论我国证券公开发行豁免注册制度的路径设计——依循“证券法修订草案”路线图展开

发布时间：2019-06-11 17:22

【摘要】：《证券法》的修订草案明确了注册制,同时建构了证券公开发行豁免注册制度的框架。整体上草案实行注册制与核准制并行的双轨模式,在互联网众筹、小额发行、员工持股计划和合格投资者方面可以按规定豁免。此架构可谓证券改革路途上的长远进步,但是公开发行豁免注册制度的相关实施细则仍待补充。通过对豁免注册制的法理分析、制度分析和域外立法考察,在设计符合我国国情的证券公开发行豁免注册制度框架时,应当考虑扩大注册制的适用范围以适应市场化发展趋势、完善证券公开发行豁免注册制的实施细则设计以实现在具体运作中有法可依。
[Abstract]:The revised draft of the Securities Law clarifies the registration system and constructs the framework of the exemption registration system for securities public issuance. On the whole, the draft implements a two-track model of parallel registration and approval, which can be exempted from Internet crowdfunding, small offerings, employee shareholding schemes and qualified investors. This structure can be described as a long-term progress on the road of securities reform, but the relevant implementation details of the public offering exemption registration system still need to be supplemented. Through the legal analysis, institutional analysis and overseas legislation investigation of the exemption registration system, we should consider expanding the applicable scope of the registration system to adapt to the trend of marketization and perfecting the design of the detailed rules for the implementation of the exemption registration system for securities public issuance in order to have laws to follow in the concrete operation when designing the framework of the exemption registration system for securities public offerings in accordance with the national conditions of our country.
【作者单位】：中央财经大学法学院;
【分类号】：D922.287

【相似文献】