Research On The Legal System Of Securities Private Placement

From the point of the development course of Western capitalist countries, thedevelopment of securities market can optimize the allocation of resources, for economydevelopment provides financial support, to provide the public with a wealth of value-addedchannels, so as to promote the sound and rapid development of national economy andimprovement of people’s living standard. Securities issued in two ways, namely the public andnon-public offering, non-public offering is also called private placement. From the publicissuance of securities private offering, because of its own features so require special legalregime to regulate. This paper focus on the particularity, will focus on the study of China’slegal system of securities private placement construction.The full text is divided into four parts, the first part of securities, private placement, thelegal system of securities private placement on the content, defined in this paper the basicconcept of the legal system of securities private placement, clear the specific content.The second part introduced in other countries and areas of the legal system of securitiesprivate placement. The United States is the securities private placement system in the countryof origin, this paper will focus on the introduction of the system in the United States thedevelopment course and the present situation. Taiwan area of our country also clearlegislative regulation of securities private offering related activities, for the legislationsituation are briefly introduced." Outside the box can attack jade", the above two are privateoffering system, is to summarize their advanced experience and mature approach, in order toguide China’s private placement of securities legislation.The third part mainly introduces our country securities private offering system status andproblems, according to the issuing carrier is stock, bond, fund trust, limited partnership, assetmanagement plan and other types of six categories, based on introduction and analysis ofChina’s securities private offering system the main problems, namely the governmentregulation is too harsh and legal standard is not perfect.The fourth part to undertake the third part, as the China securities private offering systemperfecting suggestions. Recommendations are divided into three parts, the first part of theproposal for the reform of China’s securities issuance system, by approval system to theregistration system gradually transition. The second part will suggest that the improvement ofsecurities private placement in China system of some specific system, main content includes: the expansion of" securities " range, clear the privately issued standard, construct reasonableresale system, establish the differential information disclosure system of securities privateplacement, perfect legal liability. The third part will suggest improvement of securities privateplacement facilities, first class facilities improvement for a third market based on theprofessional resale market, second kinds of support facilities for the development of ratingagencies and the auditing agencies and other intermediary services.