{"id":3947,"date":"2024-12-03T08:19:03","date_gmt":"2024-12-03T00:19:03","guid":{"rendered":"https:\/\/a88o.com\/3947.html"},"modified":"2024-12-03T08:19:03","modified_gmt":"2024-12-03T00:19:03","slug":"sec%e4%b8%8e%e5%8c%ba%e5%9d%97%e9%93%be%e7%9a%84%e5%85%b3%e7%b3%bb%e8%a7%a3%e6%9e%90%ef%bc%9a%e7%9b%91%e7%ae%a1%e5%a6%82%e4%bd%95%e5%bd%b1%e5%93%8d%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.a88o.com\/3947.html","title":{"rendered":"SEC\u4e0e\u533a\u5757\u94fe\u7684\u5173\u7cfb\u89e3\u6790\uff1a\u76d1\u7ba1\u5982\u4f55\u5f71\u54cd\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff1f"},"content":{"rendered":"
\n

\u5728\u6570\u5b57\u7ecf\u6d4e\u7684\u5feb\u901f\u53d1\u5c55\u4e2d\uff0c\u533a\u5757\u94fe\u6280\u672f\u548c\u52a0\u5bc6\u8d27\u5e01\u9010\u6e10\u6210\u4e3a\u4e86\u4e00\u4e2a\u5168\u7403\u6027\u7684\u73b0\u8c61\uff0c\u5438\u5f15\u4e86\u8d8a\u6765\u8d8a\u591a\u7684\u4f01\u4e1a\u3001\u6295\u8d44\u8005\u548c\u76d1\u7ba1\u673a\u6784\u7684\u5173\u6ce8\u3002\u4f5c\u4e3a\u7f8e\u56fd\u8bc1\u5238\u5e02\u573a\u7684\u4e3b\u8981\u76d1\u7ba1\u673a\u6784\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5728\u89c4\u8303\u548c\u76d1\u7ba1\u52a0\u5bc6\u8d27\u5e01\u65b9\u9762\u626e\u6f14\u7740\u91cd\u8981\u7684\u89d2\u8272\u3002\u672c\u6587\u5c06\u6df1\u5165\u63a2\u8ba8SEC\u4e0e\u533a\u5757\u94fe\u7684\u5173\u7cfb\uff0c\u5206\u6790\u76d1\u7ba1\u5982\u4f55\u5f71\u54cd\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff0c\u4ee5\u4fbf\u66f4\u597d\u5730\u7406\u89e3\u8fd9\u4e9b\u56e0\u7d20\u5bf9\u5e02\u573a\u52a8\u6001\u7684\u5f71\u54cd\u3002<\/p>\n

\"SEC\u4e0e\u533a\u5757\u94fe\u7684\u5173\u7cfb\u89e3\u6790\uff1a\u76d1\u7ba1\u5982\u4f55\u5f71\u54cd\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff1f\"<\/p>\n

1. \u533a\u5757\u94fe\u4e0e\u52a0\u5bc6\u8d27\u5e01\u7684\u57fa\u672c\u6982\u5ff5<\/h2>\n

\u5728\u5206\u6790SEC\u4e0e\u533a\u5757\u94fe\u5173\u7cfb\u4e4b\u524d\uff0c\u6211\u4eec\u5148\u7b80\u5355\u56de\u987e\u4e00\u4e0b\u533a\u5757\u94fe\u53ca\u5176\u884d\u751f\u7684\u52a0\u5bc6\u8d27\u5e01\u7684\u5b9a\u4e49\u4e0e\u7279\u70b9\u3002<\/p>\n

