1. The private equity products sold are issued by formal trust companies and private equity fund companies. The general trust implements the trust license holding system, and the private placement implements the filing and registration system. The product does not meet the requirements.

2. The products issued are legally approved or filed.

3. Private placement products are generally aimed at qualified investors, and it is illegal to sell them to unqualified investors, but it has not risen to the point of illegality.

Supplement: The key is that the product issuer is legal, the product is legal, and the sales method is legal.