| Crowd-funding refers to a financing method by the means of Internet raising funds from the public for the development of start-ups, which would help to stimulate the activity of finance market and to promote economic development. But as for the moment, there are no specific or clear regulations on crowd-funding. As a result, crowd-funding is facing a series of legal risks. This thesis aims at providing suggestions for legislation, supervision and remedy based on the analysis of modes of crowd-funding, its legal risks and American legal and practical experience of crowd-funding.Chapter One introduces the definition, history and modes of crowd-funding, as well as general legal and political environment for crowd-funding and challenges in legislation, supervision and remedy in China as for the moment.Chapter Two introduces the specific risks the investors, platforms and enterprises are faced with. The investors are facing risks of privacy leak, contract fraud, capital flow and withdrawing system. Platforms are faced with risks of issuing securities to public illegally and illegal financing. Enterprises are faced with risks of privacy leak and money laundering.Chapter Three introduces American2012Jump-start Our Business Start-ups Act, which allows small-size enterprises to finance on the Internet crowd-funding platforms, lowers the entrance for investors and protects interests and rights of investors through classifying investors by income and creating obligations for enterprises and platforms.Chapter Four provides advice of legislation, enforcement supervision and remedy based on the legal and practical experience of American crowd-funding.As a result, China should categorize crowd-funding into private crowd-funding and public crowd-funding and lead the healthy development of crowd-funding market with the method of enacting new laws, revise Law of Securities and other related regulations, strengthening enforcement supervision and enlarging remedy means. |
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