[20180315]IF10848_资本准入：SEC条例A+（“小型IPO”）.pdf

https:/crsreports.congress.gov March 15, 2018Capital Access: SEC Regulation A+ (“Mini-IPO”)Companies 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 (representing ownership of a firm) or debt (representing creditorship of a firm) securities. As the principal regulator of U.S. capital markets, the Securities and Exchange Commission (SEC) requires that offers and sales of securities either be registered with the SEC (referred to as public offerings), or be undertaken with an exemption from registration (referred to as private offerings). Regulation A+ (15 U.S.C. 77a et seq.), or “Mini-IPO,” is a regime to facilitate private offerings for small- to medium-sized companies. A mini-IPO is like a regular initial public offering (IPO) in the sense that the securities for the most part can be sold to all investors and not just sophisticated investors, and could potentially be listed on public stock exchanges. But unlike an IPO, it is subject to reduced disclosure requirements and certain offering size and investor limits, among other diff