Research On Legal Issues Of Supervision Of Equity Crowd Financing Market

Internet crowdsourcing refers to the effective allocation of the vast amount of social idle funds to the demanders(especially social creative industries)by means of Internet tools.Because of its "sand-gathering tower" effect of fund aggregation,and the low threshold of many types,it has changed the traditional financial model can not meet the current situation of small and micro-economic development.Equity crowdsourcing is a brand-new financial form based on Internet finance.It is not only the front-end extension of investment banking business,but also an important part of multi-level capital market.Equity crowdsourcing was first bon in European and American countries.With the help of the east wind of the world financial crisis,it has gradually become a powerful lever for science and technology innovation to lead the economy.2014 is known as the "first year"of equity crowdsourcing in our country.There are still many legal problems that can not be ignored in the process of supervision of the equity crowdsourcing market,resulting in chaos in the equity crowdsourcing market.Starting from 2016,the "popular" equity crowdsourcing industry has gradually entered a dormant state.At the beginning of the rise of China's equity crowdsourcing industry,a large number of equity crowdsourcing financing platforms have sprung up like mushrooms in the eyes of investors,and crowdsourcing projects with uneven merits and demerits have also been launched.Under the legal environment at that time,there was a "blank space"in the supporting laws related to the supervision of the equity crowdsourcing market.Crowdsourcing platforms and financiers faced huge legal compliance risks.For example,the rise of "Meiwei Media,in 2012 was called off by the SFC for touching the red line of"illegal public issuance of securities,in the Securities Law.In order to better adapt to the pace of supervision of the equity crowdsourcing market,since 2014,China's Securities Industry Association and four ministries and commissions have issued measures and documents to regulate the equity crowdsourcing market,crowdsourcing industry has also established alliance organizations to publish industry norms,even so,the legal regulation of the market supervision is still in an imperfect and not detailed situation.In the process of public equity financing,due to the lack of legal supervision of relevant investment information,the relevant legal rights and interests of investors can not be guaranteed,lack of legal supervision of funds and concealment of contract risks appear.The successive legal problems have not been well solved,which has triggered controversy among investors,greatly weakened the development of the equity crowdsourcing industry,and seemingly "flourishing,equity crowdsourcing industry began to enter a dormant period.The focus of this study is whether we can open up a legal path that can not only solve the corresponding legal problems but also adapt to the rational development of Internet finance in China.This is not only a reflection on the existing legal issues of the supervision of the equity crowdsourcing market,but also for the further development of the equity crowdsourcing industry.The full text is divided into five parts:The first part defines the concept of equity crowdsourcing and describes the supervision situation of China's equity crowdsourcing market.From the perspective of development,it mainly includes the elaboration of the concept of equity crowdsourcing,and distinguishes it from the related concepts.Then it describes the development and supervision status of China's current equity crowdsourcing market.The second part elaborates the current situation of supporting policies and legal supervision in the field of equity crowdsourcing in China.From this,we can see that our country,whether from the perspective of policy,department supervision or industry self-regulatory organizations,is optimistic about the development prospects of equity crowdsourcing,in order to achieve sustainable development of our equity crowdsourcing industry.However,the lack of special laws and the existence of complex normative law documents are the main reasons for the disadvantage of market supervision in this field,which also makes the industry of equity crowdsourcing in China unable to get rid of the predicament of progress for a time.The third part,from different angles,points out the legal problems that still exist under the supervision of the equity crowdsourcing financing market in China.From the process of equity crowdsourcing financing and the perspective of the main body of equity crowdsourcing financing,this paper focuses on the analysis of the characteristics of equity crowdsourcing financing and the possible legal problems of market supervision in the mode of equity crowdsourcing financing,whose essence is the legal problems of investor rights protection.The fourth part analyses the legislative practice and legal status of the representative countries in the field of equity crowdsourcing(the United States and the United Kingdom),compares the legislative process of these two countries in the field of equity crowdsourcing,and provides a good reference for our country to better regulate the market of equity crowdsourcing.In the fifth part,the author puts forward some suggestions to solve the legal problems of market supervision in the field of public equity financing in China controls the existing legal problems from macro and micro levels,puts forward feasible solutions for the protection of the rights and interests of investors in public equity financing,and seeks a new way to adapt to the development of the Internet public equity financing market in China.