美国证券私募发行制度研究

The Study in American Securities Private Offering Rules

我国《证券法》第十条对公开发行有原则性规定,对非公开发行有限制性规定,似有美国私募制度的意味,但立法理念和实际操作相距甚远,"形似而神不似"。本文对美国私募制度核心规则的作用和主要内容进行了分析和归纳,对其私募认定标准演进中所体现的从形式认定到实质判断的过程进行剖析,从人数标准、广告使用、投资者与发行人的关系、证券转售四个维度对私募制度演进过程中所关注的"需要标准"进行阐述,并对私募制度"宽进严管"的监管理念和其他相关问题进行了介绍,以期为我国证券私募制度的构建和《证券法》相关内容的修订提供参考和借鉴。

The Securities Law of PRC stipulates the principles of public offering, and sets some restrictions on non-public offering. The regulations are formally similar to American private offering rules, but much differ in theoretical concern and practical application. This article summaries the effects and main contents of the American private offering rules, and analyzes the evolution of private offering criterion. American private offering rules focus on the necessity and needing of protection, which can be reflected in four respects such as the number standard, advertisement using, the relationship between investors and issuers, and securities resale rules. This article also introduces the regulatory perspectives and other relevant problems of American securities law system. The study in American private offering rules hopefully provides reference for the establishment of private offering rules and revision of Securities Law in China.