证券私募是针对特定对象、采取特定方式、接受特定规范的证券发行。包括我国在内的全球多数国家在这一领域均师法美国,但又都呈现出不同特点。美国的进路基本上属于大证券法加豁免。以充分信息披露为核心理念,其联邦证券法首先针对发行、交易所涉及的所有主体、行为提出了统括的注册及监 Private equity is targeted at specific objects, take a specific way, to accept a specific regulatory securities. Most countries in the world, including our own, are teaching the United States in this area, but all show different characteristics. The U.S. route basically belongs to the big securities law plus exemption. With full information disclosure as the core concept, the federal securities law first proposed a general registration and supervision over all the parties involved in the issuance and trading