Research On The Construction Of Information Disclosure System Of Equity Crowfunding In China

As one of the important means of Internet financing,the equity crowdfunding is developing without following laws and rules.One of the fundamental reasons in the lack of information disclosure system.Construction of information disclosure system can solve the information asymmetry and market lemons,and protect the interests of investors effectively.Equity crowdfunding is different from the securities issue in traditional securities law theory,can not directly apply to the current<securities law>provisions,should construct information disclosure system for equity crowdfimding specially.The construction of information disclosure system is divided into several dimensions:In terms of content,according to the financing way and financing amount to set up hierarchical information disclosure standards,distinguish between one-time and continuous information disclosure guidelines,and establish investment Information-exchange supervision platform creatively;In terms of obligations,to set up the subjects of information disclosure of the equity crowdfunding:the crowdfunding platform,project sponsors of the equity crowdfunding,leaders of investment,make sure that the nature of the obligation is mandatory information disclosure;In terms of liability,the crowdfunding platform and financing subjucts should take tort liability or liability for breach of contract without fulfilling the obligation of information disclosure,and in the case of the two competing,investors choose their own relief,learn from the<securities law>theory,combined with equity crowdfunding as the essence of Internet finance,to take presumption of fault as the attribution principle of tort liability,at the same time construct the responsibility sharing mechanism between the financier and equity crowdfunding platform.In terms of regulation,construct the co-regulatory model between administrative supervision of SFC and self-regulatory of industry association,set up credit-sharing platform as infrastructure for information disclosure,and builde coordination supervision between institutional supervision of SFC and functional regulation of local financial regulators.