Research On The Registration Exemption System Of Small Equity Based Crowdfunding

Small-sized enterprises and startups financing difficulties has been a common problem faced by countries,but with the rapid development of Internet technology and its deeper integration with the financial market,equity based crowdfunding as an important part of the Internet financial stake has been pay attention to and known by people.Equity based crowdfunding as a new product to resolve the small and medium-sized enterprises financing difficulties,it provides people with convenient investment channels,the registration exemption system of small equity based crowdfunding arises naturally and has many strong practical significance.It can not only broaden the small-sized enterprises and startups financing channels,to reduce the enterprise financing costs,make a reasonable distribution of limited resources to government supervision,but also improve the system of our country's securities issue,promote the construction of multi-level capital market in our country.However,build the system also exist many problems in China,includes the lack of law itself,the fuzzy of the raised platform positioning,management standard not unified,and investor protection does not reach the designated position.In addition,to build this system also exist platform reliability cannot be determined,the authenticity is difficult to project audit,financiers bring securities fraud easily and the raise of investors on the right to exercise.This article also introduce of raise quotas,law exemption,the raised platform and information disclosure of the United States,discusses the qualifications of financiers,the issue exemption limit and the qualifications and obligations of the raised platform in Italian law,so that we can draw lessons from the successful experience of the American JOBS Act and Italy advanced merits of relevant legal system.Under the background of "Securities Law" changes in our country,fully draw lessons from the beneficial experience of other countries,and combined with the actual situation in our country,so we can put forward specific suggestions for the registration exemption system of small equity based crowdfunding in our country,take full advantage of this system,and make more investors to participate in the investment,realize the effective cash flow and profit.The author hopes this system can provide a legal basis for the equity based crowdfunding while guaranteeing the authority of Securities Law,create a good legal environment or the healthy and fast development of the equity based crowdfunding in our country,ensure the sustainable development of the micro,small and medium enterprises,and promote the innovation and development of the inclusive financial system in our country.