读者渴望清晰的单词和短句。最快的解决方法是
使用含有强动词的主动语态。强动词 确保句子紧凑、有生气，使信息呼之欲出。开始重
写或编辑你的作品时，突出有帮助的所有动词。你可能 会惊讶于弱动词的数量，尤其是
“to be”或“to have”这种形式的。

The time you spend searching for a precise and strong verb is time well spent. When a
verb carries more meaning, you can dispense with many of the words used to bolster
weak verbs.
用于搜索准确的强动词的时间是值得的。使用一个强动词，你能省略用于加强弱动词的
很多单词。
Weak verbs keep frequent company with two more grammatical undesirables:
passive voice and hidden verbs. In tandem, they add unnecessary length and
confusion to a sentence.
弱动词经常 与两个语法陋习相伴：被动语态和隐藏动词。它们联手，不必要地增
加了句子的长度和混乱程度。
The active and passive voices
主动和被动语态

If you need it, here’s a quick refresher on the active and passive voice.
若你需要，让我们快速复习一下主动和被动语态。
active
The investor buys the stock.
主动
投资者买股票。
In the active voice, the subject of the sentence, the investor, performs the action,
buying the stock.
主动语态中，句子的主语“投资者”实施动作，购买股票。
passive
The stock is bought by the investor.
被动
股票被投资者购买。
In the passive voice the subject, the stock, is acted upon. The person or the thing

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doing the action is introduced with ―by.‖ But sometimes, the person or thing doing
the action is deleted, leading to...
被动语态 中，主语“股票”是行为的对象。作出行为的人或物通过“by”引入。但有
时候作出行为的人或物会被 删除，这就是
passive with agent deleted
The stock is bought.
行为主体删除的被动语态
股票被买。
You don’t know who bought the stock. You’ll find many examples of the ―passive with
agent deleted‖ in disclosure documents.
你不知道谁购买了股票。在披露文件中你会发现很多“行为主体被删除的被动语态”例
子。
Readers understand sentences in the active voice more quickly and easily because it
follows how we think and process information. Many times the passive voice forces
readers to take extra mental steps as they convert the passive into the active.
因为主动语态遵循的是我们思考和处理信息的程 序，所以读者能更快更容易地理解主动
语态句子。很多时候，被动语态强迫读者花费额外的步骤——他们 要把被动语态转换成
主动语态。

To recognize the passive voice, ask yourself:
要识别被动语态，问自己：

Does the sentence use a form of the verb ―to be‖ with:
? another verb in the past tense; and
? a prepositional phrase beginning with ―by‖?
句子是否使用“to be”形式的动词和
? 过去式的另一个动词；以及
? 以“by”开头的介词短语？

Remember that it’s harder to recognize the passive voice when the object (the phrase
introduced with ―by‖) is left out. When you rewrite the sentence in the active voice,
use a strong verb. These examples show how strong verbs and the active voice
transform sentences, making them shorter and easier to understand.
记住，如果宾语（“by”引入的短语）省略 ，被动语态更难以识别。使用主动语态重写
句子时，使用强动词。下列例句表明强动词和主动语态如何使 句子变得更短更易于理解。

before
The foregoing Fee Table is intended to assist investors in understanding the costs
and expenses that a shareholder in the Fund will bear directly or indirectly.
修改前

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前述《费用表》是为帮助投资者理解“基金”股东将直接或间接承担的费用和开支。

The before example uses the passive with agent deleted. We don’t know who
―intended‖ to assist investors. Note how long it took to get to the meat of the
sentence—the costs and expenses. Dispensing with the filler words ―...to assist
investors in understanding...‖ moves the reader more quickly to the important points. < br>该版本使用了省略行为主体的被动语态。我们不知道谁“想”帮助投资者。注意要花多
久的时间才 会抓住句子的要点——费用和支出。去掉填充词“...to assist investors in
understanding...”使读者更快地发现关键点。

after
This table describes the fees and expenses that you may pay if you buy and hold
shares of the fund.
修改后
本表描述了你购买并持有基金股份后将支付的费用和开支。

Here’s another example:
这里是另外一个例子：

before
The proxies solicited hereby for the Heartland Meeting may be revoked, subject
to the procedures described herein, at any time up to and including the date of the
Heartland Meeting.
修改前
为Heartland“股东大会 ”征集的股东投票授权委托书可在股东大会召开日之前的任
何时间（含股东大会召开日当天）撤销，撤销 程序见本文。

after
You may revoke your proxy and reclaim your right to vote up to and including the
day of the meeting by following the directions on page 10.
修改后
你可在大会召开前（含大 会召开当天）撤销你的投票授权委托书并收回你的投票权，
具体见第10页的说明。

The plain English version tells you who may revoke a proxy and where to find the
information on how to do it. It replaces the abstract ―subject to the procedures
described herein‖ with concrete, everyday words, ―by following the directions on page
10.‖ It’s not enough merely to translate existing texts—the key is to add useful
information.
简明英语版本告诉你谁可以 撤销授权，在哪里发现如何撤销授权的信息。它用具体的日
常用语“具体见第10页的说明”替换了抽象 的“具体程序见本文”。只是翻译现有文本
并不够，关键在于要增加有用的信息。

Don’t ban the passive voice, use it sparingly
As with all the advice in this handbook, we are presenting guidelines, not hard and

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fast rules you must always follow. The passive voice may make sense when the person
or thing performing the action is of secondary importance to another subject that
should play the starring role in sentence. Use the passive voice only when you have a
very good reason for doing so. When in doubt, choose the active voice.
不禁止被动语态，谨慎使用
如同本手册中的所有建议一样，我们只是提供方针，而不是你必须 遵守的硬性规定。如
果行为的实施者的重要性不及应在句子中扮演主角的另一个主体，那么被动语态是有 意
义的。只有在有充分理由时才使用被动语态。若拿不准，使用主动语态。

Find hidden verbs
Does the sentence use any form of the verbs ―to be,‖ ―to have,‖ or another weak verb,
with a noun that could be turned into a strong verb? In these sentences, the strong
verb lies hidden in a nominalization, a noun derived from a verb that usually ends in
-tion. Find the noun and try to make it the main verb of the sentence. As you change
nouns to verbs, your writing becomes more vigorous and less abstract.
发现隐藏的动词
句子是否使用了能变成强动词的任何形式的“to be”、“to have”形式的动词或者其他< br>弱动词加名词？在这些句子中，强动词隐藏在动名词——源于动词的名词，通常以-tion
结尾 ——中。发现名词并试图使它成为句子的主要动词。当你把名词变成动词，你的写
作变得更有力，也不那 么抽象。

before after
We made an application… We applied…
We made a determination… We determined…
We will make a distribution… We will distribute…

修改前 修改后
我们作出申请… 我们申请…
我们作出决定… 我们决定…
我们将作出分配… 我们将分配…

before
We will provide appropriate information to shareholders concerning…
after
We will inform shareholders about…
修改前
我们将就…向股东提供合适的信息。
修改后
我们将就…通知股东。

before
We will have no stock ownership of the company.
after
We will not own the company’s stock.
修改前

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我们将不拥有公司的股票所有权。
修改后
我们将不持有公司股票。

before
There is the possibility of prior Board approval of these investments.
after
The Board might approve these investments in advance.
修改前
有董事会事先批准这些投资的可能性。
修改后
董事会可能事先批准这些投资。

Try personal pronouns
尝试使用人称代词

No matter how sophisticated your audience is, if you use personal pronouns the
clarity of your writing will dramatically improve. Here’s why.
不管你的读者有多么经验丰富，如果你使用人称代词，那么你的文件的明晰度将显著提
高。下面是原因。

First, personal pronouns aid your reader’s comprehension because they clarify what
applies to your reader and what applies to you.
首先，人称代词帮助你的读者理解，因为它们明晰了哪些适用于你的读者，哪些适用于
你。

Second, they allow you to ―speak‖ directly to your reader, creating an appealing tone
that will keep your reader reading.
其次，它们允许你直接和你的读者“讲话”，创设有吸引力的语调使你的读者阅读。

Third, they help you to avoid abstractions and to use more concrete and everyday
language.
第三，它们帮助你避免抽象并使用更加具体的日常用语。

Fourth, they keep your sentences short.
第四，它们使你的句子短小。

Fifth, first- and second-person pronouns aren’t gender-specific, allowing you to
avoid the ―he or she‖ dilemma. The pronouns to use are first-person plural (we, us,
ourours) and second-person singular (you, youryours).
第五，第一 人称和第二人称并不指明性别，这样你可以避免“他或她”困境。要使用第
一人称复数（我们，我们的） 和第二人称单数（你，你的）。

Observe the difference between these two examples:
注意下面两个例子的不同：

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before
This Summary does not purport to be complete and is qualified
in its entirety by the more detailed information contained in the Proxy
Statement and the Appendices hereto, all of which should be carefully
reviewed.
修改前


after
Because this is a summary, it does not contain all the information that may be
important to you. You should read the entire proxy statement and its
appendices carefully before you decide how to vote.
修改后
这只是概述，并未包含可能对你重要的所有信息。所以在决定如何投票之前你应
该仔细阅读投票 授权委托书及其附件的全文。

Bring abstractions down to earth
使用通俗易懂的抽象词

Abstractions abound in the financial industry. What pictures form in your mind
when you read these phrases: mutual fund, the Dow Jones Industrial Average, zero
coupon bond, call option, or foreign currency trading? Most people don’t have an
image in their minds when they hear abstract words like these. And yet, it’s far
easier to comprehend a concept or a situation when your mind can form images.
In a study conducted at Carnegie- Mellon University, a cognitive psychologist and an
English professor discovered that readers faced with complex written information
frequently resorted to creating ―scenarios‖ in an effort to understand the text. That is,
they often made an abstract concept understandable by using it in a hypothetical
situation in which
people performed actions.
抽象在金融业中比比皆是。当你读到共同基金、道琼斯工业平均数、零息债券、看 涨期
权或外币交易这些短语，你头脑中会形成什么画面呢？听到类似的抽象词语时，绝大多
数人 的头脑中是不会出现画面的。而头脑能形成画面时你更易于理解一个概念或一种情
形。Carnegie -Mellon大学的一项研究中，一位认知心理学角和一位英文教授发现，面
对复杂书面信息的读者通 常创设“场景”以理解文本内容。也就是说，他们经常在假想
的
人做事

的情形中使用抽象概念，这样抽象概念就可理解了。

You can make complex information more understandable by giving your readers
an example using one investor. This technique explains why ―question and
answer‖ formats often succeed when a narrative, abstract discussion fails.
Here is an example of how this principle can be used to explain an abstract
concept—call options:

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通过给你的读者一个使用一位投资者的例子，你能使复杂信息更容易理解。这种技
术解释了为什 么在描述性的抽象讨论失败的时候，“你问我答”这种形式通常会成
功。这里有个该原则如何用于解释一 个抽象的概念——看涨期权——的例子：

For example, you can buy an option from Mr. Smith that gives you the right to buy
100 shares of stock X from him at $$25.00 per share anytime between now and six
weeks from now. You believe stock X’s purchase price will go up between now and
then. He believes it will stay the same or go down. If you exercise this option
before it expires, Mr. Smith must sell you 100 shares of stock X at $$25.00 per
share, even if the purchase price has gone up. Either way, whether you exercise
your option or not, he keeps the money you paid him for the option.
例如，你能从史密斯先生那里购买期权，该期 权给予你在从现在开始六个周内的任
何时间以每股25美元的价格从他那里购买100股X股票的权利。 你认为X股票的购买
价在此期间会上涨，他认为股价会持平或下跌。如果你在期权到期前行权，史密斯< br>先生必须以每股25美元的价格卖给你100股X股票，即使购买价已经上涨。无论哪种
情况，无 论你行权与否，他都保留你为期权支付给他的钱。

Although it is impossible to eliminate all abstractions from writing, always use a more
concrete term when you can.
从写作中删除所有的抽象词是不可能的，但是如果你能，总是使用更具体的术语。

