美国私募发行中公开劝诱禁止的取消

Abolishing The Ban on General Solicitation in U.S.

证券私募发行中,一般都禁止采用公开宣传方式。但2012年美国颁布的JOBS法第201条取消了私募发行中的公开劝诱禁止。这是私募监管重点从关注受要约人转为关注最终购买人这一变化的必然结果。在适当调整和提高投资者保护水平之后,允许私募采用公开发行方式,会起到降低企业融资成本,同时不会大幅度降低投资者保护水平的效果。

In private placement, general solicitation will be banned. But in See.201 of 2012 JOBS Act, general solicitation was permitted in private placement, if the purchasers are all accredited investors. This is the result of the changing focus of regulation, which transfer from offerees to purchasers. The legislator thinks abolishing the ban of general solicitation will not hurt the investors, and will help capital formation of enterprises, if make some changes to regulation D.