A Study On The Legal System Of Information Disclosure Supervision For Reward-based Crowdfunding In China

In the Internet era,reward-based crowdfunding,as a new form of financing,plays an important role in crowdfunding.Reward-based crowdfunding is a financing activity in which the supporter finances the idle funds to the project creator through the crowdfunding platform to help them complete the R&D,production and other activities of the project.After the success of crowdfunding,the supporter will get priority in obtaining products or services free of charge or at a lower price.In reward-based crowdfunding,the project information by the creator displayed on the platform is an important basis for the supporters to judge whether to finance the project.Effective legal supervision of information disclosure is directly related to the healthy development of reward-based crowdfunding in the track of rule of law.Therefore,establishing and improving the legal system for the supervision of reward-based crowdfunding information disclosure has become an urgent task for China to standardize the emerging financing activity of reward-based crowdfunding.The supervision of reward-based crowdfunding information disclosure has specific connotation and characteristics.Reward-based crowdfunding information disclosure is a process in which the creator truthfully,completely,timely and accurately discloses the project information to the supporters through the crowdfunding platform in accordance with the regulations.Reward-based crowdfunding information disclosure supervision is an activity in which the regulatory body establishes rules system for reward-based crowdfunding information disclosure,and controls and intervenes in reward-based crowdfunding information disclosure.Compared with the information disclosure supervision of other financing activities,the information disclosure supervision of reward-based crowdfunding has two characteristics: Firstly,the supervision body is single,that is,the formal review of crowdfunding platform cannot solve the disputes of reward-based crowdfunding,and other supervision forces need to be involved.Secondly,the supervision content is unique,that is,the supervision of the investment behavior of the supporters and the financing behavior of the creator,as well as the supervision of reward-based crowdfunding information disclosure,covering the whole process of initial information disclosure and continuous information disclosure.The regulatory legal system of reward-based crowdfunding information disclosure needs to be supported by solid basic theories.These theories include the basic concept of supervision,the theoretical basis of supervision and the basic principles of supervision.The basic concepts followed by the legal system for the supervision of reward-based crowdfunding information disclosure mainly include the concept of social interests and the concept of inclusive supervision.The supporting theories of the regulatory legal system of reward-based crowdfunding information disclosure include government intervention theory,cost-benefit theory and regulatory cooperation theory.The main principles of the legal system for the supervision of reward-based crowdfunding information disclosure are openness,fairness and impartiality,the combination of double review and the protection of the rights and interests of supporters.Objectively examining and analyzing the current situation of China's reward-based crowdfunding information disclosure supervision legal system will help to clarify the real problems existing in China's reward-based crowdfunding information disclosure supervision legal system.Through the model empirical analysis of China's Duocai investment,Kaishiba,JD,Taobao and Xiaomi crowdfunding and other typical crowdfunding platform agreements,especially the in-depth exploration of the content of information disclosure in the platforms agreement,it is found that China's reward-based crowdfunding supervision system is disordered and weak.There are many problems in the regulatory legal system of reward-based crowdfunding information disclosure,such as imperfect regulatory system,unclear regulatory content,imperfect regulatory relief etc.Further analysis of the reasons for not standardizing the reward-based crowdfunding market and not focusing on protecting the rights and interests of supporters seriously restricts the smooth development of reward-based crowdfunding.On the premise of following the general law of the healthy development of the reward-based crowdfunding market and the effective supervision,and fully considering the actual situation such as the development level of the reward-based crowdfunding market,this paper puts forward suggestions to improve the legal system of reward-based crowdfunding supervision in China.Firstly,it needs to improve the diversified supervision system of reward-based crowdfunding information disclosure in China.According to the actual needs of reward-based crowdfunding information disclosure supervision,this body of supervision should include market supervision and management department,crowdfunding platform and Internet Finance Association.The multiple regulatory bodies of reward-based crowdfunding information disclosure should implement regulatory cooperation.By clarifying the scope of supervision and coordinating supervision,we can effectively prevent regulatory gaps and regulatory overlaps.Secondly,it needs to clarify the main contents of the supervision of reward-based crowdfunding information disclosure in China.The supervision contents of the market supervision and management department include: effective supervision of the financing behavior of the sponsors,the investment behavior of the creators and the service behavior of the crowdfunding platforms.The supervision contents of crowdfunding platforms include: comparing and analyzing different crowdfunding platform agreements,summarizing China's unified crowdfunding platform agreement framework,and then clarifying the qualifications of reward-based crowdfunding participants,the combination of mandatory information disclosure and voluntary information disclosure,and the combination of initial information disclosure and continuous information disclosure of the project.The supervision contents of the Internet Finance Association include: it should undertake the review of the form of information disclosure for crowdfunding platforms and creators,and should determine the specific review contents.Finally,improve the legal relief of the supervision of reward-based crowdfunding information disclosure in China.The disputes over the supervision of reward-based crowdfunding information disclosure mainly exist among creators,supporters and crowdfunding platforms.Representative litigation should be adopted to protect the rights of the supporter,protect the rights and interests of the creator or supporter by means of relevant laws and regulations on intellectual property rights and due diligence responsibilities of the crowdfunding platform,and determine the scope of responsibility of the platform through the access,exit and other systems of the crowdfunding platform.In short,under the background of the vigorous development of reward-based crowdfunding,the traditional supervision ideas,means and systems of reward-based crowdfunding seriously lag behind the rapid development of reward-based crowdfunding.By reflecting on the current situation and problems of the supervision of reward-based crowdfunding information disclosure in China,aiming at the main problems existing in the supervision legal system of reward-based crowdfunding information disclosure in China,this paper puts forward some solutions to improve the safe,scientific and systematic supervision legal system of reward-based crowdfunding information disclosure.At present,the practice of reward-based crowdfunding in China,regardless of the amount of financing or influence,is in the forefront of the world.A sound legal system for the supervision of reward-based crowdfunding information disclosure will contribute to the standardized,orderly and healthy development of reward-based crowdfunding in China.With the in-depth research on the supervision of reward-based crowdfunding information disclosure in the future,a more mature reward-based crowdfunding market and a perfect legal system for the supervision of reward-based crowdfunding information disclosure could be formed.