后JOBS法案时代美国A条例修订的评析与启示

发布时间：2018-03-06 02:24

本文选题：JOBS法案　切入点：小额发行豁免　出处：《证券市场导报》2017年02期 　论文类型：期刊论文

【摘要】：为施行JOBS法案第401节,SEC于2015年3月25日对A条例之下小额发行豁免制度进行重大修订。此次修订的主要内容包括提高发行限额,完善对发行人资格的要求,豁免第二层次发行在州证券法上的注册要求,并在第二层次发行中引入投资限额与持续性信息披露制度等。实践表明,修订后的A条例适用性大大提高,便利了中小企业从资本市场融资,并为投资者提供充分的保护,是美国证券法在资本形成与投资者保护之间的一次再平衡。考虑到便利中小企业融资及注册制改革试点的需要,我国有必要引入小额发行豁免制度,并力求在制度设计中实现增进市场诚信、强化投资者保护、降低监管成本、便利中小企业融资间的多维动态平衡。
[Abstract]:In order to implement section 401of the JOBS Act on March 25th 2015, the SEC made a major amendment to the exemption system for small issue under Regulation A. the main contents of this amendment include raising the issuance limit and improving the requirements for the qualification of issuers. Waiving the registration requirement of the second level issue in the state securities law, and introducing the investment quota and continuous information disclosure system into the second level issue, etc. Practice shows that the applicability of the revised A regulation is greatly improved. Facilitating the access of small and medium-sized enterprises to capital markets and providing adequate protection to investors, a rebalancing between capital formation and investor protection in the United States securities law, taking into account the need to facilitate the financing of small and medium-sized enterprises and the need for pilot reform of the registration system, It is necessary to introduce the exemption system of small issue in our country, and try our best to promote market integrity, strengthen investor protection, reduce supervision cost and facilitate multi-dimensional dynamic balance between financing of small and medium-sized enterprises in the system design.
【作者单位】：清华大学法学院;
【分类号】：D971.2;DD912.28

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