Read this list of progressively less abstract terms and consider how you might make
abstract concepts you write about more concrete:
阅读下列抽象性逐渐减少的术语并考虑你如何使你所写的抽象概念更具体：
Asset ? Investment ? Security ? Equity ? Stock ?
? Common stock ? One share of IBM common stock
资产 ? 投资 ? 证券 ? 股权 ? 股票 ? 普通股 ? IBM公司的一股普通股
The following examples show how you can replace abstract terms with more
concrete ones and increase your reader’s comprehension:
下述例子表明你如何以更具体的术语替换抽象术语并增加你的读者的理解：
before
Sandyhill Basic Value Fund, Inc. (the ―Fund‖) seeks capital appreciation and,
secondarily, income by investing in securities, primarily equities, that
management of the Fund believes are undervalued and therefore represent
basic investment value.
修改前
Sandyhill Basic Value Fund公司首先寻求资本增值，其次寻求证券投资收入，主要

26

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是公司管理层认为价值被低估因此代表基本投资价值的证券。
after
At the Sandyhill Basic Value Fund, we will strive to increase the value of your
shares (capital appreciation) and, to a lesser extent, to provide income (dividends).
We will invest primarily in undervalued stocks, meaning those selling for low
prices given the financial strength of the companies.
修改后
在Sandyhill Basic Value Fun d公司，我们首先致力于增加你的股票的价值（资本增
值），其次提供收入（股息）。我们将主要投资价 值被低估的股票，即考虑到公司
的财务实力被低价出售的那些股票。

before
No consideration or surrender of Beco Stock will be required of
shareholders of Beco in return for the shares of Unis Common Stock issued
pursuant to the Distribution.
修改前
Bec o公司股东无需支付对价或交出Beco公司股票以换取依据“分配”发行的
Unis公司普通股股票。

after
You will not have to turn in your shares of Beco stock or pay any money to
receive your shares of Unis common stock from the spin-off.
修改后
你无需交出你的Beco公司股票或者支付任何款项以获得你的Unis公司普通股股票。

Omit superfluous words 删除多余的单词
Words are superfluous when they can be replaced with fewer words that mean the
same thing. Sometimes you can use a simpler word for these phrases:
可以用可 表达同样意思的更少单词替换的单词是冗余的。有时你可以用更简单的单词替
换下列短语：
superfluous
in order to
in the event that
subsequent to
prior to
despite the fact that
because of the fact that

simpler
to
if
after
before
although
because, since
27

in light of
owing to the fact that

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because, since
because, since
Another source of superfluous words is ―shotgunning
1
‖: letting loose a blast of words
hoping at least one conveys your intended meaning. The simplest solution here is to
replace your laundry list
2
of adjectives with a single word or phrase that adequately
expresses your intended meaning.
冗余单词的另一来源是“吹”：使用大量单词，希望其中至少一个单词表达你想要 的意
思。最简单的解决方法是用能充分表达你想要的意思的一个单词或短语替换你的一堆形
容词 。
Omitting superfluous words is one of the easiest ways to improve your disclosure
document because it doesn’t require you to revise sentence structure.
删去冗余单词是提高你的披露文件可读性的最简单的一个方法，因为你不需要修改句子
结构。
before
The following summary is intended only to highlight certain information
contained elsewhere in this Prospectus.
after
This summary highlights some information from this Prospectus.
修改前
下述概述只想突出本招股说明书的其他地方包含的某些信息。
修改后
本概述突出了本招股说明书的某些信息。

1
Shotgunning
① 喝饮料尤其是啤酒的一种方法，在啤酒罐上钻一孔 然后把啤酒罐举高喝。如果是不容易钻孔的容器如玻璃瓶装
饮料，则其方法叫strawpedoing 或snorkeling。有些地方把拿着瓶子直接灌的喝法叫“吹”、“吹一瓶”，所以这
里译为“吹 ”，取其把简单几个单词就可以表达的东西“吹”成一大堆句子的意思。
The method of shotgunning a beer is demonstrated by John Cusack and Daphne Zuniga in the 1985 film The Sure Thing.
② Taking a drag from a cigarettecigar, then expelling the smoke into someone's mouth (usually your girlfriend) while they
inhale it. Like an open-mouthed kiss, except with smoke involved.
Dude, look at those 2 shotgunning! She looks like she's enjoying it. Urban Dictionary
③ Throwing a handful of pennies at strippers or homeless people.
Dang man, we had such a great time shotgunning those women last night. Urban Dictionary
http:?term=shotgunning
2
laundry list 细目清单
① a usually long list of items Merriam-Webster
② Laundry list describes a long listing of different things, especially things you need or things you have to do. The things on
the long list may not be related to each other. (noun)
An example of a laundry list of tasks is a to-do list on which you have 20 things that have to be accomplished by tomorrow.
YourDictionary
③ a long list of subjects (usually + of ) It wasn't much of a speech - just a laundry list of accusations against the government.
TheFreeDictionary

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before
Machine Industries and Great Tools, Inc. are each subject to the
information requirements of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and in accordance therewith
file reports, proxy statements and other information with the
Securities and Exchange Commission (the ―Commission‖).
after
We file annual, quarterly, and special reports, proxy statements, and other
information with the Securities and Exchange Commission (SEC).
修改前
Machine Industries和Great Tools公司均需遵守1934年《证券交易 法》及其修订版（“交
易法”）的信息披露要求，且依据该法向证券交易委员会（“委员会”）提交报告 、以
及其他信息。
修改后
我们向证券交易委员会（证交会）提交年度、季度以及特别报告，和其他信息。

before
Drakecorp has filed with the Internal Revenue Service a tax ruling request
concerning, among other things, the tax consequences of the Distribution to
the United States holders of Drakecorp Stock. It is expected that the Distribution
of Beco Common Stock to the shareholders of Drakecorp will be tax-free to
such shareholders for federal income tax purposes, except to the extent that
cash is received for fractional share interests.
修改前
Drakecorp公司已经向国内税务总署提交税收裁决申请，要求国内税务总署 —— 除其
他事项外 —— 就向美国股东分配Drakecorp公司股票的税收后果作出裁决。在联邦税< br>法下，向Drakecorp公司公司的股东分配Beco公司的普通股对于上述股东来讲被视为是
免税的，除非为零星股份利益收取了现金。
after
While we expect that this transaction will be tax free for U.S. shareholders at the
federal level (except for any cash paid for fractional shares), we have asked the
Internal Revenue Service to rule that it is.

修改后
我们预期本交易在联邦层面对美国股东将是免税的（为零星股支付的现金除外），我们
已经请求国内税务总署就此作出裁决。

Write in the “positive”

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写肯定句
Positive sentences are shorter and easier to understand than their negative
counterparts. For example:
与否定句相比，肯定句更短，也更易于理解。例如：
before
Persons other than the primary beneficiary may not receive these dividends.
after
Only the primary beneficiary may receive these dividends.
修改前
除了第一受益人，其他人不能取得这些股息。
修改后
只有第一受益人可以取得这些股息。
Also, your sentences will be shorter and easier to understand if you replace a negative
phrase with a single word that means the same thing. For example:
同样，用具有同样意思的一个单词替换否定短语，你的句子将更短，也更易于理解。例
如：
negative compound single word
not able unable
not accept reject
not certain uncertain
not unlike similar, alike
does not have lacks
does not include excludes, omits
not many few
not often rarely
not the same different
not … unless only if
not … except only if
not … until only when

Use short sentences
使用短句
No one likes to read a sentence that’s two pages long. And yet, lengthy,
information-packed sentences choke many prospectuses today. To complicate
matters further, these sentences are filled with jargon and legalese. The longer and

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more complex a sentence, the harder it is for readers to understand any single
portion of it.
没 人喜欢读两页纸长的句子。但是，今天的很多招股说明书充斥着冗长且信息密集的
句子。为了使事情更加 复杂，这些句子还充满了专业术语和法律术语。句子越长、越
复杂，读者越难以理解句子的任何部分。
before
The following description encompasses all the material terms and provisions of
the Notes offered hereby and supplements, and to the extent inconsistent
therewith replaces, the description of the general terms and provisions of the
Debt Securities (as defined in the accompanying Prospectus) set forth under the
heading ―Description of Debt Securities‖ in the Prospectus, to which description
reference is hereby made. The following description will apply to each Note
unless otherwise specified in the applicable Pricing Supplement.
修改前
下述描述包括在此发行的“本票”的所有主要条款，这些 描述是对《招股说明书》
中题为“债务证券描述”下的“债务证券”（定义见所附《招股说明书》）一般 条
款描述的补充，若其与下述描述不一致，则可被下述描述替换。下述描述将适用于
各“本票” ，除非可适用的《定价补充》有不同规定。
If you really want to root out the problem with this paragraph, you need to think of
the deeper reasons why it doesn’t work. If you look beyond the language used, you’ll
find that it presents complex information without first providing a context for the
reader.
如果你真的想根除这个段落存在的问题，你需要深入思考其不管用的更深层 次原因。若
看到所用语言的背后，你会发现原因在于它呈现了复杂信息而未首先为读者提供前后
文。
The rewrites that follow show two ways to provide the context, with and without
tabulation.
下面的重写版演示了提供前后文的两种方法：有制表和没有制表。
after
We provide information to you about our notes in three separate documents that
progressively provide more detail: 1) the prospectus, 2) the prospectus
supplement, and 3) the pricing supplement. Since the terms of specific notes may
differ from the general information we have provided, in all cases rely on
information in the pricing supplement over different information in the
prospectus and the prospectus supplement; and rely on this prospectus
supplement over different information in the prospectus.
修改后
我们将逐步在三个独立的文件中向你提供有关我们发行的各本票的更加详细的信

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息：1）招股说明 书，2）招股说明书补充，3）定价补充。因为特定本票的条款可
能与我们已经提供的一般信息不同，在 任何情况下，依靠定价补充中的信息而非招
股说明书和招股说明书补充中的不同信息，依靠招股说明书补 充中的信息而非招股
说明书中的不同信息。
or
We provide information to you about our notes in three separate documents
that progressively provide more detail:
1 The Prospectus
General information that may or may not apply to each note.
2 The Prospectus Supplement
More specific than the prospectus, and to the extent information differs from
the prospectus, rely on the different information in this document.
3 The Pricing Supplement
Provides final details about a specific note including its price. To the extent
information differs from the prospectus or the prospectus supplement, rely
on the different information in this document.
或者
我们将在三个独立文件中向你提供有关我们发行的本票的信息，这些文件将逐步
提供更详细的信息：
1 《招股说明书》

可能适用于或可能不适用于各本票的一般信息。

2 《招股说明书补充》
比招股说明书提供的信息更具体，若该文件所提供的信息与招股说明书提供的
信息不同，依靠该文件中的 不同信息。
3 《定价补充》
提供特定本票的最终细节，包括其价格。若该文件所提供 的信息与招股说明书
或招股说明书补充所提供的信息不同，依靠该文件中的不同信息。
Information-packed sentences leave most investors scratching their heads. So many
of these sentences have become ―boilerplate‖ that writers cut and paste them into
new documents without thinking about how they can be improved. Since these
sentences can be a little intimidating, we thought we’d tackle another one:
信息密集的句子会让绝大多数投资者挠头。很多这样的句子已经成为“样本”，写作者把
它们剪 切并粘贴到他们的新文件中，而不思考如何改进它们。既然这些句子有点吓人，
我们想我们将解决另一个 ：

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before
The Drake Capital Corporation (the ―Company‖) may offer from time to time its
Global Medium-Term Notes, Series A, Due from 9 months to 60 Years From Date
of Issue, which are issuable in one or more series (the ―Notes‖), in the United
States in an aggregate principal amount of up to U.S. $$6,428,598,500, or the
equivalent thereof in other currencies, including composite currencies such as the
European Currency Unit (the ―ECU‖) (provided that, with respect to Original
Issue Discount Notes (as defined under ―Description of Notes—Original Issue
Discount Notes‖), the initial offering price of such Notes shall be used in
calculating the aggregate principal amount of Notes offered hereunder).
修改前
Drake Ca pital公司（“公司”）可在美国不时发行其A序列“全球中期票据”，自发行日
起期限为九个月到 六十年，本金总额不超过6,428,598,500美元或者其他等额货币，
包括复合货币
1
，如欧洲货币单位（“ECU”）。对于“原始发行贴现票据”（定义见“票
据描述——原始发 行贴现票据”），其原始发行价将用于计算本文件下的票据本金总
额。
after
The Drake Capital Corporation may offer at various times up to U.S.
$$6,428,598,500 worth of Global Medium-term notes. These notes will mature
from 9 months to 60 years after the date they are purchased. We will offer these
notes in series, starting with Series A, and in U.S., foreign, and composite
currencies, like the European Currency Unit. If we offer original issue discount
notes, we will use their initial offering prices to calculate when we reach
$$6,428,598,500.
修改后
Drake Capita l公司可在不同时间发行总价不超过6,428,598,500美元的“全球中期票
据”。这些票据将 在其被购买之日后九个月到六十年到期。我们将从序列A开始分序
列以美元、外国货币和复合货币（如欧 洲货币单位）发行这些票据。若我们发行原
始发行贴现票据，我们将用其原始发行价来计算我们何时达到 6,428,598,500美元。


