On Legal Regulation Of Chinese Equity Crowdfunding

Along with the mutual penetration and integration of Internet and the financial industy, all kinds of Internet financial models arise at the historic moment and rapidly develop. Equity crowdfunding is one of the Internet financial forms, its for investment group for many ordinary investors, the issuer is mostly at the start-up stage of small micro enterprises, the model can effectively absorb the folk idle capital, and also expands financing channels of issuer,providing low barriers for ordinary investors investment opportunities.Equity crowdfunding is on the price of financial investment in order to obtain the interest or equity, but the operation process and the traditional securities issuing mode has many incompatible place, at least in collecting method, raising object and raising number of profound impact on the traditional financial and current legal system. As a legal risks including but not limited to: without authorization to issue shares, company or corporate bonds, the illegal financial activities, illegal absorbing public deposits, etc.In this paper, to takethe supervision system of equitycrowdfundingas the research object, through the comprehensive use of empirical analysis, comparative study, case analysis, to discuss the issues related to the legal regulation of equitycrowdfunding in our country.This paper consists of four parts, the first part summarizes the connotation, models,characteristics and significance of the equity crowdfunding, and lays a theoretical foundation for the following discussion.The second part analysestheequitycrowdfunding legislation of United States, Japan and Britain, and then combstheir advanced technology of legislation. The third part introduces the main modes of operation of Chinese equitycrowdfunding in the form of case, and analyses the current Securities Law, Company Law, Criminal Law which have formed legal obstacles to the equity crowdfunding.The last part through the supervision of the principle and concrete system combined,suggests from three aspects: issuers, investors and the crowdfunding platform, seting up a small issue exemption system, establishing the classification system of investor protection, strengthening its diligent investigation for both of issuers and investors.The crowdfunding supervision system should take into account the interests of the investors and enterprises financing efficiency, and reasonably set the boundaries of the rights and duties of the parties to participate in the main body.Duration of the occasion of the "Securities Law" revised, we hope that Securities Law can appropriately deregulate the Internet financial models such as equity crowdfunding.At the same time,it's urgent to introduced a Private Equity Crowdfunding Financing Management Approach to promote Chinese equity crowdfunding be a health, orderlyindustry.