美国私募发行证券的转售问题研究——兼论我国非公开发行证券转售制度的构建

私募发行的核心问题是注册豁免及转售规范。美国法从认购人资格、转售数量、信息披露、报告等各个方面对私募转售问题进行了规范。我国法律对非公开发行证券的转售规定过于简单，存在很大漏洞，建议借鉴美国私募的规定，完善我国非公开发行证券转售制度。

Resale of Privately Placed Securities in the US

The key issues related to private placement is registration waiver and resale. The United States stipulates laws to regulate private placement regarding qualifications of purchasers, resale volume and disclosure. In comparison, China has very relaxed rules, where lots of loopholes are found. We hope American experience could be of positive implication to China to improve its securities resale system.