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证券众筹,已成为当今许多境外成熟资本市场为解决小微企业融资问题给出的共同答案。2015年10月30日,美国证券交易委员会正式通过了《众筹条例》,使美国的证券众筹有了操作依据。该条例的制定与通过无疑为我国的股权众筹监管提供了经验,也对正在制定中的《股权众筹试点管理办法》有一定的借鉴意义。本文由美国证券交易委员会就《众筹条例》的征求意见稿及最终稿及其“起草说明”整理而成,对条例中的规则做了相对全面的梳理与解读。
Securities crowdfunding has become the common answer given by many overseas mature capital markets to solve the financing problem for small and micro enterprises. On October 30, 2015, the U.S. Securities and Exchange Commission passed the “crowdfunding regulations,” so that the securities crowdfunding in the United States will have operational basis. The enactment and adoption of this regulation provide some experience for undisputedly monitoring the public ownership of our country’s stock ownership. It is also of some reference to the “Measures for the Management of Stock Crowdfunding” under development. This article by the United States Securities and Exchange Commission on the “crowdfull regulations” draft and the final draft and its “drafting instructions ” made from the rules of the rules made a relatively comprehensive comb and interpretation.