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20世纪初期,美国州“蓝天法”确立了证券公开发行的实质审查制度。各州“蓝天法”的内容并非整齐划一,相反,在是否规定实质审查制度、审查范围及执行效果等方面皆存在较大差异。“蓝天法”对证券公开发行登记注册、审查流程、审查标准等做出了相应的规定。美国证券公开发行实行“双重监管”机制是利益博弈的产物。在这一监管框架中,无论是州层面的实质审查制度,还是联邦层面的信息披露制度都存在着严重缺陷。朝向“公司法”的自由化限缩以及“证券法”联邦化的改革路径,已成为克服上述弊病的重要举措。美国证券公开发行的实质审查制度功能的衍变给我国证券法“注册制”改革推行提供了诸多可资借鉴的经验。
Early 20th century, the United States “Blue Sky Law” established the substantive examination system of securities public offering. The content of “blue sky law” in each state is not uniform. On the contrary, there are big differences in whether the substantive examination system is stipulated, the scope of examination and the effect of enforcement. “Blue Sky Law ” on the securities of the public offering registration, review process, review standards made the corresponding provisions. The implementation of the public offering of securities in the United States is a product of the game of interest. In this regulatory framework, both the substantive censorship at the state level and the federal-level information disclosure system have serious flaws. The liberalization of the “corporate law” and the reform of the “securities law” have become an important measure to overcome these shortcomings. The evolution of the function of the substantive censorship system of the public offering of securities in the United States provides a lot of lessons to be drawn from the reform of the securities law “registration system ” in our country.