| Securities private offerings can save financing cost and supervision cost, possess high flexibility and confidentiality, embodying rapid financing efficiency in capital market. However, there still exist some disadvantages in the securities private offerings such as non-public offering, for the specific investors, the poor negotiability and high investment risks. Moreover, when the risks happen, the stability of securities market will also be influenced. Therefore, it's very necessary to supervise this offering way while establish the validity of it.Securities private offerings legal system was derived from the US. The related specifications preserved the securities private offerings a considerable stability, and the system has also become more and more perfect. The reasons are that the legislation idea as based on market, and paid attention to the equilibrium between financing convenience and protecting investors. Taiwan area of China goes well in using the US securities private offerings legal system for reference. Its using and absorbing in such filed is quite thoroughly and comprehensive, as well as not lose the caution and comprehensiveness. This offers us much useful experience for the construction of the relevant legal system in the mainland area of China.The correlation practice of private offering has going on at the beginning of securities market development in China. However, because the lack of relevant laws and regulation. The securities private offerings usually exists misunderstanding as transforming private offerings into public collection. With the development of securities market, the necessity and urgency of establishing securities private offerings legal system is more and more outstanding. The newly revised"Corporation Law"and"Securities Law"provide a good chance for the establishment of legal status and of securities private offering, and the construction of perfect securities private offerings legal system in China.As far as the specific issue of construction legal system of securities private offerings in China, great attention should be paid to coordinated the equilibrium between financing convenience and protecting investors. At the same time there are some points should be emphasized: the arrangement of securities private offerings market admittance, including the verifying system of private offering and market admittance of every main body; the relevant legislation in operation criterion of securities private offerings, which mainly includes the restriction of the form of private issuance, the information announcing system and the resale system of the private offered securities; the establishment of liability system of private offerings and so on. |