1
由两种或多种货币复合而成的货币，通常只是作为会计单位而非实际货币而存在。如标准提款权和欧洲货币单位。

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As you can see, one long sentence became four shorter sentences. The paragraph
moves from the general to the specific, contains short, common words, and is written
in the active voice. You only need to read the paragraph once to understand it.
如你所见，一个长句子变成四个短句子。段落从一般到具体，包含短 的、常用的单词，
使用主动语态。你只需要读一遍就能理解该段落。
Replace jargon and legalese with short, common words
用短的、常见的单词替换行业术语和法律术语

Ruthlessly eliminate jargon and legalese. Instead, use short, common words to get
your points across. In those instances where there is no plain English alternative,
explain what the term means when you first use it.
毫不犹豫地淘汰行业术语和法律术语。使用短的、常见的单词 表达你的观点。在不能
使用简明英语的情形中，解释第一次出现的术语。
If you have been in the financial or legal industry for awhile, it may be hard to spot
jargon and legalese in your writing. Consider asking someone outside the industry to
check your work for incomprehensible words.
如果你已经在金融或法律行业从业很久，你可能 难以在自己的文件中识别行业术语和
法律术语。考虑请行业以外的人检查你的文件，找出其不能理解的单 词。
Last, don’t create new jargon that’s unique to your document in the form of
acronyms or other words. It’s asking too much of your readers to memorize a new
vocabulary while they are trying to understand complicated concepts. This holds
true
1
for individual and institutional investors. Note the following, which is the first
sentence on the cover page of an exchange offer:
最后，不要以首字母缩略词或其他单词的形式在你的文件中创设新 的、你的文件独有
的行话术语。在你的读者试图理解复杂概念时，要求他们记住一个新的词汇这个要求< br>有点过了。这对个人投资者和机构投资者都适用。注意下面这句话，它是某exchange

1
Hold true 适用，有效
[for something] to be true; [for something] to remain true.
Does this rule hold true all the time? Yes, it holds true no matter what.

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offer封面上的第一句话：
NLR Insured Mortgage Association, Inc., a Delaware corporation (―NLR MAE‖),
which is an actively managed, infinite life, New York Stock Exchange- listed real
estate investment trust (―REIT‖), and PAL Liquidating REIT, Inc., a newly
formed, finite life, self-liquidating Delaware corporation which intends to qualify
as a REIT (―PAL Liquidating REIT‖), hereby jointly offer, upon the terms and
subject to the conditions set forth herein and in the related Letters of Transmittal
(collectively, the ―Offer‖), to exchange (i) shares of NLR MAE’s Common Stock,
par value $$.01 per share (―NLR MAE Shares‖), or, at the option of Unitholders,
shares of PAL Liquidating REIT’s Common Stock, par value $$.01 per share (―PAL
Liquidating REIT Shares‖), and (ii) the right to receive cash payable 60 days
after closing on the first of any Acquisitions (as defined below) but in no event
later than 270 days (nine months) following consummation of the Offer (the
―Deferred Cash Payment‖), for all outstanding Limited Partnership Interests and
Depository Units of Limited Partnership Interest (collectively, ―Units‖) in each of
PAL Insured Mortgage Investors, a California limited partnership (―PAL 84‖),
PAL Insured Mortgage Investors - Series 85, A California Limited Partnership, a
California limited partnership (―PAL 85‖), and PAL Insured Mortgage Investors
L.P. - Series 86, a Delaware limited partnership (―PAL 86‖). See ―THE OFFER.‖

This sentence suffers from many shortcomings. It’s long and laden with defined
terms and other data that mask the fundamental information: the two companies are
offering to exchange their stock for the investors’ limited partnership holdings. Some
of the information, such as par value and places of incorporation, can be moved to
another part of the document. Much of the language modifies the subjects and the
objects: this language, too, can be moved to a separate sentence or another section of
the prospectus.
这个句子缺点很多：句子很长，充斥着隐藏基本信息的定义术语和其他资料。 这个句子
的基本信息是：两家公司准备以股票交换有限合伙投资者的股份。有些信息，如面值和
公司注册地，可以移到文件的其他地方。太多语言修饰主语和宾语，这些语言也可以移
到招股说明书中的 其他地方或者单独成句。
This example shows the hazards of creating unfamiliar acronyms. They provide false
economies, especially when they are introduced on the cover page and in the first
pages of the prospectus. They may save a few words, but they may also frustrate and
force the reader to take more time and effort to understand the document. Where
acronyms, such as REIT, are widely understood to the investing public, they can
safely be used without creating confusion.
这个例子表明创设不熟悉的首字母缩略词的风险。这种省时并不省时，尤其是当其出现
在招股说 明书的首页和第一页时。他们可能省去了几个单词，但他们会强迫读者花费更
多的时间和努力去理解文件 的意思，给读者带来挫败感。若首字母缩略词，如REIT，
为投资大众广泛理解，则他们可以安全使用 且不会产生混乱。
Occasionally, it’s necessary to assign a shorter word to a long proper noun
1
and use

1

assign someone or something to someone or something 分配给，分派给

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this word throughout the rest of the document. In these rare instances, try to choose a
word that has an intuitive, logical relationship to the one it’s replacing. This reduces
the number of new words or phrases the reader needs to memorize to understand the
document.
有时，必需用更短的单词替换较长的专 有名词，并在文件的其余部分使用这个单词。在
这些罕见的情况下，尽量选择与被替换的单词有内在的逻 辑关系的单词。这减少了读者
为了理解文件需要记住的新单词或短语的数量。
Choose the simpler synonym
Surround complex ideas with short, common words. For example, use end instead of
terminate, explain rather than elucidate, and use instead of utilize. When a shorter,
simpler synonym exists, use it.
选择更简单的同义词
用简短的常用单词表达复杂思想。例如，用“end”而非“termi nate”，“explain”而非
“elucidate”，“use”而非“utilize”。 若有更简短的、更简单的同义词，用它。

Keep the subject, verb, and object close together
把主语、动词和宾语放一起
Short, simple sentences enhance the effectiveness of short, common words. We’ve
covered a number of guidelines for writing shorter sentences, but there are a few
more you can use to streamline your writing further. < br>简单的短句提升了常用的短单词的效率。我们已经说了很多写短句的指导原则，但
你还可以使用很 多技巧以进一步精简你的写作。
To be clear, sentences must have a sound structure. Here are a few ways to ensure
yours do.
要想清晰，句子结构必须合理。这里有一些方法确保你的句子结构是合理的。
The natural word order of English speakers is subject- verb-object. Your sentences
will be clearer if you follow this order as closely as possible. In disclosure
documents, this order is frequently interrupted by modifiers. For example:
讲英语者的自 然词序是
主语—动词—宾语
。若你能尽可能遵循这一顺序，你的句子就
会更清晰。披露 文件中，这一顺序经常被修饰语打断。例如：

to designate someone or something as belonging to someone or something else.
They assigned the new car to Roger.
They assigned the new worker to the mail room.
assign something to someone
to attribute something to someone; to blame something on someone.
We were forced to assign the blame to Robert.
They assigned the responsibility for the accident to the driver of the car.
http:ign+to


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before
Holders of the Class A and Class B-1 certificates will be entitled to receive
on each Payment Date, to the extent monies are available therefor (but not more
than the Class A Certificate Balance or Class B-1 Certificate Balance then
outstanding), a distribution.
修改前
A类和B-1类证书的持有人有权在各“支付日”获 得分配，条件是有钱可分且分配额
未超过各类证书未获偿还的余额。
after
Class A and Class B-1 certificate holders will receive a distribution on each
payment date if cash is available on those dates for their class.
修改后
A类和B-1类证书持有人将在各支付日获得分配，条件是在该支付日该种类有现金
可供分配。
before
The following description of the particular terms of the Notes offered
hereby (referred to in the accompanying Prospectus as the ―Debt Securities‖)
supplements, and to the extent inconsistent therewith replaces, the
description of the general terms and provisions of the Debt Securities set forth
in the Prospectus, to which description reference is hereby made.
修改前
下面是此次发行的“票据”（附随的《招股说明书》中 被称为“债务证券”）的特定条
款的描述，这些描述是《招股说明书》中的“债务证券”一般条款的补充 ，若两描述
不一致，则下述描述取代《招股说明书》中的相关描述。
after
This document describes the terms of these notes in greater detail than our
prospectus, and may provide information that differs from our prospectus. If the
information does differ from our prospectus, please rely on the information in
this document.
修改后

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与 招股说明书相比，本文件对这些票据条款的描述更详细，提供的信息可能与招股
说明书中的信息不同。若 信息真有不同，请依靠本文件提供的信息。

Write using “if-then” conditionals
Conditional statements are very common in disclosure documents— although they
are rarely written that way. When we rewrote the last example as a conditional, we
followed the natural English word order very closely. That’s why the sentence is
easier to read.
Here are four rules of thumb to help you write conditional statements effectively:
使用“如果- 那么”条件式写作
条件句在披露文件中非常常见——尽管它们很少那样写。我们把上一个例子作为条件
重写时，我们严格遵循自然的英语单词顺序。这就是为什么句子更易于阅读。
? One “if,” one “then” When there is only one if and one then, starting with the if
may spare some of your readers from having to read the rest of the sentence. In these
cases, the if clause defines who or what the ―then‖ clause applies to. If you invested in
Class A shares, then…
? 一个“若”，一个“那么” 如果只有一个
如果
和一个
那么
，以
如果
开头可使你的某
些读者无需阅读句子的其余部分。这种情形中，
如果从句定义了“那么”从句适用于何
人或何事。如果你投资A类股票，那么??。
?
One “if,” multiple “thens” When there is only one if and more than one then,
start with the if and tabulate the thens.
? 一个“如果”，多个“那么” 如果 只有一个
如果
而有多个
那么
，以
如果
开始并有序排列多个< br>那么
。

?
Multiple “ifs,” one “then” When there is only one then and more than one if,
start with the then and tabulate the ifs.
? 多个“如果”，一个“那么” 如果只有一个
那么
而有多个
如果
，以
那么
开始并有序排列多个
如果
。

?
Multiples “ifs” and “thens” When there is more than one if and more than one
then, you’ll probably need to break it down into more than one sentence, taking care
to specify which ifs apply to which thens. If the information is still unclear, consider
presenting the information in a table.
? 多个“如果”，多个“那么” 如果有多个
如果
和多 个
那么
，或许你应该把它分成多个句子，
注意指明哪个
如果
适用于哪 个
那么
。若信息仍不清晰，考虑用表格的形式呈现信息。


Keep your sentence structure parallel

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让你的句子结构平行
A long sentence often fails without a parallel structure. Parallelism simply means
ensuring a list or series of items is presented using parallel parts of speech, such as
nouns or verbs. Note the quotation in the margin.
长句经常结构不平行。平行结构指要确保一列或一系列事项以平行的方式——如名词
或动词——呈现。注意页边的引用。
In this section, we’ve shown each parallel structure we’ve used in bold.
在这一部分，我们用粗体罗列了各种平行结构。
Here’s an example from a mutual fund prospectus that lacks parallel structure:
下面是一家共同基金招股说明书里缺乏平行结构的一个例子：
before
If you want to buy shares in Fund X by mail, fill out and sign the Account
Application form, making your check payable to ―The X Fund,‖ and put your
social security or taxpayer identification number on your check.
after
If you want to buy shares in Fund X by mail, fill out and sign the Account
Application form, make your check payable to ―The X Fund,‖ and put your
social security or taxpayer identification number on your check.
若你想通过邮件购买X基金的股份，填写账户申请表并签名，开出以“X基金”为收款
人的支票，把你 的社会保障号或者纳税人识别号填写在支票上。
Here is a more subtle example from another mutual fund prospectus:
这是另一家共同基金招股说明书里的更细微的例子：
before
We invest the Fund’s assets in short-term money market securities to provide
you with liquidity, protection of your investment, and high current income.
This sentence is unparallel because its series is made up of two nouns and an
adjective before the third noun. It’s also awkward because the verb provide is too
closely paired with the nominalization protection.

