Study On The Legal Regulation Of Equity Crowdfunding

With the development of Internet technology,the Internet finance,especially equity crowdfunding,has developed rapidly.Equity crowdfunding lessens the gap between the investor and the issuer,which is helpful to solve the problem of financing difficulties faced by snd Economic Committee of the National People's Congress launched the mall and medium-sized enterprises.However,the cases of equity crowdfunding have continuously emerged.,which exposes the problems of equity crowdfunding in our country,like high investment risk and the participants' substandard behaviors.The development of the equity crowdfunding needs to establish a perfect legal regulation system.On December 18,2014,the China Securities Regulatory Commission announced “Regulation of Private Equity Crowdfunding(tentative)(draft)”,which drafted by the China Securities Industry Association.On April 20,2015,the Financial and Economic Committee of the National People's Congress launched a draft of the "Securities Law",which officially recognized that crowdfunding is a legal way to issue securities.China's legislative regulation of crowdfunding has taken the first step.Making a comparative study in regulation system of equity crowdfunding in other country that makes senses for the establishment and perfection of regulation system in our country.This paper is divided into five parts.The first part is introduction,which mainly elaborated background and significance,research status in China and abroad,research methods and innovations.The second part is the theoretical analysis of equity crowdfunding,mainly about the basic concept of crowdfunding,the predecessors of crowdfunding,the types of crowdfunding,the definition and characteristics of equity crowdfunding.The third part is the regulation of equity crowdfunding and its problems,mainly analyzes the background of equity crowdfunding in our country.And also analyzes the current law content of equity crowdfunding by through normative analysis,to point out the existing problems in the regulation of equity crowdfunding.The fourth part is the analysis of the foreign regulation of equity crowdfunding.This part mainly comparative analyzes the regulation of equity crowdfunding in the USA,the Great Britain and Italy,then puts forward its enlightenment to our country based on it.The fifth part is the countermeasures of perfecting Chinese legal system of equity crowdfunding.On the basis of the principles of legal regulation,this paper recommends a series of measures as to establish exemption of crowdfunded securities offerings,issuerobligations,funding portals obligations and the suitability of investors.