一，机构名称

证券投资者保护公司（Securities Investor Protection Corporation；SIPC ）是根据美国1970年《证券投资者保护法》 （SIPA）成立的联邦政府授权的，非营利性，成员出资的公司，并要求大多数美国注册会员经纪交易商参加该组织。 尽管是由联邦法律创立并由证券交易委员会监督，但SIPC既不是政府机构，也不是经纪交易商的监管者。 设立SIPC的目的是，在破产企业清算期间，加快收回和返还所丢失的客户现金和资产。

The Securities Investor Protection Corporation (SIPC) is a federally mandated, non-profit, member-funded, United States corporation created under the Securities Investor Protection Act (SIPA) of 1970 that mandates membership of most US-registered broker-dealers. Although created by federal legislation and overseen by the Securities and Exchange Commission, the SIPC is neither a government agency nor a regulator of broker-dealers. The purpose of the SIPC is to expedite the recovery and return of missing customer cash and assets during the liquidation of a failed investment firm.

二，机构之作用

如果经纪交易商失败，SIPC将扮演两个主要角色。首先，SIPC负责组织向投资者分配客户现金和证券。其次，在无法获得客户的现金和/或证券的情况下，SIPC会为客户的净资产中的500,000美元提供保险，其中包括250,000美元的现金。在大多数情况下，经纪公司已经破产或濒临破产，SIPC首先设法将客户账户转移到另一家经纪公司。如果该程序失败，破产公司将被清算。为了提出索赔，投资者必须证明其经济损失是由于经纪交易商的破产而引起的，而不是由于欺诈，失实陈述或不良的投资决定。在某些情况下，根据客户的声明，证券或现金可能不完整。在这种情况下，还可向“其证券可能已经丢失，被假冒，被盗用，从未购买甚至被盗”的投资者提供保护。

The SIPC serves two primary roles in the event that a broker-dealer fails. First, the SIPC acts to organize the distribution of customer cash and securities to investors. Second, to the extent a customer's cash and/or securities are unaailable, the SIPC provides insurance coverage up to $500,000 of the customer's net equity balance, including up to $250,000 in cash. In most cases where a brokerage firm has failed or is on the brink of failure, SIPC first seeks to transfer customer accounts to another brokerage firm. Should that process fail, the insolvent firm will be liquidated. In order to state a claim, the investor is required to show that their economic loss arose because of the insolvency of their broker-dealer and not because of fraud, misrepresentation, or bad investment decisions. In certain circumstances, securities or cash may not exist in full based upon a customer's statement. In this case, protection is also extended to investors whose "securities may hae been lost, improperly hypothecated, misappropriated, never purchased, or even stolen".

尽管客户的现金和大多数类型的证券（例如票据，股票，债券和存款证）受到保护，但其他项目（例如商品或期货合约）不受保护。除非在美国证券交易委员会注册，否则，将不涵盖投资合同，权益证明书，参与利润分成协议以及石油，天然气或矿物特许权使用费或租赁。

While customers' cash and most types of securities - such as notes, stocks, bonds and certificates of deposit - are protected, other items such as commodity or futures contractsare not covered. Investment contracts, certificates of interest, participations in profit-sharing agreements, and oil, gas, or mineral royalties or leases are not covered unless registered with the Securities and Exchange Commission.