Research On Legal System Of Crowdfunding Regulation In The U.S

Small business financing is a difficult problem that puzzles the countries all over the world.In recent years,the development of public financing has provided a new way to solve this problem In the traditional way of financing,large enterprises can often raise funds through capitalization of securities,or to obtain loans from banks,etc.,but small businesses are unable to access.Because strict provisions of the Securities Act of 1933 in the U.S and China's current "Securities Act" have given no way to public offering of securities of small businesses.As a product of the combination of Internet and finance,crowdfunding is like tailoring for small business financing: on the one hand,it gives these enterprises a access to a reach large number of potential investors.Since the emergence of all crowdfunding,it has gradually become a new impetus to the world economy.The United States has become the most active market,while China appeared in a series of crowdfunding Platform.Crowdfunding brokes through the barriers to traditional financing,however,faces some regulatory barriers.In China,the regulation system of crowdfunding has not yet been established.The United States in 2012,after the financial crisis,promulgated the "JOBS ACT",which aimed at reducing the securities system by reducing the key institutional barriers to help small businesses to obtain capital;the third chapter of the act "Crowdfunding" and the following "crowdfunding rule" have institutionalized the whole system of crowdfunding supervision,including a series of rich contents such as small-scale exemption,investor quota,information disclosure of issuers,acquisition and duties of public platform.This paper mainly studies the legal system of crowdfunding regulation in the United States from the contents of the "JOBS CT" and crowdfunding rules,so as to make suggestions on the crowdfunding legislation of China.This thesis is divided into four parts.The first part is to clarify the basic issues of crowdfunding and crowdfunding regulation.First,clarifying the concept and type of cowdfunding,the regulatory object are epuity-based crowdfunding and debt-based crowdfunding.Second,clarifying the concept and role of cowdfunding regulation,operation process of crowdfunding then analyzes the various problems in crowdfunding process which remains to solve.The second part analyzes the value orientation of American legislation on crowdfunding regulation: it is embodied in the legislative process of "JOBS Act",taking the legislative goals and principles as the content.The third part is to analyze issuers regulations,including the qualification,information disclosure system and other requirements.The most important part is information disclosure,which led to the biggest controversy.Second to discuss the legal regulation of funding portal,including the establishment rules,duties,prohibitions and safe harbor rules of funding portal.The funding portal is a new platform created by the United States legislation.It can be seen from the system design that the United States Legislators in the balance between different legal values.Third,to study the legal restriction regulation of investors,including ordinary investors,investment limits,resale restrictions.It is important to change the scope of crowdfunding from accredited investors to ordinary investors.However it may also face problems.This article also carried out a specific discussion.The fourth part is to return to the domestic legislation,for the present,combined with the lessons of American legislation,try to raise the possibility legislation of crowdfunding proposals.