Research On Legal Regulation Of Equity Crowdfunders

Equity crowdfunding is the product of the era of Internet finance innovation.Its emergence has provided new financing channels for SMEs,promoted the growth and development of SMEs,and complied with the policy orientation of “Public Entrepreneurship,Innovation” and promoted the society.Innovation and progress and economic growth play an important role.Equity crowdfunding is to solve the financing difficulties of start-ups.The financier is the user of the funds in the equity crowdfunding model.It plays a role as a promoter in financing activities and is one of the important tripartite subjects.However,compared with foreign countries,the practice and legislation of equity crowdfunding in China started relatively late.The rushed regulations and the existing laws and regulations are not systematic,so there are many shortcomings.The author takes the way of private equity issuance in China's equity crowdfunding as the foothold,and studies the legal regulation of equity crowdfunding financiers.Firstly,it introduces the general theory of equity crowdfunding financiers,expounds the concept of equity crowdfunding financiers and the legal relationship among various entities,and introduces many risks faced by equity crowdfunding financiers in China,such as criminal crime risks.Violation of corporate organizational risk,trade secrets and intellectual property rights and moral hazard.Secondly,it analyzes the status quo of the supervision of equity crowdfunding financiers in China,and finds that the supervision system has many defects: equity crowdfunding belongs to the securities issuance and is not included in the scope of the Securities Law,and the scope of the financing access system is too narrow,which infringes the equal financing of large enterprises.The right,the lack of financing for the ban system,the private placement method is contrary to the law of equity crowdfunding,the subject of information disclosure obligations is not clear and the disclosure content is imperfect.Thirdly,through the analysis of the extraterritorial equity crowdfunder financing system,especially the US JOBS bill,it provides some reference for the improvement of China's equity crowdfunder financing system.Finally,drawing on the experience of foreign legislation and combining with China's national conditions,it puts forward specific measures for the risk prevention of financiers and suggestions for improving the supervision system.In terms of risk prevention,it is necessary to improve the relevant legal system,make good use of the provisions of the existing enterprise organization form,strengthen the pre-protection of financiers and establish a punishment mechanism for infringers,and strengthen supervision and management and ethics training for financiers.In terms of perfecting the regulatory system,it is recommended to include equity crowdfunding in the Securities Law,establish a financial injunction system while expanding the scope of financing the main body of the financier,and allow the financier to publicize specific objects and clearly disclose information.The subject and clearly disclosed content.