Our Equity Crowdfunding Legal Regulation

Equity Crowdfunding is a new thing in recent years to produce, as an innovative financial model of the Internet, it gives the traditional modes of financing and financial legal system has brought great challenges. Our legislation should first extend the definition of "securities" in the equity crowdfunding Han Na go to a range of securities and the establishment of small issue exemption system to provide a legal basis for the legitimate development of equity crowdfunding. December 18, 2014, the website of the Securities Industry Association announced the "private equity crowdfunding financing Management(tentative)(draft)", the draft on a range of issues of equity crowdfunding regulatory preliminary definition, but in the specific regulatory guidelines still complete. Financiers, equity crowdfunding platform and investors are the three main equity crowdfunding legal relationship, the law should be equity crowdfunding financiers defined by law for the establishment of small and micro enterprises in our country, the unity of equity crowdfunding platform positioning similar fund-raising portal specialized agencies, to establish a multi-level system of qualified investors, escrow funds and other institutional investors protection system, and improve the information disclosure system in order to reduce the probability of both investment and financing information asymmetry generated by the risk of fraud.