摘要
在美国证券法上,私募发行制度的核心是"注册豁免"制度,与美国注册制度下的普通证券发行大异其趣。规则144作为私募发行制度中的转售环节,最新的修订加强了私募证券市场的流通性,降低了证券发行人的发行成本,提高了市场效率。从短期来看,其所带来的证券市场流通性的加强,对于饱受次贷危机之苦的美国各金融机构不无助益,亦对我国的立法具有启示意义。
The private placement as one type of ＂exempt deal＂ is settled in the legal framework of securities of USA. With ＂exemptions from registration＂ as its basis, the system of private placement is quite out of the ordinary issuance and selling of securities in the context of USA securities registration system. The recent amendments to Rule 144 by SEC,？on the premise of not substantively weakening investor protection,？have greatly enhanced the liquidity of privately sold securities？, reduced securities issuance costs, improved the efficiency of securities market. In the short term, it can even help to relieve the U.S. secondary mortgage market crisis （the loan-to-crisis） because of the increased liquidity of securities market. Not only the amendment to Rule144 itself but also the legislative philosophy reflected in the course may represent a useful effort for China＇ s legislation for its own private placement, for the time being and the long term.
出处
《证券市场导报》
CSSCI
北大核心
2008年第9期51-56,共6页
Securities Market Herald
关键词
证券发行
私募发行
美国证券法
规则144
Security Issuance, Private placement, U.S. Securities Law, Rule 144
作者简介
李建伟，法学博士，中国政法大学商法研究所副教授，研究方向：商法学。
王咿人，中国政法大学民商经济法学院硕士生。