1.1 \u533a\u5757\u94fe\u7684\u5b9a\u4e49\u4e0e\u7279\u70b9<\/h3>\n

\u533a\u5757\u94fe\u662f\u4e00\u4e2a\u53bb\u4e2d\u5fc3\u5316\u7684\u6570\u5b57\u8d26\u672c\u6280\u672f\uff0c\u5141\u8bb8\u591a\u4e2a\u53c2\u4e0e\u8005\u5728\u6ca1\u6709\u7b2c\u4e09\u65b9\u4e2d\u4ecb\u7684\u60c5\u51b5\u4e0b\u8fdb\u884c\u6570\u636e\u7684\u8bb0\u5f55\u548c\u5171\u4eab\u3002\u5176\u4e3b\u8981\u7279\u70b9\u5305\u62ec\uff1a
\n– \u53bb\u4e2d\u5fc3\u5316<\/strong>\uff1a\u6570\u636e\u5206\u5e03\u5728\u591a\u4e2a\u8282\u70b9\u4e0a\uff0c\u65e0\u9700\u4e2d\u4ecb\u3002
\n– \u4e0d\u53ef\u7be1\u6539\u6027<\/strong>\uff1a\u4e00\u65e6\u6570\u636e\u88ab\u8bb0\u5f55\u5728\u533a\u5757\u94fe\u4e0a\uff0c\u5c31\u51e0\u4e4e\u65e0\u6cd5\u88ab\u4fee\u6539\u3002
\n– \u900f\u660e\u6027<\/strong>\uff1a\u6240\u6709\u4ea4\u6613\u90fd\u662f\u516c\u5f00\u53ef\u67e5\u7684\uff0c\u53ef\u4ee5\u63d0\u9ad8\u4fe1\u4efb\u3002
\n– \u5b89\u5168\u6027<\/strong>\uff1a\u901a\u8fc7\u52a0\u5bc6\u6280\u672f\u4fdd\u62a4\u6570\u636e\uff0c\u589e\u52a0\u5b89\u5168\u6027\u3002<\/p>\n

1.2 \u52a0\u5bc6\u8d27\u5e01\u7684\u5b9a\u4e49\u4e0e\u7279\u70b9<\/h3>\n

\u52a0\u5bc6\u8d27\u5e01\u662f\u57fa\u4e8e\u533a\u5757\u94fe\u6280\u672f\u7684\u6570\u5b57\u8d44\u4ea7\uff0c\u5e38\u7528\u4e8e\u4ea4\u6613\u3001\u6295\u8d44\u3001\u8f6c\u8d26\u7b49\u573a\u666f\u3002\u5176\u4e3b\u8981\u7279\u70b9\u5305\u62ec\uff1a
\n– \u9ad8\u6ce2\u52a8\u6027<\/strong>\uff1a\u7531\u4e8e\u5e02\u573a\u6295\u673a\u6027\u5f3a\uff0c\u52a0\u5bc6\u8d27\u5e01\u4ef7\u683c\u6ce2\u52a8\u5927\u3002
\n– \u5206\u5e03\u5f0f<\/strong>\uff1a\u6ca1\u6709\u4e2d\u592e\u94f6\u884c\u6216\u653f\u5e9c\u53d1\u884c\uff0c\u53bb\u4e2d\u5fc3\u5316\u3002
\n– \u667a\u80fd\u5408\u7ea6<\/strong>\uff1a\u4e00\u4e9b\u52a0\u5bc6\u8d27\u5e01\uff08\u5982\u4ee5\u592a\u574a\uff09\u652f\u6301\u667a\u80fd\u5408\u7ea6\u529f\u80fd\uff0c\u53ef\u5b9e\u73b0\u81ea\u52a8\u5316\u7684\u4ea4\u6613\u534f\u8bae\u3002<\/p>\n

2. SEC\u7684\u76d1\u7ba1\u89d2\u8272<\/h2>\n

2.1 SEC\u7684\u4f7f\u547d<\/h3>\n

SEC\u6210\u7acb\u4e8e1934\u5e74\uff0c\u65e8\u5728\u4fdd\u62a4\u6295\u8d44\u8005\u3001\u7ef4\u62a4\u516c\u6b63\u3001\u6709\u6548\u7684\u5e02\u573a\uff0c\u5e76\u4fc3\u8fdb\u8d44\u672c\u5f62\u6210\u3002\u968f\u7740\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u53d1\u5c55\uff0cSEC\u7684\u804c\u80fd\u4e5f\u9010\u6e10\u6269\u5c55\u5230\u6570\u5b57\u8d44\u4ea7\u7684\u76d1\u7ba1\uff0c\u5305\u62ec\u5bf9\u521d\u59cb\u4ee3\u5e01\u53d1\u884c\uff08ICO\uff09\u548c\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\u7684\u76d1\u63a7\u3002<\/p>\n

