论文部分内容阅读
私募发行是否需要以及如何进一步纳入《证券法》的调整范围,是拟议中的《证券法》修订的重要议题之一。无论是借鉴次贷危机及随后全球金融危机中的有关经验教训,还是立足于私募发行在中国的生成机理、现状及问题,中国对私募发行进行适度监管而非传统意义上的豁免监管应成为共识。在此共识之下,私募发行进一步纳入《证券法》的调整范围,关键在于对合格投资者进行科学地分类、界定,并完善私募发行的构成要件、私募证券转售限制以及相关法律责任的设置。
The need for private placement and how to further include the scope of the “Securities Law” adjustment is one of the important topics proposed in the “Securities Law” revision. Whether it is drawing lessons from the subprime mortgage crisis and the subsequent global financial crisis or based on the formation mechanism, status quo and problems of private placement in China, China should become the consensus on the moderation of private placement instead of the traditional exemption regulation . Under this consensus, the key point of private placement into the adjustment range of “Securities Law” lies in the scientific classification and definition of qualified investors, the improvement of the composition of private placement, the restrictions on the resale of private equity securities and the setting of related legal liabilities .