A Comparative Study On The Non-public Issuance Legal System Of Sino-US Securities

The concept of securities non-public offering was originated from US Securities Law 1933,and for 80 years after its birth,it has already been one of the most important fund raising methods for various enterprises in the US.In conjunction with the booming economic needs,a firm and clearly classified legal system has already been established.China’s current securities non-public offering market lacks productive and systematic regulatory supervision,which is mainly reflected in China’s lack in a complete and productive securities non-public offering legal regime system.Different financial departments in China promulgate lots of low-effectiveness regulatory documents in different regulatory areas.Additionally,provisions and expressions in Securities Law and Securities Investment Funds Law are excessively principled,hence cannot be efficiently adopted in daily financial supervision.Therefore,to establish China securities non-public offering legal system,it is advisable to go into and get reference by US’ development of similar regime,and selectively migrate some of its regime essences,combining with China’s development and outstanding issues of securities private offering market,to seek appropriate regime development path that matches with China’s private offering market’s long term stable development.To be more specific,China shall break through the existing dispersing financial regulation pattern,and establish a uniform regime framework with the core of "fund-raising activities" in the area of securities non-public offering regulation.