2.2 SEC\u7684\u76d1\u7ba1\u6846\u67b6<\/h3>\n

SEC\u5728\u5bf9\u52a0\u5bc6\u8d27\u5e01\u8fdb\u884c\u76d1\u7ba1\u65f6\uff0c\u901a\u5e38\u4f9d\u636e1933\u5e74\u300a\u8bc1\u5238\u6cd5\u300b\u548c1934\u5e74\u300a\u8bc1\u5238\u4ea4\u6613\u6cd5\u300b\u6765\u5224\u65ad\u67d0\u9879\u8d44\u4ea7\u662f\u5426\u5c5e\u4e8e\u8bc1\u5238\u3002\u5177\u4f53\u6765\u8bf4\uff0cSEC\u4f1a\u8bc4\u4f30\u9879\u76ee\u662f\u5426\u7b26\u5408\u201c\u970d\u5a01\u6d4b\u8bd5\u201d\uff08Howey Test\uff09\uff0c\u5373\uff1a
\n– \u6295\u8d44\u662f\u5426\u6d89\u53ca\u91d1\u94b1\uff1b
\n– \u6295\u8d44\u7684\u6536\u76ca\u662f\u5426\u6765\u81ea\u4ed6\u4eba\u7684\u52aa\u529b\uff1b
\n– \u6295\u8d44\u662f\u5426\u662f\u5728\u4e00\u4e2a\u5171\u540c\u7684\u4f01\u4e1a\u4e2d\uff1b
\n– \u6295\u8d44\u8005\u662f\u5426\u6709\u5408\u7406\u7684\u671f\u5f85\u83b7\u5f97\u5229\u6da6\u3002<\/p>\n

2.3 SEC\u7684\u76d1\u7ba1\u63aa\u65bd<\/h3>\n

SEC\u91c7\u53d6\u4e86\u591a\u79cd\u63aa\u65bd\u6765\u89c4\u8303\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff0c\u5305\u62ec\uff1a
\n– \u7981\u6b62\u865a\u5047\u4fe1\u606f\u548c\u6b3a\u8bc8\u884c\u4e3a<\/strong>\uff1a\u5bf9\u6d89\u53ca\u52a0\u5bc6\u8d27\u5e01\u7684\u4ea4\u6613\u548c\u5ba3\u4f20\u8fdb\u884c\u5ba1\u67e5\u3002
\n– \u5bf9ICO\u8fdb\u884c\u5ba1\u67e5<\/strong>\uff1a\u5982\u53d1\u73b0\u672a\u7b26\u5408\u8bc1\u5238\u53d1\u884c\u6cd5\u5f8b\u7684ICO\uff0cSEC\u4f1a\u91c7\u53d6\u6cd5\u5f8b\u884c\u52a8\u3002
\n– \u5236\u5b9a\u5408\u89c4\u6307\u5357<\/strong>\uff1a\u53d1\u5e03\u6307\u5bfc\u65b9\u9488\u5e2e\u52a9\u5e02\u573a\u53c2\u4e0e\u8005\u7406\u89e3\u5176\u6cd5\u5f8b\u4e49\u52a1\u3002<\/p>\n

3. SEC\u76d1\u7ba1\u5bf9\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u5f71\u54cd<\/h2>\n

SEC\u7684\u76d1\u7ba1\u653f\u7b56\u5bf9\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u4ea7\u751f\u4e86\u663e\u8457\u7684\u5f71\u54cd\uff0c\u4e3b\u8981\u4f53\u73b0\u5728\u4ee5\u4e0b\u51e0\u4e2a\u65b9\u9762\u3002<\/p>\n

