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《Securities Market Herald》 2013-01
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Rule 144 in the U.S. and China’s Stocked Shares Issuing Regulation

Tang Yingmao  
Rule 144 issued by the SEC in 1972 provides a regulatory framework for the public sales of stocked shares by shareholders.This rule uses the term "restricted securities" to define stocked shares acquired by shareholders through non-public offerings,and allows shareholders to sell the "restricted securities" to public shareholders as long as such securities are registered with the SEC.This rule further divides holders of "restricted securities" into affiliates and non-affiliates,and provides different conditions and channels for the public sales of "restricted securities" by affiliates and non-affiliates.In designing a regulatory framework for the sales by shareholders of shares acquired prior to IPOs,China may take Rule 144 as reference that emphasizes the regulatory authority,the combination of regulating and waiving sales-related activities and the different treatments of different shareholders.
【CateGory Index】: F832.51
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