CAJ | 학술논문

美国私募发行中的“获许投资者”制度伴随着私募发行豁免法律适用的历史确立并不断完善，是美国私募发行豁免注册的重要根据。2012年4月5日签署通过的乔布斯法案（ the Jumpstart Our Business Startups Act ， JOBS Act）解除了私募一般劝诱的禁止，对获许投资者制度带来了新的挑战。获许投资者的标准、验证义务承担及验证方式都需要对此作出回应，以实现投资者与私募发行的合理匹配。辩证借鉴SEC一般劝诱解禁的最终规则（ final rules ），完善我国私募合格投资者制度，以期就互联网发展给私募发行带来的挑战作出前瞻性回应。
미국사모발행중적“획허투자자”제도반수착사모발행활면법률괄용적역사학립병불단완선，시미국사모발행활면주책적중요근거。2012년4월5일첨서통과적교포사법안（ the Jumpstart Our Business Startups Act ， JOBS Act）해제료사모일반권유적금지，대획허투자자제도대래료신적도전。획허투자자적표준、험증의무승담급험증방식도수요대차작출회응，이실현투자자여사모발행적합리필배。변증차감SEC일반권유해금적최종규칙（ final rules ），완선아국사모합격투자자제도，이기취호련망발전급사모발행대래적도전작출전첨성회응。
The accredited investors system is established and improved along with the judicial application of private offerings exemption in the United States , and is an important factor to determine whether the exemption shall be granted or not .The JOBS Act issued in 2012 lifted the ban on the prohibition of general solicitation and general advertising in the private offering and brought a new challenge to the accredited investor system .The rules concerning the standard of accredited investor , the obligation to verify accredited investors and the verification methods need to respond accordingly to achieve a perfect match between the investor and the private offerings .We shall dialectically reference the SEC's final rules concerning lifting the ban on prohibition of general solicitation and general advertising to improve the accredited investor system in China so that we can make a forward -looking re-sponse to the changes to the private offering brought by the development of Internet .