The Legal Regulation Of China’s Equity-based Crowdfunding Sites

Equity-based crowdfunding is an important part of the emerging internet financial,providing a new financing channel for micro companies or start-up enterprises;The crowdfunding sites is the intermediary link financier and investor and at the core of the equity-based crowdfunding campaign.Comparing with other countries,our crowfunding sites have a lot of problems and relevant laws and have not been established.Based on the analysis of the development status,I summarized the legal risk existing, project evaluation and management issues, the protection of investors’ interests and so on.Then I compare the United States, Britain, Italy, Japan’s national legal regulation, put forward the legislation,project management, investors exit mechanism and other aspects of the proposal.This paper is divided into four parts to analyze the problems of equity-based crowdfunding sites:The first chapter carries on the preliminary introduction of the concept and function of the website, the related concept of the difference,and the present situation and characteristics and analyze the legal relationship between the subjects.The second chapter makes a detailed analysis of the risk of Chinese crowfunding sites.Firstly, I research on legal problems the sites may violate;secondly, I analysis the on-line project financing standard, in the process of project operation management mode and information disclosure;thirdly, expounds the risk faced by investors’ rights;finally, I generalize the other risk the website may faced.The third chapter,the article analyzes and summarizes the relevant laws and regulations of the United States, Britain, Italy, Japan;focusing on the analysis of the United States "JOBS" bill,then learning from foreign advanced laws and regulations.The fourth chapter, combined foreign experience with the problem existing in our crowfunding website, the author put forward some suggestions to China to raise the public supervision,Mainly from the perfect laws and regulations, strengthen information disclosure and supervision of project operation,improve the exit mechanism, the implementation of investor education obligations, proposed the establishment of a negative list system and ensure the safety of funds perspective.