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这个句子不是平行的，因为它有两个名词，第三个名词前还有一 个形容词。这个句子也
很尴尬，因为动词“provide”和名词短语“protection”搭配 太密切。
One logical revision to the original sentence is to change the noun series to a verb
series.
逻辑的修改是把名词系列换成动词系列。
after
We invest in short-term money market securities to provide you with liquidity,
to protect your investment, and to generate high current income.
我们投资于短期货币市场证券以向你提供流动性、保护你的投资、产生高收益。
All writers, regardless of their degree of expertise, occasionally write unparallel
sentences. The best way to rid your document of them is to read through it once solely
to find these mistakes. Reading your document aloud can make unparallel
constructions easier to spot.
所有的写作者，无论其经验 水平如何，都会写出不平行的句子。不出现这种错误的最好
方法是把文件通读一遍，只为找出平行错误。 大声朗读文件能更容易地发现不平行结构。

Steer clear of “respectively”
避开“分别的”
How easy is it to read the following sentence once and understand what it means?
下列句子只读一次就知道意思，这有多容易？
before
The Senior Notes and the guarantee (the ―Guarantee‖) of the Senior Notes by
Island Holdings will constitute unsecured senior obligations of the Issuer and
Island Holdings, respectively.
修改前
本“优先票据”及Islan d控股公司对本“优先票据”所作的保证将分别构成“发行人”和
Island控股公司的无担保优先受 偿债务。
after

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The senior notes are an unsecured senior obligation of the issuer, while the
guarantee of the senior notes is an unsecured senior obligation of Island
Holdings.
修改后
本优先票据是发行人的无担保优先受偿债务，而Is land控股公司对本优先票据所作
的保证是该公司的无担保优先受偿债务。
Whenever you use ―respectively,‖ you force your reader to go back and match up what
belongs to what. You may be saving words by using ―respectively,‖ but your reader
has to use more time and read your words twice to understand what you’ve written.
当你使用“分别”时，你在迫使你的读者回头去看哪个和哪个匹配。使用“分别”或许
可以少用单词，但你的读者必须用更多时间多读一遍以了解你写了什么。

7．Designing the Document
7、设计文件
A plain English document reflects thoughtful design choices. The right design choices
make a document easier to read and its information easier to understand. The wrong
design choices can make even a well-written document fail to communicate.
一份简明英语文件反映了周到贴心的设计选择。正确的设计选择使文件更 易读，其信息
也更易被理解。错误的设计选择甚至能使写得很好的文件不能传递信息。
Some documents suffer because no one knew how basic design decisions, like
typeface selection, dramatically determine whether or not a document is easy to read.
Other documents suffer because expensive design features give them artistic appeal,
but at the cost of obscuring the text. In a plain English document, design serves the
goal of communicating the information as clearly as possible.
有些文件不易读是因为没人知道基本的设计决定，比如字体选择，如何显著决定文件是
否易读。其他文件不易读是因为昂贵的设计特点使其具有艺术气息，却以文本含糊不清
为代价。在简明英语文件中，设计的目的是尽可能清晰地传递信息。

Beginning the design process

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开始设计过程
Check with your in-house printing or graphics department—your company may have
already dealt with design issues in other documents or may have skilled designers
who can help you with your document. If your company or underwriter has a style
manual, it typically will define a required ―look‖ that specifies typefaces and layouts.
请与您公司内部的印刷或图像部门联系——您的公司或许已经在其他文件中处理过 设
计问题，或者可能拥有能帮助你设计文件的熟练设计师。如果您的公司或承销商有格式
手册， 它通常会规定使用特定的字体和布局以获得特定的“外貌”。
Since some standards or guidelines in your style manual may have been adopted
when plain English was not a concern, review them to ensure they contribute to good
design and ease of reading.
如果你的格式手册 已经采用了某些标准或指导，而这些标准或指导没有考虑简明英语问
题，审查它们以确保它们能带来良好 的设计和轻松的阅读。
If you are using a designer, keep the following in mind:
若你正在使用设计师，记住下列各项：
?
Good design requires clear communication between the writer and the designer.
Keep the lines of communication open and flowing.
? 好的设计要求写作者和设计师之间有清晰的沟通。保持沟通渠道的畅通和流动。

?
Take the time to explain the nuances of your document to your designer.
? 花时间向你的设计师解释你文件的要义。

?
Don’t move into the design phase until your text is final. Once the document is put
into page layout software, or once it is at the printer, making text changes can be
tedious and expensive.
? 文本未完成，不要转到设计阶段。一旦文件被放到页面布局软件中，或者被放在打印机上，

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修改文本将是繁琐而昂贵的。

If you don’t have a design professional, fear not. You can apply many of the simple
concepts discussed in this chapter to produce a readable, visually appealing
document.
若你没有设计专业人员，别害怕。你可以使用本章讨论的很多简单概念 创作出易读且
具有视觉吸引力的文件。
While the field of design extends broadly, this chapter covers five basic design
elements and how they contribute to creating a plain English document:
设计领域外涵很广，本章只涵盖五个基本的设计因素，探讨它们如何帮助产生简明英
语文件。
?
hierarchy or distinguishing levels of information
?
typography
?
layout
?
graphics
?
color
? 层次结构或者区分信息的层次
? 文字设计排印
? 布局排版版式
? 图表
? 颜色


Hierarchy
层次结构

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Much like an outline, a document’s hierarchy shows how you’ve organized the
information and helps the reader to understand the relationship between different
levels of information.
如同大纲，一份文件的层次结构表明你如何组织信息并帮助读者理解不同层次信息之
间的关系。
A typical hierarchy in the prospectus might include:
?
the document title
?
section headings (first level)
?
subsection headings (second level)
?
paragraph headings (third level)
?
general text (fourth level)
招股说明书的典型层次结构可能包括
? 文件标题
? 章标题（第一级）
? 节标题（第二级）
? 条款标题（第三级）
? 正文（第四级）


Designers use different typefaces in the headings to distinguish these levels for the
reader. As a rule of thumb, there should be no more than six levels in the document,
excluding the document’s title.
设计师在标题中使用 不同的字体以为读者区分这些层次。经验法则是文件的层次不应
超过六层——不包括文件的标题。
You can signal a new level by varying the same typeface or by using a different
typeface. Here’s a demonstration of how we’ve used different typefaces to distinguish
levels in this handbook:

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你可以变化同一字体或用不同的字体表示新的层次。在本手册中 ，我们使用不同的字体
来表示不同的层次，如下所示：
Section headings 章标题
Subsection headings 节标题
General text 正文
Example headings例子标题
Typography
Although it may seem like a minor decision, your typeface selection will be one of
the elements that most strongly defines the design and readability of your
document.
文字设计
尽管 看起来可能象是一个小决定，但字体选择将成为最强烈定义你的文档设计和可读
性的因素之一。
Kinds of typefaces
Typefaces come in two varieties: serif and sans serif
1
.

1
在西方国家罗马字母阵营中，字体分为两大种类：Sans Serif和Serif，打字机体虽然也属于Sans Serif，但由于是等
宽字体，所以另外独 立出Monospace这一种类，例如在Web中，表示代码时常常要使用等宽字体。
Serif 的意思是，在字的笔划开始及结束的地方有额外的装饰，而且笔划的粗细会因直横的不同而有不同。相反的，Sans Serif则没有这些额外的装饰，笔划粗细大致差不多。如下图：

我们平时所用的Georgia、Times New Roman等就属于Serif字体，而Arial、Tahoma、Verdana等则属于Sans Ser if字
体。对中文而言，同样存在这两大种类，很明显，宋体、细明体（繁体中常用）等就属于Seri f，而黑体、幼圆等则
属于Sans Serif。
Serif和Sans Serif的一般比较：

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字体类型
字体有两种：衬线体和无衬线体。
Serif衬线体 sans serif 无衬线体
N N
All serif typefaces have small lines at the beginning or ending strokes of each letter.
Virtually all newspapers and many magazines use some form of serif type for their
general text because serif fonts are easier to read than sans serif. This handbook
uses a serif typeface called Scala for general text. Other popular serif typefaces are:
Caslon, Century Schoolbook, Garamond, and Times. Here are some examples:
所有的衬线体在字的笔划开始及结束的地方有额外的小线装饰。几乎所有的报纸 和很
多杂志在其正文中都使用某种形式的衬线体，这是因为衬线体比无衬线体更容易阅读。
本手 册正文使用的是一种叫Scala的衬线体。其他常见衬线体有：Caslon, Century
Schoolbook, Garamond, and Times。这里是一些例子：
serif 衬线体
This is an example of Scala.
This is an example of Caslon.

①Serif的字体容易辨认，因此易读性较高。反之Sans Serif则较醒目，但在行文阅读的情况下，Sans Serif容易造成
字母辨认的困扰，常会有来回重读及上下行错乱的情形。
②Serif强调了字母笔划的开始及结束，因此较易前后连续性的辨识。
③Serif强调一个word，而非单一的字母，反之Sans Serif则强调个别字母。
④在小字体的场合，通常Sans Serif比Serif更清晰。
因为黑体字属于“无衬线体”（Sans-serif），而宋体字属于“有衬线体”（Serif）， 后者对于人眼的辨识来说会更轻松
一些，所以阅读的时候会比较舒服。日本文字偏欧美的无衬线体（Sa ns-serif），所以大部分的人都使用歌德体(相当于
西洋文字的无衬线体)。
适用用途：
通常文章的内文、正文使用的是易读性较佳的Serif字体，这可增加易读性， 而且长时间阅读下因为会以word为单
位来阅读，较不容易疲倦。而标题、表格内用字则採用较醒目的 Sans Serif字体，它需要显着、醒目，但不必长时间
盯着这些字来阅读。
像宣传品、海报类，为求醒目，它的短篇的段落也会採用Sans Serif字体。但在书籍、报刊杂 志，正文有相当篇幅的
情形下，则应採用Serif字体来减轻读者阅读上的负担。在Web设计及浏览 器设置中也应遵循此原则为是。
http:e99item36872815d80938088fbde461


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This is an example of Century Schoolbook.
This is an example of Garamond.
This is an example of Times.
Sans serif typefaces lack those small connective lines. The type used for most
headings throughout this document is a sans serif typeface, Scala Sans. Franklin
Gothic, Frutiger, Helvetica, and Univers are examples of sans serif typefaces.
无衬线体缺少那些小的连接线。本文件的绝大多数标题使用的是一种叫Scala Sans的无
衬线体。Franklin Gothic, Frutiger, Helvetica, 以及 Univers都是无衬线体。
sans serif
无衬线体

This is an example of Franklin Gothic.
This is an example of Frutiger.
This is an example of Helvetica.
This is an example of Univers.

