The Legal Supervision And Administration Of Equity Crowdfunding

At the end of the 20 th century,with the rapid development of Internet information technology,Internet finance appeared in the financial field following this trend.At the same time,a new type of financing mode,equity crowdfunding,emerged as the times require.It is a new equity financing mode based on Internet platform.It breaks the regional limit and reduces the time cost and procedure cost.On the one hand,crowdfunding has effectively reduced the financing costs of small and micro enterprises,especially entrepreneurial enterprises,and improved the financing efficiency.On the other hand,crowdfunding provides the general public with the opportunity to participate directly in equity investment and expands the investment.Therefore,it is of great significance to the construction of multi-level capital market system in China.However,while it is booming,the relevant laws and regulations of our country have not been followed up in time,in other words,China's stock rights crowdfunding is still in the "vacuum zone" of legal regulation,which contains many legal risks.On the one hand,this will bring huge compliance risks to the public financing platform and financiers,and it is difficult to achieve the real reduction of financing costs and improve financing efficiency.On the other hand,due to the lack of mandatory protection measures for investors,investors will face many risks at any time.At the same time,in the specific financing process,they will also face such problems as equity transfer,information disclosure,and corporate governance.And with regard to the public issuance of securities under the Securities Law,The risks of illegal fund-raising and other crimes need to be solved from the aspect of legal supervision.In order to improve the financing efficiency of small and medium-sized enterprises,reduce the financing cost and protect the interests of investors effectively,China needs to establish a standard system of crowd-raising and financing with Chinese characteristics in accordance with China's national conditions.The State Council,the 10 ministries and commissions headed by the people's Bank of China,and the Securities Regulatory Commission have separately issued guidance opinions on crowdfunding.The general trend of the regulatory level is to encourage innovation and development,but it still needs to be carried out under the premise of legal compliance and risk control.Internationally,the United States,the United Kingdom,Italy and other countries have issued legal regulations to regulate the financing of equity crowdfunding.As a result,China can learn from the successful experiences of the United States,the United Kingdom,Italy and other countries in the light of the current development situation.Based on the analysis of the current situation and the legal risks of crowdfunding in China,this paper draws lessons from the regulatory experience of other countries' crowdfunding to the financiers,financiers and crowdfunding platforms.In order to promote the standardization of the financing of stock rights and promote the healthy development of China's economy,especially the small and medium-sized enterprises,this paper puts forward some suggestions on the legal regulation of stock rights crowdfunding in China.