Research On Supervision System Of Equity Crowdfunding Platform In China

With the concept of "Internet Plus" and "Inclusive Finance",the important role of Internet finance has become increasingly prominent.Equity crowdfunding as a new model of Internet finance has gradually entered the public's view.Equity crowdfunding is a new financing model based on the Internet platform for mass investors,with small,general and other characteristics.It connects social idle capital with the investment and financing market at a lower cost and higher efficiency,and provides a brand-new trading method for investment and financing parties.Equity crowdfunding platform as an intermediary organization for equity crowdfunding provides information and communication services for financing parties,funds transfer and other services,and also shoulders certain regulatory auditing responsibilities.It can be said that the platform is at the core of equity crowdfunding activities.The healthy and orderly operation of the platform is of great significance to the development of equity crowdfunding in China.However,due to the fact that equity crowdfunding is still new in China and the law has natural lag,equity crowdfunding has been walking on the edge of the law and it is easy to touch the illegally funded red line.Therefore,each platform has designed a corresponding mechanism to prevent legal risks,such as limiting the number of investors and the amount.However,this does not fundamentally solve the legal problems of the platform: the legal status is unclear,the responsibility and the prohibitive obligation is not clear,and the capital operation has great risks.Therefore,China should establish a platform supervision system that suits China's national conditions as soon as possible,guide the equity crowdfunding to develop healthily and orderly.This article is divided into the following four parts:The first part is an overview of the equity crowdfunding platform.It mainly introduces the meaning of the equity crowdfunding platform,the identification of public offerings and private equity,the theoretical basis and the operating model,and on this basis,analyzes the legal status of the equity crowdfunding financing platform and the necessity and theoretical basis of China's legal supervision.The second part analyzes the existing regulatory policy in China and analyzes the problems that may be encountered in the development of the platform.It also analyzes the legal risks and moral credit risks that exist in the operation of the platform,and thus points out the direction for making regulatory recommendations.The third part introduces the supervision system of the equity crowdfunding platform in the United States and the United Kingdom and its enlightenment to the supervision of the equity crowdfunding platform in China.The development of equity crowdfunding in the United States and Britain is relatively early,and the regulatory system is relatively complete.Its regulatory system has important implications for China.For example,the United States specifically set up a fundraising portal as an intermediary agency for equity crowdfunding.In order to minimize the legal risks faced by the platform,the United States has more detailed regulations on the responsibilities and obligations of the platform and prohibited sexual behaviors.This article will introduce and analyze the experience of this foreign country in order to obtain some inspiration for the development of China's equity crowdfunding platform.The fourth part is to improve China's equity crowdfunding platform supervision system.Combining our country's specific national conditions and advanced foreign experience,we should clarify the boundaries of illegal fund-raising behavior and reduce the risk of equity crowdfunding breaking the law.A small exemption system was established to inject vitality into the equity crowdfunding market.To make clear the legal status of the platform,and to lay a good foundation for the further design of detailed regulation.Give full play to the role of industry associations,strengthen industry supervision and local financial supervision.Strengthen the supervision of circulation and use of funds,and introduce the supervision of third-party institutions.Clear the prohibition obligations and legal responsibilities of the platform.