| Securities private placement which can solve the shortage of capital for the enterprise effectively and expand the investment channel is one of financing channels in capital market. There is kind of offering as private placement on practical side in our country. However, there is lack of standardization and regulation because legislation is out of date, so the modus operandi is disordered in the reality. The study of defining the qualification of the interest body in private placement is essential.The content which I study in this thesis is the qualification of the interest body in private placement. The system of private placement emphasizes the contract behavior through negotiation or arrangement between the two parties. Due to the lower information disclosure obligation for the issuer in the private placement. The investor is disadvantage comparing the issuer, if don't qualify the two parties. Securities supervisory administration couldn't supervise effectively on private placement and avoid fraud of securities, so it is unable to protect investors'interests fully. Through defining the qualification of the interest body in the securities private, the two parties can have the capability in game of private placement to protect the interest body and improving the securities private placement in China. This is the objective of this topic.This thesis is comprised of five parts to expound the system of the interest body qualification in the private placement.The first part is introduction. The major contents are subject- selecting background and the practical rationality, expounding the necessity of qualification. Meanwhile, the introduction section covers the interrelated concepts, the research methods and subject, and the classify of the private placement and the interest body. The second section is the basic of the qualification of the securities private placement'interest parties. Through analyzing the necessity of intervention of law which bases on the assumption about the study of securities private placement'interest parties system and the value analysis in legal about definition of the interest body qualification in the securities private placement, in order to educe thoughts on the legal problems discussed. Then puts forth the capability of the interest body in game of private placement. Through analyzing the choice of legalization and combining the situation and the drawbacks in our country, and having successful experience of operation mechanism of foreign Private Placement to go by, the author puts forward a legalization tentative advisement and raises some regular rectifying and reforming measures for the drawbacks.The third part is the qualification of issuer in private placement, combining the regulation in our country and the regulation in foreign or in other region to qualify the issuer of private placement in our country.The fourth part raises standard of the investor in private placement, through drawing lessons from certain experiences and regulations in foreign or in other region in our country.The last one is conclusion. This part is a summary of the whole article which emphasizes the importance of the system of the qualification of the private placement'interest body. Therefore, it is highly suggested that the system of qualification of the private placement'interest body needs perfect.There is something blazingly new in this thesis that, overall thinking of the research, the system of interest body qualification in private placement is expounded and analyzed systematically. Up to date, the study of interest body in private placement embodies the study on qualification of the investor only, which is only a fraction of the study on securities private placement. The study on the interest body qualification at home is not so deep that it needs to strengthen. The private placement system is the contract-oriented and supervision-assisted system, so it is important to qualify the interest body in private placement and especially protect investors'interests that can't be replaced for other methods. The specific content in this thesis distinguishes the heterogeneous securities to qualify the different interest body in private placement and then puts forward the choice of legislation in our country. Based on the expound and analysis the interest body qualification, putting my own suggestion on some questions. Whereas, the author'academic level is finite, so there are some imperfect contents existed in this thesis, which still need further investigation in the study interest body qualification in private placement. |
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