So, if you're a small college with only $20 million in a portfolio you don't come across as a qualified purchaser.

因此,如果是一个,只有2000万资产组合的小学院,是不能通过合格购买者的审核程序的

耶鲁公开课 - 金融市场课程节选

You could not sell a security without giving a prospectus to the potential buyers and the prospectus would be something approved by the SEC.

没有招股说明书就不可以,出售证券给潜在买家,而且招股书需要通过证交会审核

耶鲁公开课 - 金融市场课程节选

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