Research On Chinese Privately-offered Securities’ Resale System Construction

The purpose of writing this article is to put forward Suggestions of perfecting our country’s private equity securities resale system. The article is divided into three parts: introduction, body and conclusion, the body has a total of four chapters.The first chapter is the background analysis of the related theory, to pave the way for the following. In the first section, the scope of the concepts related to the private securities and resale system were defined; The second section and the third section of this chapter has discussed the characteristics of private offered securities and the necessity and rationality of resale restrictions on the private offered securities, and to balance the protection of the interests of investors and the maintenance efficiency of the private placement contradiction in the resalerestriction.In the second chapter, the current situation of the private securities resale system of our country has been analyzed and its defects was be pointed out. The first two sections of this chapter has analysised the China’s system of qualified investors, resale rules and resale market of private equity securities, and pointed out its existing problems, the third section has summarized the main defects of private securities resale system in China in the first half on the basis of the QFII system is not perfect,lack of the resale restricted rules, the resale market is incompleteness.In the body of the third chapter, the author examines the US private placement and resale of securities issued legislative experience, and draw inspiration for China. I insist that, in order to prevent the relations person and the issuer jointly harms the interests of investor, we should put more restrictive on the person who is has a relationship with the issuers and the securities which is purchased from the relationship person. Moreover,we also should determine the degree of protection required of the investors by the he system of qualified investors,on the basis of the establishment of private securities resale general market and special market for professionaly institutional investors.The last chapter is the core of this article. On the basis of the analysis of the second chapter and the third chapter, the author put forward the suggestions of perfecting our country’s private equity securities resale system. The first section in this chapter has put forward to combine the control of private securities resallers and the purchaser to perfect the system of private securities resale in our country, and points out that to enlarge the regulation range of the securities law, and formulate the regulation of private offering and resell restriction of private equity securities. The second chapter has proposed to establish a "need to protect the standard" as the basis of qualified institutional investors,and investors hierarchical design and classification of protection; the third section proposes specific measures to improve the private resale of securities regulation in our country, the focus is to ensure the reseller with real investment objective and the assignee has the corresponding investment ability, and exemption the restrictions of the professional institutional investors; the fourth section proposes to to improve the private resale of securities market in our country, we should establish hierarchical resale marketsof private securities, the relatively open and transparent national markets may be appropriate to reduce the investor qualification requirements, and the lower transparency regional markets should set more stringent investment accessthreshold, due consideration should be given to the different characteristics of different types of securities settings different resale rules.