后JOBS法案时代美国A条例修订的评析与启示  

Review and Analysis on Revision of American A Regulation after JOBS Act

作　　者：刘宏光[1] 

机构地区：[1]清华大学法学院,北京100084

出　　处：《证券市场导报》2017年第2期62-71,共10页Securities Market Herald

摘　　要：为施行JOBS法案第401节,SEC于2015年3月25日对A条例之下小额发行豁免制度进行重大修订。此次修订的主要内容包括提高发行限额,完善对发行人资格的要求,豁免第二层次发行在州证券法上的注册要求,并在第二层次发行中引入投资限额与持续性信息披露制度等。实践表明,修订后的A条例适用性大大提高,便利了中小企业从资本市场融资,并为投资者提供充分的保护,是美国证券法在资本形成与投资者保护之间的一次再平衡。考虑到便利中小企业融资及注册制改革试点的需要,我国有必要引入小额发行豁免制度,并力求在制度设计中实现增进市场诚信、强化投资者保护、降低监管成本、便利中小企业融资间的多维动态平衡。To actualize the Section 401 of JOBS Act, the SEC carried out an amendment to Regulation A on March 25, 2015. The primary contents of this amendment includes not only increasing offering limits and ameliorating requirements of issuers＇ eligibility, but also providing exemption of registration under the state laws as to Tier 2 offerings. Moreover, the amendment also introduces regulations of ongoing information disclosure and the Investment limits system to the Tier 2 offerings. As the practice proves, the new Regulation A is more applicable than ever. It facilitates enterprises＇ financing from capital market and provides investors sufficient protection. Therefore, this amendment actually acts as a new balance off between capital formation and investors protection in American＇s securities regulations. Considering financing Chinese small enterprises and working as a pilot of the registration system, it is essential to establish China＇s small issues exemption system and spare no effort to achieve a multidimensional balance in system design among aspects including but not limited to such as enhancing market integrity, strengthening investor protection, reducing regulatory costs and promoting capital formation.

关 键 词：JOBS法案 小额发行豁免 A条例 发行限额 联邦优先权 

分 类 号：D971.2[政治法律—法学]