In Pepective：Securities and Financial Regulation
Foreword--美國法學(xué)者序
Foreword--中國經(jīng)濟學(xué)者序
SUMMARY OF CONTENTS
TABLE OF CONTENTS
CHAPTER l SECURITIES oFFERINGS：REGISTRATION REQUIREMENT ANDEXEMPTIONS
Section 1．1 PublicOfferings：TheDisclosureSystem
1．1．1 Overview ofRegistration Process
1．1．2 ECMH．Integrated Disclosure System and DisparateQuality Dilemma
1．1．3 ECMH，Shelf Offering and Due Diligence Dilemma
Section 1．2 Non-Public Offerings：TraactioExemptfromRegistration
1．2．1 Section 4(a)(2)Exemption for“Traactio by an Issuer NotInvolving Any Public Offering”
1．2．2 Regulation D Safe Harbor for Offering by Issuer toAccredited and Sophisticated Investo：Integration Doctrine
1．2．3 Rule 144A Safe Harbor for 0ffering by Non—IssuerSeller to Qualified Ititutional Buye QIBs
1．2．4 Section 3(a)(11)Intrastate Offering Exemption forLocal Financing
In Pepective：Securities and Financial Regulation
Foreword--美國法學(xué)者序
Foreword--中國經(jīng)濟學(xué)者序
SUMMARY OF CONTENTS
TABLE OF CONTENTS
CHAPTER l SECURITIES oFFERINGS：REGISTRATION REQUIREMENT ANDEXEMPTIONS
Section 1．1 PublicOfferings：TheDisclosureSystem
1．1．1 Overview ofRegistration Process
1．1．2 ECMH．Integrated Disclosure System and DisparateQuality Dilemma
1．1．3 ECMH，Shelf Offering and Due Diligence Dilemma
Section 1．2 Non-Public Offerings：TraactioExemptfromRegistration
1．2．1 Section 4(a)(2)Exemption for“Traactio by an Issuer NotInvolving Any Public Offering”
1．2．2 Regulation D Safe Harbor for Offering by Issuer toAccredited and Sophisticated Investo：Integration Doctrine
1．2．3 Rule 144A Safe Harbor for 0ffering by Non—IssuerSeller to Qualified Ititutional Buye QIBs
1．2．4 Section 3(a)(11)Intrastate Offering Exemption forLocal Financing
Section 1．3 aoing Public the Non—Traditional Way and TheoryofSale
1．3．1 Spin Off．
1．3．2 Revee Merger and Back Door Registration
CHAPTER 2 MATERIALITY AND CIVIL LIABILITY
Section 2．1 Concept ofMateriality
2．1．1 Meaning ofMaterial Fact
2．1．2 MD&A：Management’S Discussion and Analysis ofFinancial Statements
2．1．3 Forward—Looking Statements：Bespeaks Caution Doctrineand Its Progeny．
Section 2．2 Standards of Civil Liability
2．2．1 Public Offering：Liability for False RegistrationStatement
2．2．2 A11 Offerings：Liability for Fraudulent Offer or Saleof Securities
2．2．3 Securities Professional as Statutory Seller
CHAPTER 3 UNDERWRITING AND STATUTORY UNDERWRITER
Section 3．1 SyndicateBook-BuildingandAflermarketActivities
3．1．1 Integrity ofPublic Offering Process：PricingandAlloction
3．1．2 Syndicate Stabilizing，Aftermarket Covering，and PenaltyBids
Section 3．2 Investment Banking-Research Conflicts of Interest
3．2．1 Managing Investment Banking—Research Conflicts ofInterest
3．2．2 Research Publication in connection with anOffering．
Section 3．3 Statutory Underwriter
3．3．1 Primary Distribution by Issuer
3．3．2 Secondary Distribution by ControllingShareholder
CHAPTER 4 PROSPECTUS；FREE WRITING PROSPECTUS： ILLEGAL oFFER
Section 4．1 Pre-Filing Period：Concept ofConditioning theMarket
4．1．1 Section 5(c)Prohibition agait Gun Jumping
4．1．2 “Conditioning the Market”Concept Modernized
Section 4．2 Waiting Period：Concept ofNon—ConformingProspectus
4．2．1 Section 5(b)(1)Prohibition agait Free Writing
4．2．2 “Free Writing Prospectus”as Modem Concept
Section 4．3 Post-Effectiveness andAftermarket：FinalProspectus
4．3．1 Sectio 5(b)(2)／4(a)(3)Requirements of Final ProspectusDelivery
4．3．2 Timing Asymmetry：Investment Decision and InformationAvailability
CHAPTER 5 INNOVATIVE FINANCIAL PRODUCTS AND INTERNETOFFERINGS
Section 5．1 WhatIs a"Security”
5．1．1 Investment Contracts：Variable Schemes VS EconomicRealitv
5．1．2 Hybrid Iurance—Securities Products
5．1．3 OTC Derivatives：Equity Swap and Synthetic Option
5．1．4 OTC Derivatives：Credit Default Swap(CDS)
Section 5．2 Securities Offerings overInternet
5．2．1 Public Offering：Alternatives to Traditional FirmCommitment Underwriting
5．2．2 Capital Raising from the Online Crowd：CrowdfundingSmall and Micro Businesses
5．2．3 Free Stock Distribution on Internet：Theory of SaleApplied to CyberShares
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