美国上市公司私募的法律监管

美国上市公司私募是私募发行与公开市场相结合的一种融资制度,其基础制度来源是美国证券注册制度以及在注册制度基础之上形成的私募发行制度。正是这两种制度的＂融合＂构架了美国上市公司私募的整个规则框架,使得上市公司私募的法律监管呈现出既不同于公募发行,也有别于普通私募发行监管的特点。在近几年的美国市场中,对冲基金的广泛参与推动了上市公司私募的发展,同时也带来了一些新的监管性问题;美国监管机构针对这种变化适时调整了相关监管策略,加强了对这类交易的监管力度。

American Legal Supervision on Private Investment in Public Equity

Private Investment in Public Equity(PIPE) is a kind of refinancing system,which is based on the combination of Private Placement and Securities Registration under the American Securities Law System.Due to this combination and the different structure of rules,the legal supervision on PIPE is a bit different from that on common private placement or public offering.In the recent years of US market,hedge funds have invested actively in PIPEs and developed them a lot,but have resulted in some new regulatory issues as well.The SEC has changed some strategies and enforced overseeing these issues.