Research On The Legal System Of Investor Protection In Equity Crowdfunding

Stake in the raise is the Internet platform for mediation, give investors the chance of emerging enterprises with the investment stock financing mode. Itself to the refers to the project sponsor public project detailed information on the Internet platform, investors preferred to choose investment projects, and will get with the corresponding equity capital, this is the most important of all the raise pattern. It for our today’s economy is difficult to solve the problem of small and medium-sized enterprise capital provides a new way to relieve employment situation, in the field of some but also to promote the realization of technology innovation. Equity, however, the raise of related supporting system construction is still in a state of poor, such as information disclosure system, network, the regulation of the raised platform, etc.; Equity investment main body of the raise mostly do not have the relevant professional knowledge, difficult to implement risk management of investment and investment after the ability to withstand market risks is relatively weak. The show a lot of investment risk, it is necessary to make of investors in the raise.Based on equity and the raise of the investors protection as the research topic, from the analysis of equity investors in the raising of the legal risks faced, pointed out the rationality of the equity investors protection in the raise, then separately from the raised platform and financiers investors protection, equity investors raise special rights, etc., draw lessons from the legislative experience of developed countries such as the United States, Britain, the design of the Chinese equity investors protection in the raise of the specific system.This paper will be divided into four parts:The first part studies the rationality of equity investors protection in the raise. This chapter through the analysis of equity among the risks to investors to raise arguments the necessity of protecting investors in the raise. Risks to investors including equity raise the legitimacy of the risk, financiers, fundraising and management risk of fraud.The second part analyses equity the raised platform to system of protection investors. The raised platform to protect the rights of investors in equity the exemption of the raised platform, the obligation of the raised platform of equity and the regulation of the raised platform from three aspects. About the exemption of the raised platform, in reference to the United States "the SEC method\" and the legislative experience of the raised platform for the exemption system, and the raise is difficult to avoid substantial public offerings in China, suggests the exemption rules of equity and the raise. About the obligation of the raised platform of equity, in reference to the United States \"the SEC method\" and the United Kingdom, Italy, the obligation of the raised platform legislation experience, and equity after the obligation of the raised platform in China, the Suggestions to strengthen the risk control to raise money for. About the regulation of the raised platform, in reference to the United States, Italy, the equity of the raised platform of the regulatory system of legislative experience, and equity of the raised platform self-discipline supervision system in China, suggested that strict equity the regulation of the raised platform.The third part discusses equity the suggests to the system of investors protection. Means to protect the rights of investors is mainly embodied in the qualification of financiers and financiers of information disclosure system from two aspects. Qualification of financiers, "unified finance law" in reference to Italy and Japan, the financial part of the Commodity Exchange act modified act means require legislative experience, study, after the regulation of our country to private equity fund managers suggest perfect the qualification of the issuer, to raise enterprise set of a stake in the raise to small micro enterprises, the scope of its specific basis on the cause of small and medium-sized enterprise row type standard notice, and to raise the enterprise’s annual fundraising set quotas. All about equity suggests information disclosure, in reference to the United States to raise the obligation of information disclosure regulation, after examining the regulation of our country to the information disclosure system, Suggestions to perfect the information disclosure system, specifying the information disclosure obligations of the project sponsors, and improve the information disclosure system of our country.The fourth part elaborates the system of special rights equity investors in the raise. About equity and the raise of qualified investors, the qualifications of investors in reference to the United States and Britain legislation experience, examine the regulation of our country all equity to raise investors access, suggests establishing qualified investors, will set the qualified investors as "the ability to identify, judgment, and the trust plan corresponding risk\" of the main body, there are three specific standards:the minimum set a single investment, single investment commitments shall not be less than 1 million yuan; Personal or family financial assets should comply with the minimum standards, which must be more than 1 million yuan; Nearly three years of personal income or income for the standard of husband and wife, the former is not lower than the total revenue of not less than Y 200000 every year or husband and wife, ￥300000 every year. Other rights of investors, including right of investors’ right to know, regret and ADR claims.