A Study On Crowdfunding Platform Regulation

Equity crowdfunding platform is a website that engages in equity raising business and is an intermediary between issuers and investors.In recent years,crowdfunding has been booming in the world,countries also according to the existing legal system to construction of different forms rules.This is one of the most typical representative is dichotomy mode of retail crowdfunding and accredited crowdfunding to create by JOBS act in the United States.Specifically,the third chapter JOBS act by setting a new exemption system,establish the new equity exemption system;and in the second chapter of JOBS act through the improvement of existing private placement rules.Traditionally,private placement can only be carried out in a small area,but the JOBS act transfer it to the Internet environment.China's current official regulatory attitude tend to binary system mode.Based on the relevant institutional foundation of our existing private equity fund,we should amend Financing Regulation of Accredited Crowdfunding(trialimplementation)(Proposed Rule)and measures to further standardize the development of Accredited Crowdfunding.The pilot platform for Retail Crowdfunding has been determined,but due to the repeated delay in the revision of the Securities Law,exemptions for Retail Crowdfunding have not been formally established.The binary system mode has become one of the most important characteristics of the development of equity crowdfunding in the world.As a logical basis,each country is amended law rules according to its existing legal framework to meet the localization demand.It is necessary to improve the legislative process of the platform supervision from the following aspects: 1.The revised Securities Law and set up exemption for Retail Crowdfunding;2.Revised Financing Regulation of Accredited Crowdfunding(trial implementation)(Proposed Rule)to further standardize the Accredited Crowdfunding market;3.Clear the scope of platform responsibility;4 Standardizing the exit mechanism of investors;5.Innovative supervision system for platform.