Research On The Legal System Of Equity-based Crowdfunding Exemption

As a typical representative format in the field of Internet finance,equity crowdfunding,through financial disintermediation and direct financing mode,is conducive to enriching investment and financing channels,effectively reducing financial transaction costs,improving financing efficiency,and alleviating financing commonly faced by small and medium-sized enterprises and start-ups.Difficulties pose new opportunities for small and medium-sized enterprises and start-ups.However,equity crowdfunding has the characteristics of "openness" and "mass" in nature,which constitutes the public issuance of securities,which has many difficulties in its development,including the lack of the current legal system and nonconformity with legal provisions,and there is a large risk of compliance.However,compared with the public offering financing of large and medium-sized enterprises,equity crowdfunding has the characteristics of financing target and small amount of financing,and generally does not affect the public interest excessively.Therefore,it is feasible to adopt exemption approval or registration review.The equity crowdfunding exemption legal system is the key to equity crowdfunding,and it is the core of its acceptance by the market.It is also a necessary prerequisite for the legalization of equity crowdfunding and an inevitable requirement for healthy development.The ideas and concepts of the design of the securities law system are constantly seeking a balance between the pursuit of financial efficiency and investment security.How to design the equity crowdfunding exemption legal system,to realize the formation of small and medium-sized capital and protect investors is the main content and significance of this paper.The article analyzes the due basis of the equity crowdfunding exemption legal system,constructs the motivation,and combines equity crowdfunding.The legal attributes and development status,drawing on the legislative practice and successful experience of extraterritorial countries,put forward the specific construction opinions of the equity crowdfunding exemption legal system.