Reserch On Legal Status Of Entity Crowdfunding Platform

Equity crowdfunding is the world’s emerging internet financing model. As an important part of multi-level capital market,it is increasingly demonstrating its irreplaceable role in solving the problems of start-up enterprises or small and micro enterprises financing problems. An equity crowd-funding has the characteristics of small scale, large number of people and low threshold.As a broker of small scale of entity crowdfunding,it is a hinge among nvestors, fund-raisers regulators and other subjects. If the nature,rights and obligations of equity crowd-funding platform are definitely set,the concrete law system of other subjects can be located based on the key legal status of equity crowd-funding platform, the behavier pattern of equity crowd-funding platform can be set up and the detailed regulations of platform can be developed.Only the legal status of the platform as a securities dealer is founded,can the securities law system be constructed among platforms,fund-raisers, fund custodians and securities regulatory authority.The full text is divided into four parts except the introduction:The first part elaborates the legal basis of legal status and the general definition of a crowd-funding platform. First, the essay expounds the general legal principle of the legal status, points out that our country’s equity crowdfunding platform should be subject to the regulation of private law and public law domains. As an intermediary in civil law, an equity crowdfunding platform has the most abstract legal personality and has the characteristic of the further specialization as a business intermediary in the sense of commercial law, compared with the personality in the civil law. An equity crowdfunding platform, guide on the principle of autonomy in private law, opens up a broad free space for the public to engage in the equity crowdfunding intermediary; at the same time, driven by the interests, the platform also conducts a large amount of illegal behaviors. The prohibition clauses in public law also make the platform operation not have entered the real essence of kernel space like “open, public, small scale”.The second part is divided into three chapters. Research method of legal pluralism perspective is adopted in this part. This part gives a descriptive analysis of real law state of the platform. In the first chapter, the paper introduces the definitions of its own status of the domestic and foreign equity crowdfunding platform.The paper mainly analyzes the crowdfunding contract between the platform and the fundraisers. Attention focus on the source of the platform is also conducive to the understanding of the legal status of the platform.The second chapter introduces the legal status of the judicial precedents from the law court point of view.Beijing Haidian Court verdicts that the legal status of the platform is the civil law intermediary status.The attitude of the judiciary is only limited to in the specific judge of the legal relationship regarded as of the platform in our country that has just emerged. The third chapter introduces the legislation and policy about the crowdfunding domestic and abrord.The third part analyzes the platform status in civil law arena. The paper gives the basic judgment of intermediary status of the platform in civil law.This part focuses on the analysis of the elements in the legal relationship of the crowdfunding.The distinguishment of the civil and commercial status of crowdfunding platform is the foundation and feedback when analysing the law status of platforms.In this part we also analyze the platform status in economics law arena.This part introduces the concept and characteristics of the subjects of economic law and analyzes specific status of the economic law subjects from multiple perspectives.The classification of economic law behavior is another important criterion in determining the legal status of the platform.This part lays the theoretical groundwork for the last part of the article in the establishment of legislative policy and legal framework of the crowdfunding platform.The fourth part puts forward some suggestions for the construction of our country’s entity crowdfunding platform. First of all, the paper gives the definition of the legal status in private and public arena.The paper rationally uses legislative technique of of subjectivism and objectivism based on unified aspect and starts from logical origin in defining securities crowdfunding intermdiary and crowdfunding margin behavior to construct the access and exit mechanism, the contraction and expansion mechanism of legal rights, the corporate governance mechanism of the crowdfunding platform and to construct the forbidden behavior, information disclosure behavior, fraud avoidance behavior, supervision behavior model in objectivism arena.