Legal Regulation Research On The Resale Of Privately-offered Securities

As China’s economy continues to develop the capital market also had a variety of investment and financing, privately-offered securities investment as a good form of financing has developed rapidly. However, China’s securities laws and regulations are not compatible with the development of privately-offered securities. Privately-offered securities related securities laws relatively lacking, especially in the presence of defects and deficiencies resale system of privately-offered securities, resulting in a serious shortage of privately-offered securities regulators, so legitimate investment interests of investors have little protection. These vulnerabilities related to speculators brought to circumvent the law of convenience, not only through a private placement of securities of the issuer for resale to achieve the purpose of the public offering of securities law violations securities appeared in large numbers, but also stable and orderly securities serious adverse effects. Therefore, we need to make reasonable privately-offered securities regulation, so that privately-offered securities have become an efficient financing tool and this also reflects the protection of the legitimate rights of investors. This thesis analyzes and summarizes the current situation of legal regulation of privately-offered securities and then proposed some proposals for the improvement of resale regulations of privately-offered securities, considering China’s specific conditions.This thesis consists of three parts, which include the introduction, body and conclusion. The body can be divided into four parts:The first part explains the concepts of reselling of privately-offered securities, and searching the relationship between restrictions on privately-offered securities resale and the liquidity of securities.The second part describes the system of private resale of securities in United States, and then evaluates the system. This part elaborate the Securities Act of 1933, rules 144 and Rule 144 A of the SEC, analyzing the legal system of private resale of securities, and then summed up some experience according to their beneficial experience for our system of private securities for resale reference value.The third part is about statement of Chinese legal regulation about privately-offered securities resale, then discussed and analyzed the existing problems. The section analyzes the private equity resale, private debts and private equity funds resale legal regulation, and then are the further analyses of the deficiencies and problems of the legal regulation of Chinese Privately-offered Securities Resale.The fourth part is to put forward some proposals accordingly to perfect China’s privately-offered securities resale legal regulation. This part is based on learning the successful experience of in the United States privately-offered securities resale legislation and also combined with the problems exiting in China’s privately-offered securities resale securities law.