Research On The Legal System Of Equity Crowdfunding

The market of equity crowdfunding is growing rapidly in recent years. But, it is incompatible between the rapid development of equity crowdfunding and the impeded legal norms, on phenomena of the Popularity and the risk of equity crowdfunding, makes the task of raising sophisticated legal norms of equity crowdfunding extremely urgent. We launched Private Equity Crowdfunding Measures(Measures) and Guidance on Promoting the Healthily Development of Internet Finance(Guidance) successively, regularized the market of equity crwodfunding to an extent. But, with the development of the Internet, only by these two norms cannot comprehensively and effectively promote the healthy development the market of equity crwodfunding, cannot bring about a cure to the serious flaws and the significant problems of the market.On that basis, analysis the existing risk of the investor of equity crowdfunding in detail during the investment, for example, the access rules and long exiting period; the equity crowdfunding platform in establishment, operation may occurred illegal fund-raising, publicly issues securities and lax management of investor funds and other issues; the financier may use the project to conduct illegal activities, state project falsely for financing, improper use funds of investors after financing, protection of intellectual property rights and other legal risks, issues. This paper attempts to start from the above issues, constructs the system of equity crowdfunding. First of all, details the investor market access standards, perfects the investor's management to the project and dispute resolution mechanisms, improves the efficiency of investment and makes investors' market withdrawal mechanism flexible. Secondly, through standardizes the platform access rules, clears the multiple operation modes and improves the platform's sense of responsibility to strengthen the supervision to the platform of equity crowdfunding. Finally, through regulates the financiers' financing activities, the issuing modes, improves their awareness of intellectual property protection, to make sure that the activities of equity crowdfunding in a lawful and orderly manner. By improving these contents, to ensure that the whole process of equity crowdfunding process are carried out within the framework of norms.