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证券发行并不是简单而清晰的公开发行与非公开发行二分法。自2000年以来,美国资本市场创新的融资方式模糊了证券公开发行和非公开发行之间的界限。全球资本市场的竞争以及美国当下证券监管法规使得两种发行方式的融合在所难免,但这同时也对SEC提出了新的挑战。如何在面对这种融合时在促进资本形成和投资者保护之间取得平衡亦值得中国借鉴。
Securities issuance is not a simple and clear dichotomy of public offerings and non-public offerings. Since 2000, the innovative financing methods in the US capital markets have blurred the boundary between public offering of securities and non-public offering. The competition in the global capital market and the current U.S. securities regulatory rules make the integration of the two distribution methods inevitable. However, this also poses new challenges to the SEC. How to strike a balance between promoting capital formation and investor protection in the face of such integration also deserves China’s reference.