[20171005]IF10747_私募证券发行：背景和立法.pdf

https:/crsreports.congress.gov October 5, 2017Private Securities Offerings: Background and LegislationCompanies turn to a variety of sources to access the funding they need to grow and make new investments. Among them are capital markets, segments of the financial system in which capital is raised through equity securities (assets that represent ownership stakes in a firm) and debt securities (assets that represent creditor relationships with a firm). The Securities and Exchange Commission (SEC) is the principal regulator of the nations securities markets. In general, the agency requires that offers and sales of securities either be registered with the SEC or be undertaken with an exemption from registration. A fundamental goal of registration is ensuring that investors receive financial and other significant information on the securities being offered for public sale. Figure 1. Aggregate Capital Raised in Securities Markets in 2009-2014 by Offering Method ($Billions) Source: Scott Bauguess et al., Capital Raising in the U.S: An Analysis of the Market for Unregistered Securities Offerings, 2009-2014, October 2015, https:/www.sec.gov/dera/staff-papers/white-papers/unregistered-offe