On The Legal Regulation Of Equity Crowdfunding Platforms In My Country

The equity crowdfunding is an investment and financing mode,in which financiers demonstration project via the Internet platform to raise funds in the form of equity returns.As the core of the crowdfunding activities,the equity crowdfunding platform is the Internet intermediary connecting the investors.It's of great significance for regulating the development of the platform and improving the establishment of a multi-level capital market to study the construction of legal system of equity crowdfunding what is the core.In this thesis,relevant questions are firstly asked,and then fully analyzed before being provided feasible solutions.In addition to introduction and conclusion,the thesis is divided into the following four parts.Chapter ?,Analyzes the development and operating practices of the domestic equity crowdfunding platform and summarizes the development direction of the platform.It introduces the development status and practice of the equity crowdfunding platform in China,and concludes that the development of equity crowdfunding platform in China has encountered a bottleneck,but the development momentum is strong.From the practice of the typical platform,it is believed that the state should strengthen the supervision of the platform risks,and platform should establish the risk prevention and control systems.It is the entry threshold for platform to enter the equity crowdfunding industry.Chapter?,Discusses the legality of the equity crowdfunding platform and the regulatory policy environment,and analyzes the judicial case.In view of the current domestic legislation and judicial situation,the country has not yet established a specific and well-targeted legal system on the equity crowdfunding platform,and it is difficult for the platform to refrain from publicly issuing securities and asking for illegal fund-raising crimes.The law is lagging behind,but policies and supervision are prioritized,and judicial precedents are determined.The CSRC and other departments support and guide the development of the equity crowdfunding industry.The domestic “first case of the equity crowdfunding platform” also shows the court's attitude toward inclusive crowdfunding activities.Chapter?,Explores the legislative situation of the equity crowdfunding platform for countries with relatively mature financial markets,aiming to standardize the development of domestic platforms and provides learning lessons.Equity crowdfunding,as an internet financialproduct that spreads around the world,is difficult to be compatible with the gap of the equity crowdfunding platform based on the domestic legal framework.Therefore,by analyzing the relevant legal systems outside the domain,it is helpful to provide reference for the construction of the legal system of the equity crowdfunding platform in China.The United States,France,Japan,and South Korea have issued or revised relevant laws stemming from the need for the development of financial markets and the encouragement of the state for start-up companies,which coincides with the situation of China's innovation and entrepreneurship and government attitude.Judging from the legal orientation,various countries have established new professional institutions under the existing legal framework to provide multiple registrations for the platform.For example,the United States can register as a traditional broker-dealer or a new fund portal.France can register as a traditional investment service.Providers or newly-established participating investment institutions,Japan establishes special-purpose gold traders,and Korea establishes Intermediary of Online Small Public Offering Securities.From the perspective of market access,countries reduce the platform's access threshold and require them to Registration of industry organizations,.In addition,the United States and France also require platform for industry insurance.From the perspective of business operations,attention is paid to the supervision of events during and after the event.Chapter?,Based on the basic theory of commercial law,makes suggestions from the legal thoughts,legal orientation,market access and business aspects to build legal system of Chinese equity crowdfunding platform.Regulating the development of equity crowdfunding platform,the economic theory behind it is the conflict between financial efficiency and financial security.The core of the development of the regulatory platform must balance the interest relationship between capital formation and investor protection.In the legal framework of the existing securities,the equity crowdfunding should be legalized through amendments to the Securities Law,and the equity crowdfunding platform should be positioned as a new type of market entity specializing in equity crowdfunding services to give it legal status and to provide users with neutral information and transactions.Intermediary services are forbidden to participate in investment inducement.Then the legal compliance of the platform is completed step by step through the administrative regulations,departmental rules,and industry standards.Employer's equity crowdfunding business must be registered in both the China Securities RegulatoryCommission and the Securities Industry Association of China and must follow the relevant rules:conduct small-scale public offering business and participate in the follow-up operations of financing companies;strengthen the mechanism of information review and investor education,and implement Classified management;appropriate information disclosure duties and regularly disclose information to the China Securities Regulatory Commission and the China Securities Association,receive inspections,establish a platform for exchange and financing of investors to improve the quality of disclosure;improve the exit mechanism of equity,and build equity shares under the existing capital markets.The new trading market will be raised to explore the connection between equity crowdfunding and the new 3rd and 4th board markets;restrictions on advertising campaigns,and platforms may not lure potential investors.