The Securities and Exchange Commission says a private company must report financial information if it has five hundred shareholders or more.

VOA: special.2011.01.07

There were precursors to this, but the SEC forces the difference between public and private securities and this is a very important distinction.

例如证交会强制界定了,公共券商与私募券商之间的差异,这是非常重要的划分

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

The U.S.plan includes setting up public-private investments to soak up as much as one trillion dollars in troubled loans and securities.

VOA: standard.2009.04.06

So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选