美國證券發(fā)行經(jīng)典案例教程

內(nèi)容概要

　　由中國汕頭大學商學院姚承曦教授和美國前聯(lián)邦證券與交易委員會官員David Sirignano合著的Regulation of Securities Of ferings and Investment Banking：Casesand Materials for Study in U.S. Securities Act of 1933《美國證券發(fā)行經(jīng)典案例教程》，從金融與監(jiān)管的角度，系統(tǒng)并突出中國企業(yè)特色，介紹了美國證券發(fā)行市場的運行機制和監(jiān)管理論。誠然，美國資本市場的監(jiān)管體系不一定全面滿足我國資本市場的需要。然而，知己知彼，百戰(zhàn)不殆。作為全球第二大經(jīng)濟體的中國，要使更多的大型企業(yè)在國際經(jīng)濟領(lǐng)域縱橫捭闔，促進更多的中小型企業(yè)成長壯大，實現(xiàn)國民經(jīng)濟持續(xù)高速增長，高效、健康和多層次的中國資本市場起的作用將舉足輕重。研究和掌握美國資本市場的歷史發(fā)展、運作與管理，乃為期望在國內(nèi)外資本市場有所作為的我國學生所必修之課。

作者簡介

作者：姚承曦 （美國）David A.Sirignano  姚承曦現(xiàn)任中國廣東汕頭大學商學院金融與證券監(jiān)管學教授。姚承曦在美國證券業(yè)工作近二十年，包括證券監(jiān)管部門和證券業(yè)界工作經(jīng)歷。歷任美國全國證券交易商協(xié)會（NASD）法律顧問處律師，納斯達克股票市場（NASDAQ）國際市場法律顧問，紐約股票交易所（NYSE）券商監(jiān)管部高級法律顧問，和紐交所國際部亞太地區(qū)（包括中國上市公司）和加拿大國家上市公司經(jīng)理。在業(yè)界，姚承曦先后任大型綜合型券商公司監(jiān)察副總裁和資本市場法律顧問；其后在全球最大共同基金集團Fidelity Investments任國際資本市場監(jiān)管副總裁。姚承曦的監(jiān)管范圍包括：證券零售市場、資本市場、投資管理、美國國內(nèi)市場和國際市場。姚承曦獲美國波士頓學院法學院法學博士學位（Juris Doctor），喬治敦大學法學研究中心金融與證券監(jiān)管學碩士學位（LLM in Securitiesand Financial Regulation）。期間獲喬治敦優(yōu)秀研究生獎，及全美法學院國際金融研究獎。此前，姚承曦在中華人民共和國獲聯(lián)合國譯員訓練班研究生文憑，英美文學碩士學位，及英文本科文憑。姚承曦的英文專著， “Stock Market andFutures Market in the People's Republic ofChina，”由牛津大學出版社在美國、英國及中國香港發(fā)行。 David A. Sirignano,David A. Sirignano is a partner in the Washington, D.C. office of Morgan Lewis & Bockius LLP, and Co-Head of the firm's Securities Practice. Mr. Sirignano focuses on intemational and domestic corporate finance, mergers and acquisitions, and SEC regulation. He currently is a Vice-Chair of the Federal Regulation of Securities Committee of the American Bar Association, and previously was the Chair of the Corporate Reporting and Disclosure Subcommittee of the ABA Committee. He was Co-Chair of the ABA Task Force on Cross Border Offerings and Acquisitions. He has also served on the Corporate Finance Advisory Committee of FINRA.Before joining the firm in 1999, he was Associate Director for International Corporate Finance in the United States Securities and Exchange Commission's Division of Corporation Finance. In that position, he developed SEC policy on cross-border offerings, acquisitions, and listings, including offshore Intemet offenngs,international disclosure and accounting standards,as well as international corporate governance guidelines. He also advised the SEC Division of Enforcement on financial fraud cases and cross-border offering abuses. Mr. Sirignano was an adjunct professor at Georgetown University Law Center, where he taught the Course on Mergers and Acquisitions.

