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“新国九条”设专章对建立健全私募发行制度进行了规定,凸显出证券私募制度的重要性。但目前我国证券发行法规体系仍以公开发行为核心和主线,对证券私募制度尚缺少系统性规定。美国是私募制度的发源地,其关于证券私募制度立法目的的探究和规则设计核心要素的考虑对于解答我国证券私募实践中的问题具有一定的借鉴意义。本文对美国证券私募制度的历史演进、核心内容和有益经验进行了研究,并对构建我国统一的证券私募监管法律制度提出具体建议。
“New State nine ” set up a special chapter on the establishment and improvement of private placement system was provided, highlights the importance of the private placement of securities. However, at present, China’s securities issuance laws and regulations still take the public offering as the core and main line, and the securities private placement system lacks systematic rules. The United States is the birthplace of the private placement system, and its consideration of the legislative purpose of securities private placement system and the consideration of the key elements of the rule design can be of reference for the solution to the problems in private placement of securities in our country. This paper studies the historical evolution, core contents and beneficial experiences of the private equity system in the United States, and puts forward specific suggestions on how to establish a unified legal system for securities private placement in China.