Generally, serif typefaces are easier to read in documents like this than sans serif
because the small connective lines of serif help to lead your eye more quickly and
smoothly over text. It is best to use sans serif typefaces in small quantities—for
emphasis or headings, but not for general text. Both serifs and sans serifs work well
for headings.
一般说来，在如本手册这样的文件中使用衬线体比无 衬线体更容易阅读，因为衬线体的
小连接线能帮助你的眼睛快速滑过文本内容。最好少量使用无衬线体， 例如强调或标题，
但正文最好不要使用无衬线体。标题使用衬线体和无衬线体都可以。

Selecting the right typeface
选择合适的字体
When choosing a typeface, think carefully about where the typeface will appear in the
document. For example, will it be general text, or will it apply to information that
needs to be highlighted? Will it introduce a section?
选择字体时，想清楚要在文件的哪里使用该字体。例如，正文？需要突出的信息？引入
章节？
Some typefaces are harder to read than others and were never intended for text.
Typefaces like Bodoni Poster or other bold, italic, or condensed typefaces were
designed for headlines or for large display type. These examples show how difficult it

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is to read text in these typefaces.
有些字体比其他字体更难阅读，从来不是为了在正文中使用。象Bodoni Poster或者其他< br>加粗、斜体或者简明字体是为标题或大屏幕显示而设计的。下面这些例子表明阅读以这
些字体印刷 的正文是多么困难。
Bodoni Poster
Justified text was the style for many years—we grew up on it. But there has been
a great deal of research on readability (how easy something is to read) and it
shows that those disruptive, inconsistent gaps between the words inhibit the flow
of reading. Besides, they look dumb. Keep your eyes open as you look at
professionally-printed work... and you’ll find there’s a very strong trend now to
align type on the left and leave the right ragged.
Robin Williams,
The Mac Is Not a Typewriter

（下一段略。文字相同，字体不同。）
You can mix different typefaces, but do so with discretion; not all typefaces work well
together. Mixing a serif and sans serif, as we have done in this handbook, can look
good and create a clear contrast between your levels. Mixing two serif or two sans
serif typefaces can look like a mistake. As a general rule, do not use more than two
typefaces in any document, not including the bold or italic versions of a typeface.
你可以混合使用不同的字体，但这样做时要谨慎，因为不是所有的字体都可以放一 起而
效果良好。混合使用衬线体和无衬线体，如我们在本手册中所作的，能使你的文件看起
来好 看而且能使文件的层次有一个清晰的对比。但把两种衬线体或者两种无衬线体混合
着一起看起来就像个错 误。一般规则是，在任何文件中都不要使用两种以上的字体——
不包括该种字体的加粗体或斜体。

Type measurement
字体大小计量
All typefaces are measured in points (pts). But don’t assume that different typefaces
in the same point size are of equal size. For example, here are four typefaces set in
11pt:
所有的字体都是以“ 磅”来计量的。但不要以为磅数相同的不同字体大小是一样的。例如，
下面是四种同为11磅的字体：
This is an example in 11pt. Franklin Gothic

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This is an example in 11pt. Century Schoolbook
This is an example in 11pt. Garamond
This is an example in 11pt. Helvetica
This is an example in 11pt. Times
Choose a legible type size
选择易读的类型大小
A point size that is too small is difficult for everyone to read.
A point size that is too large is
also hard to read.
Generally, type in 10pt–12pt is most common. But as you can see
from the examples above, some typefaces in 11pt will strain some readers. If you have special
concerns about legibility, especially for an elderly audience, you should consider using 12pt
or larger.

这么小的字太小了，大家很难读。
这么大的字又太大了，也很难读。
一般来讲，10到 12
磅的大小最常见。但如上面的例子所示，有些11磅的字体会使读者太劳累。若你对易读性有特殊考虑，尤其是考虑到老年读者，你应该考虑使用12磅或更大的字体。
Emphasizing text
突出文本
It’s common in disclosure documents to see blocks of text in bold and uppercase
letters. The capitalization and bold type attempt to catch the reader’s attention.
Unfortunately, those capitals make the text difficult to read. All uppercase sentences
usually bring the reader to a standstill because the shapes of words disappear,
causing the reader to slow down and study each letter. Ironically, readers tend to
skip sentences written in all uppercase.
披露文件中经常可以看到大段加粗大写字母组 成的段落。大写和加粗试图吸引读者的
注意。但很不幸的是，大写使得文本难以阅读。所有的大写句子通 常使读者陷入停顿，
因为字形消失了，读者要慢下来研究每一个字母。具有讽刺意味的是，读者往往会跳
过全部用大写单词组成的句子。
To highlight information and maintain readability, use a different size or weight of
your typeface. Try using extra white space, bold type, shading, rules, boxes, or
sidebars in the margins to make information stand out. In this handbook we use
dotted rules to highlight the examples. Whatever method you choose to highlight
information, use it consistently throughout your document so your readers can

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recognize how you flag important information.
要突出信息并保持可读性，建议使用不同大小或粗 细的字体。建议使用额外的空白、
粗体、阴影、下划线、加框或者页边的侧边栏等突出信息。本手册中， 我们用虚线突
出例句。无论你选择哪种方法突出信息，在整个文件中坚持使用这种方法，这样你的
读者就能知道你如何突出重要信息。
before
THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED
OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS
PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
after
The Securities and Exchange Commission has not approved or disapproved
these securities or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
after
The Securities and Exchange Commission has not approved or
disapproved these securities or determined if this prospectus is
truthful or complete. Any representation to the contrary is a
criminal offense.

修改后
证券交易委员会尚未批准或不批准这些证券或确定该招 股说明书是否真实或完整。任何
相反的陈述均构成犯罪。

Layout
布局排版版式
Designers think carefully about white space, column width, linespacing, and
paragraph length. These design elements determine whether reading is easy or
becomes too much of a physical or mental chore.
设计师仔细 思考空白、列宽、行距和段落长度。这些设计因素决定了阅读是容易的事还
是更多是身体或精神上的苦差 事。

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Use white space effectively
有效利用空白
Generous use of white space on the page enhances readability, helps to emphasize
important points, and lightens the overall look of the document. White space
especially affects the readers of disclosure documents because these documents
usually feature dense blocks of impenetrable text.
在页面上大量使用空白增强了文本的 可读性，帮助突出了重点，并文件的整体外观。
空白尤其会影响披露文件的读者，因为这些文件通常充斥 着令人费解的文本。
You should fight the impulse to fill up the entire page with text or graphics. A wide
left or right margin can make the document easier to read. The use of white space
between sections or subsections helps readers recognize which information is
related.
你应抑制试图用文字或图 表填满整个页面的冲动。左右页边页边距大能使文件更易于
阅读。在章或节之间使用空白能帮助读者认识 到哪些信息是相关的。
Use left justified, ragged right text
使用左对齐，右不齐的文本
Research shows that the easiest text to read is left justified, ragged right text. That is,
the text is aligned, or flush, on the left with a loose, or ragged, right edge. The text in
this handbook is set left justified, ragged right.
研究表明最易读的文本是左对齐而右不齐的文 本。即，左边是对齐的或齐平的，而后边
是松散的或参差不齐的。本手册中的文本就是左对齐右不齐的。
Fully justified text means both the right and left edges are flush, or even. When you
fully justify text, the spacing between words fluctuates from line to line, causing the
eye to stop and constantly readjust to the variable spacing on each line. Currently,
most disclosure documents are fully justified. This, coupled with a severe shortage
of white space, makes these documents visually unappealing and difficult to read.
完全对齐的文本指左右两边都是齐平的。当你完全对齐文本，各行中的单词之间的距离变化很大，使得眼睛必须停下来并不停重写调整每一行的不同单词间距。目前，绝

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大多数披露文件是 完全对齐的。这一点和页面空白的严重短缺使得这些文件几乎毫无
吸引力并难以阅读。
Be especially wary of centering text, or using text to form a shape or design. Uneven
margins may make a visual impact, but they make reading extremely difficult.
要特别警惕居中文本，或者使用文本形成形状或设计。不 平的页边可能具有视觉冲击，
但它们使阅读异常困难。

recommended: left justified, ragged right
推荐：左对齐，右不齐
Justified text was the style for many years—we grew up on it. But there has been a
great deal of research on readability (how easy something is to read) and it shows that
those disruptive, inconsistent gaps between the words inhibit the flow of reading.
Besides, they look dumb. Keep your eyes open as you look at professionally- printed
work...and you’ll find there’s a very strong trend now to align type on the left and
leave the right ragged.
对齐文本多年来一直都是标准格式，它 们陪着我们长大。但就可读性进行的大量研究表
明，单词之间那些破坏性的、不一致的空白抑制了阅读的 流动性。而且，它们看起来很
愚蠢。注意哪些专业打印的作品，你会发现，现在有很强的趋势用左对齐右 不齐的格式。
not recommended: fully justified text
不推荐：完全对齐的文本（例句略，内容同上，格式为完全对齐）
not recommended: centered text
不推荐：居中的文本（例句略，内容同上，格式居中）

Use linespacing to lighten the page
用行距减少页面密集度

Linespacing, or ―leading‖ (rhymes with sledding), refers to the amount of space
between lines of text. Leading controls the density and readability of the text. Just as
type is measured in points, so is leading. A type description of 1216 means that 12pt
type has been set with 4pts of additional leading between the lines. Generous leading
can give a long paragraph a lighter, ―airier‖ feeling and make it easier to read.
行距，或者“行间距”（与“sledding ”押韵）指文本各行之间的空间大小。行间距控制文本

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的密度和可读性。和字体一样，行距也是用磅来表示 的。1216的字体描述指12磅的字
体外加4磅的行距。行距大可使长段落呈现出更轻快的感觉，并使 其更易阅读。
Avoid setting type without any additional leading (such as 1010 or 1212),
sometimes referred to as being ―set solid
1
.‖ Typically, you should allow at least 2pts of
of leading between lines of type. You may want to add more leading, depending on
the ―airiness‖ you would like the document to have. In this document, for ease of
reading, the general text has been set at 1116, and most examples have been set at
1012. Review the following examples to see how leading affects readability.
设置字体时要避免有时被称为“零间距”的作法——没有 任何附加行距（如1010或
1212）。通常来说，你应该
允许
至少2磅的行距。或 许你想增加更多的行距，这取决
于你想要文件呈现出什么程度的轻快感觉。在本手册中，为了读者能轻松 阅读，正文的
设置是1116，绝大多数例句的设置为1012。查看下列例句，看看行距如何影响可读
性。

（三种不同行距的文本：1111，1113，1115）

Keep lines to a reasonable length
使行保持合理长度
A comfortable line length for most readers is 32 to 64 characters. Any longer
than that, and your readers will lose their place when they read from line to
line. A safe rule to follow is: the smaller the type size, the shorter the line
length. This is why when you pick up any newspaper, magazine, or large book,
you’ll rarely see text that goes from one side of the page clear to the other, as
you do in disclosure documents.
对于绝大多数读者来说，舒服的每行长度是32到6 4个字母。如果超过这个长度，
读者在从一行读到另一行时会不知所终。可遵循的安全规则是：字体越小 ，每行
的长度越短。这就是为什么你拿起任何报纸、杂志或者开本大的书，你很少看到
文本会从 页面这一边跨到页面另一边——如同你在披露文件中所做的那样。
Columns also help your readers to move quickly and easily through large

1
零间距，满排，密排：指行间距不额外加宽。
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amounts of text. An average column width can vary from 25–40 characters.
Remember to use ample white space between columns, too.
分栏也会帮助你的读者快速轻松地阅读 大量文本。通常的列宽从25到40个字母不
等。记住这分栏中也要运用足够的空白。
don’t （5行，1段）例句略
do （7行，1段）（分栏，2段）例句略

Keep paragraph length relatively short
保持相对短的段落长度
To reduce dense text, keep paragraphs as short as possible. Even though paragraph
length is determined by content, here are some design tips that can help to lighten a
long paragraph.
要较少密集文本，就要使段落尽可能地短。即使段落 长度是由内容决定的，这里也有一
些设计提示能帮助使长段落变短。
Use bullets to list information wherever possible. This makes information easier to
absorb in one quick glance, as the following illustrates:
只要可能，用圆点罗列信息。这样可以更容易地一眼就理解信息，如下列所示：
before
The funds invest mainly in the stocks of U.S. and foreign compa-
nies that are showing improved earnings and that sell at low prices
relative to their cash flows or growth rates. The Fund also invests
in debt, both investment grade and junk bonds, and U.S Treasury
securities.
修改前
基金主要投资于下列美国和外国公司股票：表明盈利改善，且与其
现金流或增长率相比价格相对较低。基金也投资于债券，包括投资
级别债券和垃圾债券以及美国国债。

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after
We invest the fund’s assets in:
? stocks of U.S. and foreign companies that
- show improved earnings, and
- sell at low prices relative to their cash flows or growth rates;
? debt, both investment grade and junk bonds; and
? U.S. Treasuries.
修改后
我们将基金资产投资于：
? 有下列特征的美国和外国公司股票
— 表明盈利改善，且
— 与其现金流或增长率相比价格相对较低；
? 债券，包括投资级别债券和垃圾债券；和
? 美国国债。

