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美国上市公司私募是私募发行与公开市场相结合的一种融资制度,其基础制度来源是美国证券注册制度以及在注册制度基础之上形成的私募发行制度。正是这两种制度的“融合”构架了美国上市公司私募的整个规则框架,使得上市公司私募的法律监管呈现出既不同于公募发行,也有别于普通私募发行监管的特点。在近几年的美国市场中,对冲基金的广泛参与推动了上市公司私募的发展,同时也带来了一些新的监管性问题;美国监管机构针对这种变化适时调整了相关监管策略,加强了对这类交易的监管力度。
Private listed companies in the United States is a combination of private placement and open market financing system, the basic source of the system is the US securities registration system and the registration system based on the formation of the private placement system. It is the “fusion” of these two systems that constructs the entire regulatory framework for private placement of listed public companies in the United States. As a result, the legal regulation of private placement of listed companies presents characteristics that are different from those of public offering as well as ordinary private placement. In the recent years in the U.S. market, the hedge funds’ extensive participation has promoted the private equity development of listed companies and brought some new regulatory issues. The U.S. regulators adjusted the relevant regulatory strategies in response to such changes and strengthened the Supervision of such transactions.