The Regulation Of Equity Crowdfunding In China

Crowd-funding refers to a financing method by the means of Internet raising funds from the public for the development of small and micro enterprises start-ups,which would help to promote economic development and stimulate the activity of finance market.At the present,crowd-funding is generally growing up to maturity in China,but there are still no specific or clear regulations on crowd-funding nor legal rules related which will definitely go against to the development of crowd-funding.This thesis aims at providing suggestions on regulations for the investors,raisers and Internet crowd-funding platforms analyzing of characters of crowd-funding based on the solutions on crowd-funding and its related problems in JOBS Act.Chapter One is about the discussion on crowd-funding practice at home and abroad,especially focusing on the practical experience of domestic crowd-funding and problems of domestic crowd-funding in legal supervision,through which to analyze the characters of crowdfunding according to the condition in China.All above discussed is to prove that crowd-funding is legal and plays a decisive role to the financing of start-ups,which is an indispensable part in the development of domestic Internet finance.Chapter Two is about the discussion on regulations of issuing activities of crowd-funding.Firstly,it is the analyze of necessity of issuing of securities exemption which is apply to the growth of domestic crowd-funding's development,from which we can draw the conclusion that issuing of securities exemption should also be suitable for use in China.Then it is the discussion about four aspects including the limitation about number of investors and investment amounts,advertisements or public inducements and registration of crowd-funding platforms under the abovementioned system.Chapter Three introduces the specific supervision and regulations respectively for investors,raisers and Internet crowd-funding platforms.It also makes concrete discussions about establishing accredited investors regulations,specific regulations of investors' activities and access system of lead investors in the main invest mode of “lead invest + co-invest”,expecting to protect the investors with supervision and regulations.The last chapter contains the specific supervision methods and its contents for both the raisers and Internet crowd-funding platforms.There are not many innovations about regulations for raisers,but the regulations for Internet crowd-funding platforms is significant which plays a central role in crowd-funding.The main contents of regulations about Internet crowd-funding platforms is to make the rights and obligations clear and then discuss the specific regulations of supervising crowd-funding platforms.