(1) discretionary accouts 和nondiscretionary accounts 授权账户和非授权账户
(2)a long-cap income fund 长期资本收入基金
(3)sell-side analyst  卖方分析师
(4)the block-allocation policy 大宗交易分配原则

Members and candidates should develope a set of guiding principles that ensure fairness to advisory clients ,both in priority of execution of orders and in the allocation of the price obtained in execution on block orders of trades
这句里面的block和上面的block-allocation是一样的意思，black order和black trade都是指的大宗交易