Use tables to increase clarity
使用表格增加清晰度
Use tables to increase clarity and cut down text. Tables often convey information
more quickly and clearly than text. The information in this table is more easily
grasped in a table than in narrative form: 使用表格增加清晰度并缩减文本。与文本相比，表格通常能更快更清晰地传达信息。下
面表格中的信 息用表格比用描述的文本方式更容易理解：
before
Our investment advisory agreements cover the Growth Fund, International Fund,
Muni Fund, Bond Fund, and the Money Market Fund. The effective date for
agreements for the Growth Fund and the International Fund is June 1, 1993, and for
the Muni Fund, Bond Fund and Money Market Fund, June 1, 1994.
修改前
我们的投资顾问协议涵盖“增长基金” 、“国际基金”、“市政基金”、“债券基金”和“货币市场

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基金”。 “增长 基金”和“国际基金”的投资顾问协议的生效日是1993年6月1日，“市政基金”、
“债券基金”和 “货币市场基金”的投资顾问协议的生效日是1994年6月1日。
after
Our Investment Advisory Agreement covers these funds:
Investment Advisory Agreement
effective date
June 1, 1993
June 1, 1994
Fund name
Growth Fund
International Fund
Muni Fund
Bond Fund
Money Market Fund

修改后
我们的《投资顾问协议》涵盖这些基金：
《投资顾问协议》
Fund name
生效日
1993年6月1日 增长基金
国际基金
1994年6月1日
市政基金
债券基金
货币市场基金
Graphics 图表
Graphics often illuminate information more clearly and quickly than text. This
section introduces some basic guidelines about using graphics in your document. To
learn more, books and articles cover the topic in rich and rewarding detail. The best
known work, The Visual Display of Quantitative Information, by Edward R. Tufte,
provides practical advice on creating graphics. In the introduction of his book, he
writes about the importance and value of graphics:
与文本相比，图表通常能 更清晰更快地展示信息。这一部分就介绍在你的文件中使用图
表的一些基本指导原则。要想学得更多，请 查看更详细讲述这一问题的书籍和文章，你

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会很有收获。最知名的作品是Edward R. Tufte 所写的《量化信息的视觉呈现》。该书提
供了创建图表的实用建议。在该书的前言中，他写了图表的重要 性和价值：
At their best, graphics are instruments for reasoning about quantitative
information. Often the most effective way to describe, explore, and
summarize a set of numbers—even a very large set—is to look at pictures of
those numbers. Furthermore, of all methods for analyzing and
communicating statistical information, well-designed data graphics are
usually the simplest and at the same time the most powerful.
往好里说，图表是推论量化信息的工具。描述、探索和总结一组数字——甚至是
一大组数字—— 的最有效方法就是看这些数字的图片。而且，在分析和交流统计
信息的所有方法中，良好设计的数字图表 通常是最简单也最有力的方法。

On page 51 of his book, Tufte formulates a number of basic principles to follow in
creating excellent graphics. Among them are these:
在该书的第51页，Tufte制定了一些基本原则供读者在创建优秀图表时遵循。它们包括：
Graphical excellence is that which gives to the viewer the greatest number of
ideas in the shortest time with the least ink in the smallest space.
And graphical excellence requires telling the truth about data.
优秀的图表是那些以最小的地方、 用最少的墨水、在最短的时间、给予读者最多的
信息的图表。

优秀的图表要求告知数据的真相。

A few experts have studied the use of graphics in securities documents, isolating the
areas presenting the most problems. We can boil down their advice to these
guidelines.
有些专家已经研究了证券文件中的图表使用，把呈现最 多问题的领域分出来。我们把他
们的建议总结为下列指导原则。

Keep the design simple
简化设计
Keep the design of any graphic as simple as possible. Pare away any non- essential
design elements so the data stands out. Think of it this way: as much of the ink as
possible in a graphic should deal with a data point and not decoration. Some of the
worst mistakes occur when design elements interfere with the clear presentation of
information, such as needless 3-D effects, drop shadows, patterns, and excessive grid

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lines. Don’t let a design element turn into what Tufte calls ―chartjunk.‖ < br>使任何图形设计尽可能简单。减少任何非必要的设计元素以突出数据。要这样想：图形
中的笔墨应 尽可能多地放在数据而非装饰上。某些最糟糕的错误发生在设计因素——如
不必要的3D效果、阴影、图 案和过多的网格线——干扰了清晰呈现信息的时候。不要
把设计元素变成Tufte称之为“图表垃圾” 的东西。
These examples show how a 3-D bar graph provides initial visual appeal, but is
harder to read and understand than a straightforward presentation of the same
information. The multiple lines of the 3-D bars confuse some readers because the
front of the bars appear to have a lower value than the back of the bars. < br>这些例子表明一张3D柱状图如何提供原始的视觉效果，但与直接呈现相同信息相比，
却更难以阅 读和理解。3D柱的多条线使有些读者迷惑，因为柱前端看似比柱后端数值
较低。

例子略

Check proportions of visuals
检查视觉图的比例
Generally, you should avoid graphics that start at a non-zero baseline, because they
distort differences by destroying correct proportions. Compare these two bar charts
to see how the non-zero baseline can mislead the reader as to the magnitude of
change from quarter to quarter.
一般说来，应避免基础线不是从零开始的图表，因为它们 破坏了正确比例，扭曲了差异。
比较这两组柱状图，看非零基线的图表在季度变化幅度上如何误导读者。 （例子略）
Draw graphics to scale
按比例绘制图表
Any graphic should be proportionately correct or drawn to scale. For example, if you
are showing an increase in oil production through a series of oil barrels in
ever-increasing sizes, make sure a barrel isn’t represented as 50% bigger when
production only went up 25% that year.
任何图表都应比例正确或按比例绘制。例如，当你以不断增长的一系列油桶表示石油产

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量的增长，请确保在当年产量只上升25%时你不会用一个油桶表示增长50%。
Be consistent when grouping graphics
把图表分组时，图表使用的比例要一致
If you group graphics side-by-side, avoid changing your scale from one graphic to
another, as in the examples above. Also, lining up three graphics that present data in
billions, millions, then dollars can mislead the reader.
当你把图表放在一起，要避免改变每个图表的比例，如上 例所示。把分别以亿元、百万
元和元为单位呈现数据的三个图表放在一起会误导读者。

Don’t reverse time
按时间正序排列数据
In graphics showing information over time, time should flow forward, not backward.
In these examples, even though the first graphic is clearly labeled, it gives a false
visual impression that earnings are going down over time rather than up.
在按时间呈现信息的图表中，应按时间正序排列而非倒序排列数据。在这些例子中，即
使第一个图表被清晰标明，它还是会产生错误的视觉印象：收入随着时间变化中下降而
不是上升。（例子 略）

Organize data to hasten insights
以让读者快速抓住重点的方式组织数据
Choose an organization that helps the reader grasp information and comparisons
quickly. For instance, if you have a list of foreign stock markets showing their returns
in one year, list them in descending order by the magnitude of their returns instead of
in alphabetical order.
选择能帮助读者快速抓住信息和比较的组织 形式。例如，如果你要表明一些外国股票市
场在某年的回报，以其回报率从多到少排列而不是以字母顺序 排列。（例子略）

Integrate text with graphics
文字与图表结合
A graphic and its text should be together. You don’t want to break your reader’s
concentration by separating the two, forcing your reader on a detour to another page
in search of the graphic that goes with the text.

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图表与其文字应该放在一起。把图表与文字分开会迫使读者绕弯路翻到另一页寻找与
文本一起的 图表，这会分散读者的注意力。你不想这样。
Think twice about pie charts
谨慎使用饼状图
According to Tufte, ―...the only worse design than a pie chart is several of them....‖
Pie charts can be useful in illustrating parts of a whole, but not when you divide the
pie into more than 5 or 6 slices. Most readers find it difficult to draw accurate
comparisons between pie slices or between multiple pie charts because the slices
form irregular shapes. Showing the same information in a table can often be clearer.
Tufte说，“……唯一比一个 饼状图更糟的是几个饼状图……”。在表示整体组成部分时，
饼状图是有用的。但当你把饼分成五六份甚 至更多，饼状图就不管用了。绝大多数读
者发现，在扇形之间或者多个饼状图之间做出准确的比较很难， 因为扇形的形状不规
则。把同样的信息用图表表示通常会更清晰。
Don’t forget your typography
别你的文字设计
When choosing a typeface for text such as axis labels, consider using a sans serif
typeface if the type is small and the text is short in length. If you want to insert a note
or explanation directly on the graphic, use a serif font if the text is long. Continue to
use upper and lowercase type for increased legibility. The guidelines for good
typography we discussed earlier still apply when creating graphics.
为如轴标签之类的文本选择字体时，若字体小且 文本短，考虑使用无衬线体。如果想直
接在图表中放入备注或解释，若文本长则使用衬线体。为增加易读 性，继续使用大写和
小写。在创设图表时，我们前面讨论的良好字体指导原则仍适用。
Trust your eye
相信你的眼睛
Finally, one guideline rises above all others in importance and rests squarely with
you. Cultivate an appreciation of graphics and then trust your eye. If a graphic

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seems unclear or unhelpful to you, no matter how many ―guidelines‖ it follows, it
probably is.
最后，主要使用一种指导原则，并一 直用它。培养对图表的鉴赏水平，然后相信你的
眼睛。如果图表看起来不清晰或对你没有帮助，无论它遵 循了多少“指导原则”，它可能
确实是不清晰或对你没有帮助的。
Graphics communicate numbers and concepts visually. You turn to graphics when
they stimulate a deeper or quicker understanding and appreciation of a situation
than words alone. To create a good graphic, you must study the design critically and
assess whether it conveys information honestly, accurately, and efficiently.
图表视觉地交 流数字和概念。若图表比单独的文字更能激发对某种情形更深的或更快的理解和
了解，使用图表。要创设 好的图表，你必须慎重地研究设计，评估其是否真实、准确、有效地
传递了信息。

Color 颜色
Black is a color
黑色是一种颜色
The majority of your documents will be produced in black and white. When designing
these documents, it’s easy to forget that you are using a color: black. Since black is
such a powerful color, balancing it on the page can be a tightrope act: too little
emphasis can grey- out
1
the page, too much can blacken it. < br>你的绝大多数文件将以白底黑字制作。在设计这些文件时，很容易忘记你在使用一种颜
色：黑色。 黑色是如此有力的一种颜色，因此在页面中平衡黑色的使用能成为紧绷索：
黑色太少会使页面发灰，黑色 太多则会使页面变暗。
If you are using only black, your use of type is usually the way you balance the
page’s color. Some typefaces are heavier or lighter than others, and most type
families are available in varying weights. For example:

1
Grey out
1）灰显 使电脑程序的某功能可见但不能操作
2）灰视 当人体受到过载正加速度达到一定值时，人的视觉出现周边视力消失，但中心视力仍可见到 亮光的生理现
象。
if a part of a computer screen has been greyed out, the writing in it appears in a dull colour in order to show that you cannot
use it http:tionarybritishgrey-out

Grey out
Meaning: Disable a function in a computer program, leaving it visible but not working
Example: They GREYED OUT the print button to stop people using it. (In American English, 'gray' would be used.)
http:erencephrasal-verbsgrey+

更多http:iGreyout

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如果你只使用黑色，你的字体使用通常就是你平衡页 面颜色的方法。有些字体比其
他字体更粗或更细，而绝大多数字体粗细不同。例如：
heavy: Times Extra Bold
less heavy: Times Bold
lighter: Times Semi Bold
lighter still: Times Regular
heavy: Univers Black
less heavy: Univers Bold
lighter: Univers Regular
lighter still: Univers Light


Choosing the proper combinations of type weights will help to make your document
look more inviting.
选择合适的不同粗细的字体组合将有助于使你的文件看起来更吸引人。
Some additional ways to introduce visual appeal to a one-color document are
through:
使单一颜色的文件更有视觉吸引力的其他方法包括：
?
shading
?
graphics
?
rules or lines
?
colored paper stocks
? 阴影
? 图表
? 线条或线
? 彩色纸块

