The Legal System Of Securities Private Issue In China

Securities market is the core of the capital market. Nowadays the international financial markets becoming more globalization and more liberalization .How to provide a rapid, economic, and flexible multi-channel funding to meet the developing market is a major challenge to us. Securities private financing is a good choice for us in this period of time. As an integral part of the securities market, private issue securities system has a deep and far impact to the economy development of China. Its unique mode of operation can satisfy with the different needs of the capital market.The new "Company Law" and "Securities Act" allow the limited company and stock company to do non-public offering, but the original "Securities Act" and the "Company Law" regulated public offering as a target system. They provided no regular for private issue securities system. It is lack of rules to follow. Therefore, it is necessary for China Securities Regulatory Commission to set relevant regulations and rules. These regulations and rules must workable.The author used comparative analysis, historical analysis and the analysis of the empirical method in this paper to do a deep research to the system of private securities. After the analysis of private securities system of different countries and regions of the world, I hope that I could give some useful advices for our country to set up the private securities system based on China's actual situation and the legal system.