Paraphrasing　(16th paragraph)

Text

More fundamentally, the euro has shone a harsh light on basic differences in the legal concepts that define securities. In America and Britain, the law allows two forms of ownership rights. The first, shared by continental Europe, is full legal ownership. The second, not shared in Europe, is beneficial ownership. This concept allows the creation of depositories in which securities aredemateriaIized” If you buy shares in America, you buy a traceable claim on designated securities, not the securities themselves. By contrast, in Europe you buy the securities direct, and they are held in your name. In America, individual holdings in, say, shares of General Electric10 can be bundled by money managers into so-called”pooled accounts11 ”, which allows for more efficient administration and trading. In Europe, each account has to be segregated.

The main idea of the paragraph

Fundamentally, in the process of integrating the capital markets, basic differences in defining the ownership of securities present themselves -- one is the full ownership and the other is beneficial ownership.

从根本上说，在使欧盟的资本市场一体化的过程中，基本的差异在界定证券所有权时出现了，一种是依法的完全所有权；另一种是受益性所有权。

词语解释

1、shine light on

to provide new information that makes a difficult subject or problem easier to understand 阐明某事，使人了解某事 e.g.

1）The investigation shone new light on the mystery. 调查报告使人进一步了解了这个谜。

2）As an economist, he was able to shed some light on the problem. 作为经济学家，他设法让人们对这个问题有所了解。

2、beneficial owner 受益性所有人

Person who enjoys the benefits of ownership, even though the title is in another name. Any individual or group of individuals that, either directly or indirectly, has the power to vote or influence the transaction decisions regarding a specific security. When shares of a mutual fund are held by a custodian bank or when securities are held by a broker in Street Name, the real owner is the beneficial owner, even though, for safety or convenience, the bank or broker holds title.

3、beneficial ownership 受益性所有权

Beneficial ownership is the ownership enjoyed by anyone who has the benefits of ownership of a security or property, and yet does not nominally own the asset itself.

4、allow for

to make it possible for something to happen or for someone to do something, especially something helpful or useful 使 … 成为可能 e.g.
Our new system will allow for more efficient use of resources. 我们的新系统能使我们更有效地利用资源。