Again, your use of these elements should not overwhelm or distract from the
legibility of your text.
再重申一遍，对这些要素的使用不应压倒或分散文本的易读性。

8. Time- Saving Tips
8、省时窍门

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Following are some tips that have saved time for those who routinely rewrite
documents in plain English:
下面是那些经常以简明英语重写文件的人用过的一些省时窍门：
Photocopy the document, single sided, on 11ledger paper) to 120% of its
original size. This gives you room to make notes in the margins and helps to save your
eyesight. Keep your original document handy. You’ll use it again later.
在11的纸（账簿纸）上，以原大小的1 20%单页拍照复印文件。这样你可以在页边
作备注，对视力也有好处。把原始文件放在手边。日后你还 会用到它。
Read through the ledger-sized copy and take notes. In the margin of each paragraph,
jot down the main and supporting points. (We suggest using a pencil unless you’re
one of those people who does crossword puzzles in ink.) If you can’t find these points
too easily, it may mean the paragraph is a hodgepodge of unrelated topics.
通读账簿纸上的复印件并作备注。在每一段的旁边写下这一段 的要点和支持点。（建议
使用铅笔，除非你是那种用钢笔作填字游戏的人。）如果不能轻易发现这些点， 这可能
意味着这一段是不相干话题的大杂烩。
This stage of the process can be ―space-consuming.‖ In your workspace or in a
conference room, tape or tack the pages of your document to the wall. If it’s too long,
you may want to spread out just your outline and summary.
这个阶段会“占用空间”。在你的工作区或 者在会议室中，把文件用胶带或钉子固定在墙
上。若文件太长，你可能只想张贴你的文件大纲和概要。
Then, thinking of your investors, physically move the pages into the order that makes
the most sense. If only parts of pages need to be moved, cut them out and move just
the parts. Remember to group like information together.
然 后，想着你的投资者，把纸张移到能使投资者更理解文件的地方。如果只是页面的部
分需要移动，把它们 剪下来然后移动。记住把相似的信息放在一起。

When you start to reorder your document by moving pages or parts of pages, write
on the page or section:

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在你移动纸张或纸上的某一部分来开始重新对文件排序时，在纸上或相关部分写下：
?
where it appeared in the original document (the page number and paragraph, if
applicable); and
?
a number or letter to indicate its place in the new draft.
? 它在原始文件中的位置（页码和段落，若有的话）；和
? 标示其在新版本中的位置的数字或字母。


It’s a good idea to keep the notes and questions you wrote in the margins distinct
from your cross-reference marks by writing them in a different color. Use colored
pencils, since it’s likely you’ll move sections around more than once.
把你在页边写下的备注和问题 与你的交叉参考标记用不同的颜色区分开来是一个好主
意。使用彩色铅笔，因为你很可能会不止一次移动 相关部分。
Once you have finished physically reorganizing the document, you may want to
outline the new organization. On a separate piece of paper, write the names for the
new sections you created. Under each section name, write down its major elements.
This is the outline of your plain English draft and, with some revisions, will become
your table of contents.
一旦物理意义上的重组文件已经完成，你可能想概括新文件的组织。在另一张纸上，写
下你创造 的新条款的名称。在每个条款名称下，写下其要素。这就是你简明英语草稿的
大纲，稍加修改，就会成为 你的内容目录。
Keep in mind that the most effective outlines are more like sketches— just detailed
enough to set priorities and create logical relationships.
记住，最有效的大纲更像概述——足以确定优先事项和创建逻辑关系即可。
Next to each entry on your outline, be sure to note where this information appeared
in the original document. This is very important. Cross- referencing accurately now
may save you hours of backtracking later.
在大纲的每个条目旁，确保标注该信息在原始文件中出现的位置。这非常重要。现在

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准确地交叉参考会在日后节省你回头查看的时间。
Tape your reordered sections on blank pieces of ledger size paper and photocopy
them. This will be the master document from which you’ll rewrite. As you rewrite,
each time you complete a sentence or paragraph, draw a line through it in pencil. This
way you’ll be sure to account for all the original content in your rewrite.
将重新排序的条款粘贴在空 白的账簿纸上并拍照复制。这是你重新写作所用的母本。重
写时，完成一个句子或条款后，用铅笔把它划 掉。这样做将确保你会在你的重写版本中
罗列所有的原始内容。

9. Using Readability Formulas and Style Checkers
9、使用可读性公式和样式检查表
Readability formulas determine how difficult a piece of writing is to read. However,
you should be aware of a major flaw in every readability formula.
可读性公式确定某文件有多难读。但是，你应知道每个可读性公式的主要缺陷。
No formula takes into account the content of the document being evaluated. In other
words, no formula can tell you if you have conveyed the information clearly. For the
most part, they count the numbers of syllables and words in a sentence and the
number of sentences in the sample. Of course, if you applied a readability formula to
a traditional disclosure document, it would fail miserably. But keep in mind that by
some formulas’ calculations, Einstein’s theory of relativity reads at a 5th grade level.
没有公 式考虑正在评估的文件内容。换句话说，没有公式能告诉你，你是否已经清晰地
传递了信息。其绝大多数 内容在计算一个句子中音节和单词的数量、样本中句子的数量。
当然，如果你将可读性公式适用于传统的 披露文件，它会惨败。但要记住，利用某些公
式的计算，爱因斯坦的相对论五年级的小学生也能读懂。
Some computerized style checkers analyze your grammar and identify the passive
voice. They may suggest ways to make your writing more ―readable.‖ Take their
suggestions as just that—suggestions. The final test of whether any piece of writing
meets its goal of communicating information comes when humans read it.
有些电脑化的风格检查表分析你的语法，找出被动语态。它们可能建议一些使你的文件

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更 “可读”的方法。把它们的建议只是当作建议。任何文件是否符合其交流信息的目的最
终由人来决定。
10. Evaluating the Document
10、评估文件
You can evaluate your document by testing it with a focus group
1
. Experts call this
―audience-centered‖ testing because it focuses on the interaction between a particular
document and a representative sample of its readers. While the results are reliable,
focus groups require time and money.
你可以利用焦点小组评估你的文 件。专家称之为“以受众为中心的”测试，因为它关注特
定文件与其读者代表样本之间的互动。结果是可 信的，但焦点小组需要花费时间和金钱。
Focus group testing tends to work better with shorter documents or portions of
longer ones. You can also test the portions of your document that you plan to use
repeatedly. At the very least, you’ll have helpful feedback on the sections that
investors are most likely to read and on the language that appears most frequently in
your disclosure documents. Based on the test results, you can isolate the parts that
cause the most confusion and fix them.
对较短的文件或较长文件的一部分，焦点小组测 试往往效果较好。你也可以测试你准备
重复使用的文件部分。至少，对于投资者很有可能会阅读的部分以 及在你的披露文件中
最常出现的语言，你将获得有用的反馈。基于测试的结果，你可以拿出引起最大混乱 的
部分，修改之。
If you don’t have the budget to test your document formally through focus groups,
improvise. Ask individuals in your office who most closely resemble your investors to
read your draft document and listen closely to their reactions. Ask others who have
some distance from the project to read it. A fresh pair of eyes often picks up the
―obvious‖ problems that those who have worked with the document miss.

1
A focus group is a form of qualitative research in which a group of people are asked about their
perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or
packaging. Questions are asked in an interactive group setting where participants are free to talk with other
group members. The first focus groups were created at the Bureau of Applied Social Research in the USA,
by associate director, sociologist Robert K. Merton. The term itself was coined by psychologist and
marketing expert Ernest Dichter. http:iFocus_group

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如果你没有通过焦点小组正式测试你的文件的预算，因陋就简， 请办公室内最像你的投
资者的人阅读你的草稿，并认真听取他们的反馈。请不太熟悉项目的人阅读。新鲜 的视
角通常能发现 “明显的”问题，而这些问题是该文件的工作人员没有发现的。

11. Reading List
11、阅读列表
If you want more information on how to write in plain English, we’ve listed just a few
of the many resources available, including those from the SEC. You may want to visit
your local library to review these books or a broader selection. Goldstein and
Lieberman’s book, The Lawyer’s Guide to Writing Well, includes a comprehensive
list of books about legal writing. We are not endorsing any of these books, but have
included them as a resource for your convenience.
如果你想获得关于如何以简 明英语写作的更多信息，请参考我们所列的很多可用的资
源，包括美国证券交易委员会的相关资源。你可 能想到本地图书馆查看这些书或者其他
更多相关资料。Goldstein和Lieberman的书， 《律师良好写作指南》，里面有很多法律
写作方面的书。我们并不赞同下面任何一本书，只是把它们列出 以方便读者。
Claire Kehrwald Cook, Line by Line 字里行间
(Houghton Mifflin, 1985).

Alan J. Davis, Graphs and Doublespeak
1
, Quarterly Review of Doublespeak,

1
doublespeak
noun evasive, ambiguous language that is intended to deceive or confuse.
Origin: 1950–55; double + speak, by analogy with doublethink
: language used to deceive usually through concealment or misrepresentation of truth; also : gobbledygook

比如Birthparents不能望文生义成“身生父母”或“出生地”，而应该译为：未 婚父母。go west不是“西游记”，而是
归西，死去。
总的来说：Doublespe ak（双言巧语）是一种故意扭转或隐藏原意的修辞法，经常被政府、军队、企业或公关宣传领
域使用， 有时候可以视为一种委婉的表达方式，不过被政府、军队或企业使用时，通常称为“双言巧语”。
其分类：
1、委婉语 （euphemism)
2、行话(jargon) 3、官样文章(bureaucratese)：这一类的含糊语句一般很长，词很多，各种短语（介词短语 ，分词短语，不定式短语等）
很多，有时句中还有一些从句。
4、浮夸语（inflated language)：卢茨认为这类doublespeak把普通的东西变得似乎特殊了。把常见的东西变得似 乎与
众不同了，把简单的东西变得似乎复杂了，把某些人或某些情况变得似乎很重要了。

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《图表和双言巧语》，《双言巧语评论季刊》
Volume XVIII, Number 4, July 1992.

Bryan A. Garner, The Elements of Legal Style 法律风格要素
(Oxford University Press, 1991).

_______, A Dictionary of Modern Legal Usage
现代法律用法词典
(Oxford University Press, 2nd ed., 1995).

Tom Goldstein and Jethro K. Lieberman,
The Lawyer’s Guide to Writing Well 律师良好写作指南
(University of California Press, 1989).

Karen Elizabeth Gordon, The Transitive Vampire: A Handbook of
Grammar for the Innocent, the Eager, and the Doomed
(Times Books, 1984).

_______, The New Well- Tempered Sentence, A Punctuation Handbook for the
Innocent, the Eager, and the Doomed
(Ticknor & Fields, 1993).


William Lutz, The New Doublespeak: Why No One Knows What
Anyone’s Saying Anymore
新的故弄玄虚：为什么没人再知道别人在说什么
(HarperCollins, 1996).

David Mellinkoff, Legal Writing: Sense & Nonsense
法律写作：有意义的和无意义的

这四类含糊语，不论是哪一类，都在社会上客观存在着。社会语言学家卢茨认为，这种含糊语 appear to communicate
when in fact it doesn't, 这种含糊语不是lead而是mislead，它造成了suspicion，cynicism。
ht tp:p436751


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(West Publishing Company, 1982).

William Strunk, Jr., and E.B. White, Elements of Style 格式要素
(Macmillan, 3rd rev. ed., 1981).

Edward R. Tufte, The Visual Display of Quantitative Information
(Graphics Press, 1983). 量化信息的视觉呈现

Robin Williams, The Mac Is Not a Typewriter 苹果不是打字机
(Peachpit Press, 1990).

Richard C. Wydick, Plain English for Lawyers 律师简明英语
(Carolina Academic Press, 2nd ed., 1985).

William Zinsser, On Writing Well 良好写作
(Harper & Row, 4th ed., 1988).

SEC publications
美国证券交易委员会出版物

Before & After Plain English Examples and Sample Analyses
《简明英语例句和样本修改前后分析》
(SEC Division of Corporation Finance, April 4, 1998).

