美国144规则对我国存量股转让监管的借鉴意义
发布时间：2018-07-21 10:31
【摘要】：1972年,美国证监会颁布了144规则,对存量股转让进行规制。144规则将老股定性为"限制性证券",以区别于自由流通股票,强调可以通过注册程序将"限制性证券"转换为自由流通股票。在此基础上,144规则采用"关联方"概念,区分控股股东和非控股股东,为两类股东都提供了注册以外的公开售股渠道,但针对不同股东规定了宽严程度不同的售股条件。144规则体现出来的强化监管权威、疏堵结合和区别对待的政策,对于我国存量股转让规制的顶层设计有重要借鉴意义。
[Abstract]:In 1972, the U. S. Securities Regulatory Commission issued 144 rules to regulate the transfer of stock stocks. Rule 144 defined old stocks as "restricted securities", which distinguishes them from stocks in free circulation. It is emphasized that restricted securities can be converted into freely traded stocks through registration procedures. On this basis, Rule No. 144 adopts the concept of "associated party", differentiates between controlling and non-controlling shareholders, and provides both types of shareholders with channels for public share sales other than registration. However, the policy of strengthening the authority of supervision, combining blocking and treating differently, which is embodied in the rules of stock sale with different degrees of leniency and strictness, is of great significance for the top-level design of the regulation of stock transfer in China.
【作者单位】： 北京大学法学院;
【分类号】：F832.51
[Abstract]:In 1972, the U. S. Securities Regulatory Commission issued 144 rules to regulate the transfer of stock stocks. Rule 144 defined old stocks as "restricted securities", which distinguishes them from stocks in free circulation. It is emphasized that restricted securities can be converted into freely traded stocks through registration procedures. On this basis, Rule No. 144 adopts the concept of "associated party", differentiates between controlling and non-controlling shareholders, and provides both types of shareholders with channels for public share sales other than registration. However, the policy of strengthening the authority of supervision, combining blocking and treating differently, which is embodied in the rules of stock sale with different degrees of leniency and strictness, is of great significance for the top-level design of the regulation of stock transfer in China.
【作者单位】： 北京大学法学院;
【分类号】：F832.51
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