書籍目錄

In Perspective: Securities and Financial Regulation Foreword-美國法學者序 Foreword-中國經(jīng)濟學者序 SUMMARY OF CONTENTS TABLE OF CONTENTS CHAPTER 1 SECURITIES OFFERINGS: REGISTRATION REQUIREMENT AND EXEMPTIONS Section 1.1 Public Offerings: The Disclosure System 1.1.1 Overview of Registration Process 1.1.2 ECMH, Integrated Disclosure System and Disparate Quality Dilemma 1.1.3 ECMH, Shelf Offering and Due Diligence Dilemma Section 1.2 Non-Public Offerings: Transactions Exempt from Registration. 1.2.1 Section 4(a)(2) Exemption for "Transactions by an Issuer Not Involving Any Public Offering". 1.2.2 Regulation D Safe Harbor for Offering by Issuer to Accredited and Sophisticated Investors: Integration Doctrine 1.2.3 Rule 144A Safe Harbor for Offering by Non-Issuer Seller to Qualified Institutional Buyers QIBs 1.2.4 Section 3(a)(11) Intrastate Offering Exemption for Local Financing Section 1.3 Going Public the Non-Traditional Way and Theory of Sale 1.3.1 Spin Off. 1.3.2 Reverse Merger and Back Door Registration CHAPTER 2 MATERIALITY AND CIVIL LIABILITY  Section 2.1 Concept of Materiality 2.1.1 Meaning of Material Fact  2.1.2 MD&A: Management's Discussion and Analysis of Financial Statements 2.1.3 Forward-Looking Statements: Bespeaks Caution Doctrine and Its Progeny Section 2.2 Standards of Civil Liability 2.2.1 Public Offering: Liability for False Registration Statement 2.2.2 All Offerings: Liability for Fraudulent Offer or Sale of Securities 2.2.3 Securities Professional as Statutory Seller CHAPTER 3 UNDERWRITING AND STATUTORY UNDERWRITER Section 3.1 Syndicate Book-Building and Aflermarket Activities 3.1.1 Integrity of Public Offering Process: Pricing and Allocation 3.1.2 Syndicate Stabilizing, Aftermarket Covering, and Penalty Bids Section 3.2 Investment Banking-Research Conflicts of Interest 3.2.1 Managing Investment Banking-Research Conflicts of Interest 3.2.2 Research Publication in connection with an Offering Section 3.3 Statutory Underwriter 3.3.1 Primary Distribution by Issuer 3.3.2 Secondary Distribution by Controlling Shareholder CHAPTER 4 PROSPECTUS; FREE WRITING PROSPECTUS ILLEGAL OFFER Section 4.1 Pre-Filing Period: Concept of Conditioning the Market 4.1.1 Section 5(c) Prohibition against Gun Jumping 4.1.2 "Conditioning the Market" Concept Modemized Section 4.2 Waiting Period: Concept of Non-Conforming Prospectus 4.2.1 Section 5(b)(1) Prohibition against Free Writing 4.2.2 "Free Writing Prospectus" as Modem Concept Section 4.3 Post-Effectiveness and Aflermarket: Final Prospectus 4.3.1 Sections 5(b)(2)/4(a)(3) Requirements of Final Prospectus Delivery 4.3.2 Timing Asymmetry: Investment Decision and Information Availability CHAPTER 5 INNOVATIVE FINANCIAL PRODUCTS AND INTERNET OFFERINGS Section 5.1 What Is a "Security" 5.1.1 Investment Contracts: Variable Schemes vs Economic Reality 5.1.2 Hybrid Insurance-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 over Internet 5.2.1 Public Offering: Altematives to Traditional Firm Commitment Underwriting 5.2.2 Capital Raising from the Online Crowd: Crowdfunding Small and Micro Businesses 5.2.3 Free Stock Distribution on Internet: Theory of Sale Applied to CyberShares

章節(jié)摘錄

版權(quán)頁：   插圖：   HealthSouth Corporation, an NYSE-listed company, was unable to undertake any customary public offerings due to its dire financial problems and being concerned over SEC's scrutiny over registration statements. It raised $2.4 billion through a "Rule 144A/Exxon Capital Exchange" debt issuance, a capital raising technique named after Exxon Capital Holdings Corporation which in 1988 sought and obtained an SEC no-action letter for use of the structure. A Rule 144A/Exxon Capital Exchange structure involves two steps to achieve a lower cost of capital: aprivate offering to QIBs exempt under SEC Rule 144A, followed by a registered exchange offering to allow the Rule 144A unregistered bonds,which are subject to resale restrictions, to be exchanged for identical registered bonds, which are freely tradable in the public market. Section 11(a) of the Securities Act allows any purchaser of a security to sue the statutorily-specified parties such as the issuer, accountants, underwriters, and signers of the registration statement in respect of the security "in case any part of the registration statement, when such part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading."Since a QIB's decision to own a registered bond obtained in a 144A/Exxon Capital Exchange occurred before the filing of the registration statement,specifically, when the QIB decided to purchase the unregistered bond, registered bonds acquired through a 144A/Exxon Capital Exchange are not traceable to the registration statement and thus are not protected by Section 11 (a). Ten factors provide an analytical framework for evaluating the efficiency of a bond market, vis-a-vis the efficiency of a stock market, to determine applicability of the Fraud-on-the-Market Theory to the bond market.

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《美國證券發(fā)行經(jīng)典案例教程》作者長期在美國從事證券交易工作，具有很豐富的市場經(jīng)驗。《美國證券發(fā)行經(jīng)典案例教程》對美國證券發(fā)行的經(jīng)典案例進行了梳理，并對案例進行了點評，有助于實務工作者、研究人員學習和了解美國證券發(fā)行法律。

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