【摘要】：《證券法》的修訂草案明確了注冊(cè)制,同時(shí)建構(gòu)了證券公開發(fā)行豁免注冊(cè)制度的框架。整體上草案實(shí)行注冊(cè)制與核準(zhǔn)制并行的雙軌模式,在互聯(lián)網(wǎng)眾籌、小額發(fā)行、員工持股計(jì)劃和合格投資者方面可以按規(guī)定豁免。此架構(gòu)可謂證券改革路途上的長(zhǎng)遠(yuǎn)進(jìn)步,但是公開發(fā)行豁免注冊(cè)制度的相關(guān)實(shí)施細(xì)則仍待補(bǔ)充。通過對(duì)豁免注冊(cè)制的法理分析、制度分析和域外立法考察,在設(shè)計(jì)符合我國(guó)國(guó)情的證券公開發(fā)行豁免注冊(cè)制度框架時(shí),應(yīng)當(dāng)考慮擴(kuò)大注冊(cè)制的適用范圍以適應(yīng)市場(chǎng)化發(fā)展趨勢(shì)、完善證券公開發(fā)行豁免注冊(cè)制的實(shí)施細(xì)則設(shè)計(jì)以實(shí)現(xiàn)在具體運(yùn)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.
【作者單位】： 中央財(cái)經(jīng)大學(xué)法學(xué)院;
【分類號(hào)】：D922.287

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