[20190801]IF11278_合格投资者定义和私人证券市场.pdf

https:/crsreports.congress.gov August 1, 2019Accredited Investor Definition and Private Securities MarketsCompanies turn to capital markets to raise funding from investors, a process referred to as a securities offering. Public securities offerings are open to a wide range of investors and must meet comprehensive registration requirements imposed by the Securities and Exchange Commission (SEC). By contrast, private securities offerings are exempt from certain SEC registration requirements and are generally available only to accredited investors. Hence, the accredited investor definition effectively determines who can access the private securities markets and invest in privately held companies or offerings by private funds, such as hedge funds, venture capital, and private equity. Private Securities Offerings: Market Size, Risks, and Trade-offs The scope of the accredited investor definition has taken on greater significance in light of recent increases in the volume of private securities offerings. In 2018, companies raised roughly $2.9 trillion through private offeringsmore than double the size of public offerings (Figure 1). Figure 1. New Capital Raised in Public and Private Sec