Plain English Pilot Program: Selected Plain English Samples
《简明英语试点：简明英语样本节选》
(SEC Division of Corporation Finance, January 28, 1998).

Securities Act Release No. 33-7380, Plain English Disclosure, proposing release,
(January 14, 1997) 62 FR 3512 (January 21, 1997).

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《证券法》第33-7380号发布：《简明英语披露》（建议版）

Securities Act Release No. 33-7497, Plain English Disclosure, adopting release,
(January 28, 1998) 63 FR 6370 (February 6, 1998).
《证券法》第33-7497号发布：《简明英语披露》（通过版）

12. Keeping in Touch with Us
12、联系我们
We hope that this handbook will prove useful to you in drafting and creating plain
English documents. Although we have drawn the suggestions in the handbook from
those who have written plain English documents and from experts in the field, we
realize that much more will be learned along the way that can benefit all of us.
我们希 望，本手册会有助于你起草和制作简明英语文件。手册中的建议来自已经用简明
英语起草文件的人和业内 专家，但我们知道，以后我们将会学到更多，而这将有益于我
们所有的人。
We would appreciate receiving your suggestions on how we can improve this
handbook. We would also like to collect as many examples of ―befores‖ and their
plain English ―afters‖ as possible, as well as any tips that helped you save time and
energy.
如果您有改进手册的建议，我们将乐于收到。我们还想尽可能多地收集“修改前”版本和
以简明 英语写就的“修改后”版本，以及帮助你节省时间和精力的任何小窍门。
Please forward your suggestions and ―before‖ and ―after‖ examples to:
Nancy M. Smith
Director
Office of Investor Education and Assistance
SEC
450 5th Street, N.W.
Washington, D.C. 20549
请将您的建议和修改前后版本发送至：
20549 华盛顿特区

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西北区 第五大道 450号
美国证券交易委员会
投资者教育和帮助办公室
主任
Nancy M. Smith

Appendix A
Plain English at a Glance
简明英语一览
Plain English means creating a document that is
? visually inviting,
? logically organized, and
? understandable on the first reading.
简明英语意味着制作这种文件：
? 具有视觉邀请效果，
? 组织具有逻辑性，以及
? 读一次就能理解。

You create a plain English document by
? knowing your readers, and
? presenting information your readers need in an order they’ll understand.
你可以通过下列方式制作简明英语文件：
? 了解你的读者，以及
? 以你的读者能理解的顺序呈现信息。

Summary of the plain English rules
简明英语规则概要
This is a summary, so please read the entire rule to make sure you
comply with every aspect of it.
这是概要，因此请读完所有的规则以确保你者所有方面遵守了该规则。

Rule 421(b)
Entire Prospectus
整个招股说明书
Clear, concise, and understandable
清晰、准确、容易理解
? short sentences whenever possible
? bullet lists whenever possible

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? descriptive headers and sub-headers
? avoid relying on glossaries and defined terms
? avoid legal and highly technical business terms

? 只要可能，用短句
? 只要可能，用项目符号列表
? 描述性的标题和副标题
? 避免依靠术语表和定义术语
? 避免使用法律术语和高度专业的尚野术语

Note Avoid:
? legalistic, overly complex presentations
? vague boilerplate
? excerpts from legal documents
? repetition
注意 避免
? 墨守成规，过于复杂的演示
? 模糊的样板
? 法律文件摘录
? 重复

Rule 421(d)
Cover and Back Pages, Summary, and Risk Factors
封面和封底，摘要，风险因素
Use plain English principles in the organization, language, and design of documents
在文件的组织、语言和设计中使用简明英语原则
Substantially use:
主要使用
?
short sentences
?
definite, concrete, everyday words
?
active voice
?
tables and bullet lists

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?
no legal jargon, highly technical business terms
?
no multiple negatives
? 短句
? 明确的、具体的日常单词
? 主动语态
? 表格和项目符号列表
? 非法律术语、非高度专业化的商业术语
? 非多重否定

Entire Prospectus—Design
整个招股说明书——设计
In designing the entire prospectus:
?
may use pictures, logos, charts, graphs, or other design elements
?
encouraged to use tables, schedules, charts, and graphics for financial data
?
must draw graphs and charts to scale
?
cannot use misleading design and information
在设计整个招股说明书时：
? 可以使用图片、标志、图表、图形或其他设计因素
? 鼓励在呈现财务数据时使用表、进度表、图表和图形
? 必须为图形和图表设比例尺
? 不能使用误导性的设计和信息

§230.421 Presentation of information in prospectuses
第230.421条 在招股说明书中呈现信息

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(b) You must present the information in a prospectus in a clear, concise and
understandable manner. You must prepare the prospectus using the following
standards:
（b）在招股说明书中，你必须以清晰、准确和容易理解的方式呈现信息。准备招股说
明书时你 必须使用下列标准：
(1) Present information in clear, concise sections, paragraphs, and sentences.
Whenever possible, use short, explanatory sentences and bullet lists;
（1）在条款、段落和句子中清晰准确 地呈现信息。只要可能，使用短句、解释性句
子和项目符号列表；
(2) Use descriptive headings and subheadings;
（2）使用描述性的标题和副标题；
(3) Avoid frequent reliance on glossaries or defined terms as the primary means of
explaining information in the prospectus. Define terms in a glossary or other
section of the document only if the meaning is unclear from the context. Use a
glossary only if it facilitates understanding of the disclosure; and
（3）在招股说明书中，避免依靠术语表或定义术语作为解释信息的主要方式。只有
在术语含义从前后文中看不清楚时放可在术语表或文件其他部分定义术语。只有着
有助于理解披露时方可 使用术语表；以及
(4) Avoid legal and highly technical business terminology.
（4）避免使用法律术语和高度专业化的商业术语。

Note to §230.421(b):
In drafting the disclosure to comply with this section, you should avoid the
following:
在起草符合本条的披露文件时，你应避免下列各项：
1. Legalistic or overly complex presentations that make the substance of the
disclosure difficult to understand;

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1. 呈现信息时墨守成规或过于复杂，以致披露的内容难以理解；
2. Vague ―boilerplate‖ explanations that are imprecise and readily subject to
different interpretations;
2. 不精准且容易有多个不同解释的模糊“样板”解释；
3. Complex information copied directly from legal documents without any clear
and concise explanation of the provision(s); and
3. 直接从法律文件中复制复杂信息，而未清晰准确地解释条款；以及
4. Disclosure repeated in different sections of the document that increases the
size of the document but does not enhance the quality of the information.
4. 在文件的不同部分重复披露，增加了文件的长度，但并未提高信息的质量。

(d) ( 1) To enhance the readability of the prospectus, you must use plain English
principles in the organization, language, and design of the front and back
cover pages, the summary, and the risk factors section.
（d）（1） 为增加招股说明书的可读性，在封面、封底、摘要和风险因素部分的组织、
语言和设计上，你必须使用简 明英语原则。
(2) You must draft the language in these sections so that at a minimum it
substantially complies with each of the following plain English writing
principles:
（2）在这些部分，你所使用的语言必须至少主要遵守下面所有的简明英语写作原
则：
(i) Short sentences;
(ii) Definite, concrete, everyday words;
(iii) Active voice;
(iv) Tabular presentation or bullet lists for complex material, whenever
possible;
(v) No legal jargon or highly technical business terms; and
(vi) No multiple negatives.
（i）短句；
（ii）明确的、具体的日常单词；

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（iii）主动语态；
（iv）只要可能，用图表或项目符号列表呈现复杂材料；
（v）不使用法律术语或高度专业话的商业术语；以及
（vi）不使用多重否定。
(3) In designing these sections or other sections of the prospectus, you may
include pictures, logos, charts, graphs, or other design elements so long as
the design is not misleading and the required information is clear. You are
encouraged to use tables, schedules, charts and graphic illustrations of the
results of operations, balance sheet, or other financial data that present the
data in an understandable manner. Any presentation must be consistent
with the financial statements and non-financial information in the
prospectus. You must draw the graphs and charts to scale. Any information
you provide must not be misleading.
（3）在设计这些部分或者招股书描述的其他部分时，你可以使用图片、标 志、图
表、图形或者其他设计因素，只要设计不是误导性的以及需要披露的信息是清
晰的。鼓励 各位使用表、进度表、图表和图形，以容易理解的方式来呈现数据，
说明运营结果、资产负债表或其他财 务数据。所有的呈现必须与财务报表和招
股说明书中的非财务信息一致。必须为图形和图表设比例尺。你 所提供的所有
信息不得是误导性的。

Instruction to §230.421
You should read Securities Act Release No. 33-7497 (January 28, 1998) for
information on plain English principles.
你 应该阅读《证券法》第33-7497号发布
1
（1998年1月28日）以获得简明英语原则
的更多细心。

Appendix B
Plain English Examples

1
全文在此http:
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This appendix contains ―before‖ and ―after‖ examples from participants in the
Division of Corporation Finance’s plain English pilot. The Division’s staff added
marginal notes to show how aspects of the plain English rules apply to specific
documents.
本附录包括公司财务部简明英语试点参与人起草的“修改前”和“修 改后”样本。财务部工
作人员在页边增加了备注来表明简明英语规则是如何适用于特定文件。
These annotated examples are excerpted from the booklet, Before & After Plain
English Examples and Sample Analyses, prepared by the Division of Corporation
Finance. Although we revised the presentation and wording of the marginal notes in
this appendix, the filings remain identical to those from the booklet. To get a
complete copy of the booklet, please call the SEC’s public reference room at (202)
942-8090.
这些备注样本均选自公司财务部制作的小册子——《简明英语修改前后 样本及其分析》。
尽管我们在本附录中对页边备注的呈现和用词做了修改，申请文件仍与小册子中的一< br>样。想获得小册子的完整版本，请致电美国证券交易委员会公众参考室：(202)
942-8090。
Differences between the proposed and final amendments to Item 501

When the issuers prepared these documents, they relied on staff interpretations
for filings in the plain English pilot and the proposed amendments to Item 501
1
.
发行人准备这些文件时，他们依靠工作人员就简明英语试点 中的申请文件所作的解
释，以及《项目501》的修订建议。
The following information was not required under Item 501 as proposed, but this
information is required under Item 501 as adopted:
下列信息，《项目501》
建议 稿
并不要求披露，但《项目501》
通过稿
要求披露：
?
the market(s) and the trading symbol;
?
the underwriter’s over-allotment or similar option, if applicable;
?
a prominent cross-reference to the risk factors section including the page number;

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? the following on a total and per share basis, if applicable:
- the price to the public;
- the underwriter’s discounts and commissions; and
- the net proceeds the issuer and selling shareholders receive.
? 市场和交易符号；
? 承销商的超额配售或类似选项，若适用；
? 突出对风险因素的交叉引用，包括页码；
? 所有股票以及每一股的下列信息，若适用：
- 对公众的股价；
- 承销商的折扣和佣金；以及
- 发行人和出售股东获得的净利。

Examples for illustration purposes only
样本仅为说明
We are providing these examples and marginal notes only to illustrate the principles
of plain English. We have not made any determination as to whether the filings are
accurate or complete. You are responsible for the substance in your plain English
filings. To understand the plain English rules fully, you must read the proposing and
adopting releases:
我们所提供的样本和页边备注只是为了说明简明英语的原则。对于申请文件是否准确或
完全，我 们并未作出任何决定。你应为你的简明英语申请文件的内容负责。要想完全理
解简明英语文件，你必须阅 读下列发布的建议稿和通过稿：
?
the proposing release—Release no. 33-7380; and
?
the adopting release—Release no. 33-7497
1
.
? 发布的建议稿 —— 第
33-7380号发布，以及

? 发布的通过稿 —— 第
33-7497号发布。
Both releases are available from the SEC’s Public Reference Room and our web site at
.
这两个发布稿均可从美国证券交易委员会公共参考室获得，也可在我们的网站

1
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获得。

We collected many filings from the Division’s plain English pilot in one book. You can
get a photocopy of this 756-page book, Plain English Pilot Program: Selected Plain
English Samples, from the SEC’s Public Reference Room or a printed copy from
Bowne Publishing in New York City. (The SEC does not endorse Bowne, nor do we
have a business relationship with them.)

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