On The Legal System's Improvement Of Securities Private Placement In China

The securities private placement is a comparatively mature financing instrument in developed countries and areas. As an indispensable part of current capital market, it shouldn't be evaded during the process of securities legislation in China. Since the US, which has already construct the most overall legal system, is the cradle of securities private placement, more and more countries are following the US steps in succession and transplanting such an institution into their respective laws. Taiwan area of China goes well in such field and offers us much useful experience for the construction of the relevant legal system in the mainland area of China. With references to US and Taiwan area of China, this research mainly utilizes such means as comparative analysis, economic analysis, historical analysis and contextual analysis. With a focus on the procedure of securities private placement and the evolution of legal rules, this research represents its oriented legislative suggestion about how to improve the relevant legal system in China.Other than the preface and epilogue, the scheme of the discussion is divided into five chapters as follows:The legal status of securities private placement will be illustrated in Chapter I. First, the nature and characteristic of it, which are regarded as the basis of this research, are fully analyzed. The legal system of securities private placement in US and in Taiwan area both has its own evolution process, through which its legal status can be clearly revealed.In Chapter II, the whole development of securities private placement in mainland area of China will be introduced. Under the circumstance of deficient capital market, we have never had an uniform standard for the private placement, which result in quite a lot of serious problems. The faultiness of this legal system is probably considered as the main inducement and it does much harm to the development of securities private placement.In Chapter III, we fully analyze and contrast the legal system of securities private placement in US and in Taiwan area. In spite of some differences about private placement rules between them, they still have much common in the aspect of the main body. At the same time, this research focuses on the successful operating experiences about the legal system of securities private placement in US and in Taiwan area. Of course, the existing limitation for their relevant legal systems should not be ignored.This research summarizes issues on how to build up the legal system regarding securities private placement in the mainland area of China in Chapter IV. As an important supplement to public offering, private placement has good reasons to become part of our securities market, but the negative influence has to be removed in the areas of law, market, institution and cognition. At last this research put forward its initiative plan on how to improve the legal system of securities private placement.