3.1 \u5e02\u573a\u4fe1\u4efb\u5ea6\u63d0\u5347<\/h3>\n

SEC\u7684\u76d1\u7ba1\u53ef\u4ee5\u63d0\u9ad8\u5e02\u573a\u7684\u5408\u6cd5\u6027\uff0c\u4f7f\u6295\u8d44\u8005\u66f4\u6709\u4fe1\u5fc3\u6295\u8d44\u3002\u76d1\u7ba1\u80fd\u591f\u5e2e\u52a9\u6d88\u9664\u6b3a\u8bc8\u548c\u6295\u673a\u884c\u4e3a\uff0c\u4ece\u800c\u5438\u5f15\u66f4\u591a\u673a\u6784\u6295\u8d44\u8005\u3002<\/p>\n

3.2 \u4ea4\u6613\u5e73\u53f0\u7684\u5408\u89c4\u538b\u529b<\/h3>\n

\u8bb8\u591a\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\u9700\u8981\u7b26\u5408SEC\u7684\u5404\u9879\u5408\u89c4\u8981\u6c42\u3002\u7531\u4e8e\u5408\u89c4\u6210\u672c\u589e\u52a0\uff0c\u4e00\u4e9b\u5c0f\u578b\u4ea4\u6613\u5e73\u53f0\u53ef\u80fd\u4f1a\u9000\u51fa\u5e02\u573a\uff0c\u5f62\u6210\u5e02\u573a\u6574\u5408\u3002<\/p>\n

3.3 \u65b0\u529f\u80fd\u4e0e\u521b\u65b0\u7684\u9650\u5236\u4f5c<\/h3>\n

\u867d\u7136SEC\u7684\u76d1\u7ba1\u53ef\u80fd\u4f1a\u4fdd\u62a4\u6295\u8d44\u8005\uff0c\u4f46\u5176\u8fc7\u4e8e\u4e25\u683c\u7684\u9650\u5236\u53ef\u80fd\u4f1a\u9650\u5236\u884c\u4e1a\u7684\u521b\u65b0\u548c\u53d1\u5c55\u3002\u4f8b\u5982\uff0c\u4e00\u4e9b\u9879\u76ee\u53ef\u80fd\u56e0\u4e0d\u7b26\u5408SEC\u7684\u8981\u6c42\u800c\u65e0\u6cd5\u5728\u7f8e\u56fd\u5e02\u573a\u4e0a\u8fd0\u884c\u3002<\/p>\n

4. SEC\u4e0e\u533a\u5757\u94fe\u884c\u4e1a\u7684\u672a\u6765\u5173\u7cfb<\/h2>\n

4.1 \u89c4\u8303\u5316\u53d1\u5c55\u7684\u8d8b\u52bf<\/h3>\n

\u9884\u8ba1\u672a\u6765SEC\u5c06\u7ee7\u7eed\u52a0\u5f3a\u5bf9\u52a0\u5bc6\u8d27\u5e01\u548c\u533a\u5757\u94fe\u6280\u672f\u7684\u76d1\u7ba1\uff0c\u63a8\u52a8\u5e02\u573a\u7684\u89c4\u8303\u5316\u53d1\u5c55\u3002\u8fd9\u5c06\u4fc3\u8fdb\u5408\u89c4\u4ee3\u5e01\u7684\u53d1\u884c\u548c\u76f8\u5173\u91d1\u878d\u4ea7\u54c1\u7684\u51fa\u73b0\u3002<\/p>\n

4.2 \u56fd\u9645\u76d1\u7ba1\u5408\u4f5c<\/h3>\n

\u968f\u7740\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u5168\u7403\u5316\uff0cSEC\u53ef\u80fd\u4e0e\u5176\u4ed6\u56fd\u5bb6\u7684\u76d1\u7ba1\u673a\u6784\u5c55\u5f00\u66f4\u52a0\u7d27\u5bc6\u7684\u5408\u4f5c\uff0c\u4ee5\u5e94\u5bf9\u8de8\u56fd\u6b3a\u8bc8\u548c\u6d17\u94b1\u7b49\u95ee\u9898\u3002<\/p>\n

