| Private securities offerings have informed a certain scale, which is one of the financing ways in capital market. However there are no regulations about the private offerings, and there is a serious discord between the fact of the existence of private markets and the absence of private offering legislation. It is necessary to make such regulation system to achieve a fine balance to broaden the channels for enterprise financing, to protect the interests of investors during the course of financing and ensure financial safety of China.The paper aimed, based on the current securities non-public offering system, at structuring the Chinese legal system for securities private offerings by learn normative document about private offering systems in USA and Taiwan, which emphasizes the importance of the standardization, ordering and legalization of securities market in China.This paper describes the background and significance of topic selection, proposing that private placement market in China starts late, and serious absence of private legislation. Meanwhile, it deeply analyzes China's private equity market and private Legislation, and then discusses the issues involved in the private placement by sub-chapters. In the audit system, firstly we should sure the approval system is the existing audit system in China, while the registration exemption is the core of the private placement, then proposed that to establish private placement exemption from registration in China, we must reform the current system of Securities Issuance, to turn into the registration system. And then learn from the United States and Taiwan legislation; establish private placement exemption from registration system. The release of the object, in view of the relationship with the issuer, the ability to obtain investment information, investment experience, with the property, the ability to take risks etc, limited the number and objects to be three categories of people, to ensure that non-openness of the private equity offerings. As resale of private equity, we can learn from suitable parts of the normative documents of the United States and Taiwan. Finally it will put forward legislative proposals for China's securities market, on the perspective of unusual types of nature of the public offering, resale number, holding period, the Qualified assignee, Involuntary transfer and other aspects.The paper attempts to establish Chinese securities private offering through the basis of, studying the nature and the background of the securities private offering in USA and Taiwan. |
