Establishment Of Legal System Of Equity Crowdsourcing

Equity crowdsourcing has shown a tendency of spewing up.However,relative to the mature markets in the United States,the EU and other countries and regions,China’s equity crowdsourcing is still in its infancy and there’s a lot of room for improvement.Equity crowdsourcing not only breaks the limitation of traditional financing time and space for financing,but also provides a broader financing channel and capital source for small and medium-size enterprises.It also provides a platform for the direct interaction between financiers and investors,which gives more outstanding entrepreneurial projects opportunities to show themselves and receive investment support.It is conducive to the establishment of a multi-level financing structure,while ordinary investors also get more investment opportunities,then the meaning of inclusive finance reveals.And look at it from a more macro point of view,Equity crowdsourcing is conducive to encouraging innovation and entrepreneurship and facilitating the injection of financial funds into entities.It is also of great significance to promote the development of the real economy.There are many legal and policy obstacles in the process of the development of equity crowdsourcing in our country.For example,Crowd funding financing is not included in the adjustment scope of "Securities Law",there are many similar features of equity Crowd funding between illegal fund-raising,which makes it float on the edge of criminal crime of illegal fund-raising.Due to the asymmetric information between investors and financiers,there are always risks of fraud to investors.The lack of market access for equity Crowd funding financing platforms makes the equity Crowd funding financing market quite a mixed bag and the equity Crowd funding is still in a state of barbaric growth that cannot be guaranteed by law.In order to promote the healthy development of the industry and give full play to its financial inclusive function,we should actively promote the construction of the system and create an appropriate institutional environment.The first chapter is the explanation of the basic theory of equity crowdsourcing.This chapter is mainly divided into four levels to interpret the relevant information of.Firstly,On the concept of crowdfunding,equity crowdfunding and Internet equity crowdfunding and other concepts;.Secondly,the mode of Crowd funding financing is decomposed,and the three typical operation forms of traditional crowdsourcing,Internet private equity crowdsourcingand Internet private equity investment fund are discussed in detail.Thirdly,the main body of equity crowdsourcing is defined by law.The intermediary attributes of the investment platform are defined,and the identity of the investor or or consumer is discussed.Fourthly,the legal relationship among the three main bodies,the legal relationship between the platform and the financier,the legal relationship between the investors and the platform,and the legal relationship between the financier and the investor are analyzed.In addition,it also explains the current domestic and foreign legislation status of shareholding equity crowdsourcing,mainly demonstrates the system,official and academic attitudes change.The second chapter is the equity crowdsourcing platform-Enhance access and supervision in an all-round way.This chapter is divided into three levels to put forward the analysis and suggestions for the overall improvement of the access and supervision of the equity crowdsourcing platform.Firstly,the access criteria of equity crowdsourcing platform are preliminarily sorted out,the path choice of platform access legislation is put forward,and the legislation of platform access outside the country is comparatively analyzed for reference when China’s legislation is revised;secondly,the legal obstacles of platform supervision are refined,which are the risk of platform supervision and the Legal issues in Securities Law,Criminal Law may be faced in the process of platform operation and management.Then,on the basis of the basic analysis and explanations of the problems mentioned above,the author puts forward some suggestions on how to improve the access and platform supervision,that is,to establish the auditing system,the third-party fund supervision and the duty of due diligence of regulating the platform.The third chapter is the public-private dual-track protection for shareholders.This chapter first compares and studies the legal system of public equity raising in the United States,analyses the model of public equity crowdsourcing and private equity crowdsourcing in JOBS Act,and draws lessons from the composition of public equity raising rules to form the concept of public and private equity crowdsourcing in China;secondly,on the basis of public and private equity crowdsourcing,respectively,the protection of investors in public equity crowdsourcing and private equity crowdsourcing operations.Then,aiming at the aforementioned problems,this paper puts forward some suggestions,such as the restriction conditions of investors,the requirements of information disclosure,the regulations of investors within the platform,and so on.Then,aiming at the aforementioned problems,this paper puts forward some suggestions,such as giving priority to efficiency in legislation,giving consideration to safety,implementing the exemption system of micro-issuance,differentiated access system,dividing the investment quota and trying out the calm period,and establishing the system of professional leaders suggestions for perfection of tolerance.The fourth chapter is equity Public Financers-focusing on improving information disclosure.Firstly,this chapter directly puts forward two major difficulties in the supervision of equity crowdsourcing financiers.One is the shortcomings of single information disclosure mode,vague content and standard,and lack of accountability mechanism.The other is the lack of equity crowdsourcing financiers’ fiduciary obligations.The foundation of successful financing is the true and legitimate financing information,and the legalization of financiers’ fiduciary obligations is the cornerstone of transaction security.Secondly,the author analyzed and discussed the specific application of information disclosure system in the field of equity crowdsourcing,and put forward suggestions for further improvement.Then,the author explains the current application of fiduciary obligation in other fields,analyzed the connotation of fiduciary obligation,put forward the concept of the construction of fiduciary obligation of equity crowdsourcing financiers,and proposed the establishment of a database of equity crowdsourcing fiduciary obligation.The fifth chapter is the overall construction of the legal system of public equity financing.This chapter is a summary chapter.On the basis of the previous article,it puts forward systemic suggestions on the construction of the legal system of crowdsourcing,including five aspects: the legislative construction of crowdsourcing,the improvement of the admission system of crowdsourcing,the construction of the exemption system of crowdsourcing sell wholesale,the improvement of the creditworthiness system of crowdsourcing and the systematic debugging of the supervision system of crowdsourcing.