Public securities are securities that the SEC will accept as suitable for the general public and private securities are securities that have not been vetted by the SEC for the general public.

公共券商是指那些经证交会审核通过,适于面向大众经营证券买卖的证券公司,而私募券商是指那些未经,证交会审查,面向大众的证券公司

耶鲁公开课 - 金融市场课程节选

It rankles, but on the other hand, these regulations survive because the reality is that people are victimized all the time and we can't just allow companies to act in secrecy.

这让人不爽,但是从另一个角度,金融监管制度之所以长期存在,是因为现实中,大众一直都是牺牲品,我们不能任由那些公司在幕后操纵

耶鲁公开课 - 金融市场课程节选