Investigation On The Legal System Of Securities Private Placement In China

Securities private offering system existing private placement system is, it is a kind of corresponding to the system for issuing securities offering securities issue system. Relative to the public offering, the private offering convenient has issued, distribution cost is low, and from the advantages of the information disclosure. Can better meet the needs of the development of market economy, and therefore has a strong vitality. With the rapid development of capital market in China in recent years, private offering of securities has formed a certain scale, occupying the important position in the securities market. But with the corresponding specification of securities private offering of related legal system is not perfect. Although recently also issued some regulations about private offering, the loopholes in the system are not coordinated to each other. There are restrictions issued object is not clear, the provisions of the audit system lags behind, the lack of resale and information disclosure system is not sound, and make the actual effect is weakened, restricted the further development of private offerings. Therefore it is necessary to develop a specification and reasonable system of securities private offering, to regulate and promote the development of private markets. In the United States, Japan and other countries?regions?, private offering of securities has formed a set of complete and effective legal system. This article through to the United States and other countries?regions? and regions of private offering system research, drawing lessons from the beneficial experience, combined with the actual situation of our country, exploring in our country to establish more scientific and perfect legal system of securities private offering, to improve the system of our country securities market system, coordinating the financing convenience, the relationship between market regulation and protection of rights and interests of investors. This paper is divided into four main parts: the first part of the securities private offering are introduced briefly, and the related concept discrimination; The second part introduces the practice of private offering system in our country, as well as the existing defects and the necessity of legal regulation; The third part analyzes the United States, Japan and Taiwan of China area in our country from the legal system of securities private offering and conclude its enlightenment of our country legislation experiences; The fourth part of a sound system of perfect our country securities private offering some Suggestions were put forward.