4.3 \u76d1\u7ba1\u79d1\u6280\u7684\u5e94\u7528<\/h3>\n

\u76d1\u7ba1\u79d1\u6280\uff08RegTech\uff09\u53ef\u80fd\u5c06\u5728SEC\u5bf9\u533a\u5757\u94fe\u6280\u672f\u7684\u76d1\u7ba1\u4e2d\u53d1\u6325\u66f4\u52a0\u91cd\u8981\u7684\u4f5c\u7528\uff0c\u4f9d\u9760\u4eba\u5de5\u667a\u80fd\u548c\u533a\u5757\u94fe\u6280\u672f\u63d0\u5347\u76d1\u7ba1\u6548\u7387\u3002<\/p>\n

5. \u603b\u7ed3<\/h2>\n

SEC\u4e0e\u533a\u5757\u94fe\u4e4b\u95f4\u7684\u5173\u7cfb\u662f\u76f8\u4e92\u4f9d\u5b58\u548c\u4e0d\u65ad\u6f14\u53d8\u7684\u3002SEC\u4f5c\u4e3a\u76d1\u7ba1\u673a\u6784\u7684\u4f5c\u7528\u4e0d\u5bb9\u5ffd\u89c6\uff0c\u5728\u4fdd\u62a4\u6295\u8d44\u8005\u548c\u7ef4\u62a4\u5e02\u573a\u516c\u6b63\u7684\u540c\u65f6\uff0c\u4e5f\u4f1a\u5f71\u54cd\u5230\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u7684\u53d1\u5c55\u65b9\u5411\u3002\u4e3a\u4e86\u987a\u5e94\u76d1\u7ba1\u7684\u53d1\u5c55\uff0c\u4f01\u4e1a\u548c\u6295\u8d44\u8005\u9700\u8981\u4e0d\u65ad\u66f4\u65b0\u81ea\u5df1\u7684\u5408\u89c4\u77e5\u8bc6\uff0c\u4ee5\u6293\u4f4f\u672a\u6765\u5e02\u573a\u53d1\u5c55\u7684\u673a\u9047\u3002<\/p>\n

\u77e5\u8bc6\u70b9\u603b\u7ed3\u8868<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n
\u77e5\u8bc6\u70b9<\/th>\n\u63cf\u8ff0<\/th>\n<\/tr>\n<\/thead>\n
\u533a\u5757\u94fe<\/td>\n\u53bb\u4e2d\u5fc3\u5316\u7684\u6570\u5b57\u8d26\u672c\u6280\u672f\uff0c\u5177\u6709\u4e0d\u53ef\u7be1\u6539\u6027\u3001\u900f\u660e\u6027\u548c\u5b89\u5168\u6027\u3002<\/td>\n<\/tr>\n
\u52a0\u5bc6\u8d27\u5e01<\/td>\n\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u6570\u5b57\u8d44\u4ea7\uff0c\u5177\u6709\u9ad8\u6ce2\u52a8\u6027\u548c\u5206\u5e03\u5f0f\u7279\u5f81\u3002<\/td>\n<\/tr>\n
SEC\u4f7f\u547d<\/td>\n\u4fdd\u62a4\u6295\u8d44\u8005\u3001\u7ef4\u62a4\u516c\u6b63\u5e02\u573a\u3001\u4fc3\u8fdb\u8d44\u672c\u5f62\u6210\u3002<\/td>\n<\/tr>\n
\u970d\u5a01\u6d4b\u8bd5<\/td>\n\u5224\u65ad\u8d44\u4ea7\u662f\u5426\u4e3a\u8bc1\u5238\u7684\u6807\u51c6\uff0c\u9700\u6ee1\u8db3\u56db\u4e2a\u6761\u4ef6\u3002<\/td>\n<\/tr>\n
\u5e02\u573a\u4fe1\u4efb\u5ea6\u63d0\u5347<\/td>\nSEC\u7684\u76d1\u7ba1\u63d0\u5347\u5e02\u573a\u5408\u6cd5\u6027\uff0c\u589e\u5f3a\u6295\u8d44\u8005\u4fe1\u5fc3\u3002<\/td>\n<\/tr>\n
\u5408\u89c4\u538b\u529b<\/td>\n\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u5e73\u53f0\u9700\u7b26\u5408SEC\u7684\u5408\u89c4\u8981\u6c42\uff0c\u53ef\u80fd\u5bfc\u81f4\u5e02\u573a\u6574\u5408\u3002<\/td>\n<\/tr>\n
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