The Legal Disclosure System Of The Non-public Equity Financing

The internet non-public equity financing,a new star in Internet finance,has a great significance in meeting the financing needs of small and micro businesses,promoting the development of real economy,as well as consummating the system of multi-level capital market.With booming of this new financing pattern,its congenital factors of the Internet and security make the information failure more prominent and widespread.However,not only legal norms for information disclosure are at the stage of soliciting comments and suggestions,but also the industrial rules and guidance are still being explored on the content,form,procedure,responsibility assignment,relief channels and the other aspects of information disclosure.As a result of the deficient information disclosure system,a series of problems like adverse selection and investment fraud spring up in the practice.The information disclosure existing problems in the internet non-public equity financing are drawn forth through the case of “Feidu Network Technology Ltd.v.Nuomiduo Catering Management Ltd.”concerning intermediary service contract dispute and the “Hongli Energy incident”.Then make a discussion around the specific characteristic of the internet non-public equity financing model,and respectively analyze the information disclosure problems therein from the perspective of normalization and operation.Finally,put forward certain targeted advices related to the forgoing problems on the basis of the foreign experience and characteristics of the domestic market.More concretely,it is mainly divided into three parts:Chapter one is to clarify the connotation and denotation of concept of the internet non-public equity financing from the theoretical perspective,explore the institutional function of information disclosure legal system in the field of the internet non-public equity financing,clear the legal relationship among the parties thereof.It lays the foundation for the further study of the information disclosure legal system of the internet non-public equity financing.Chapter two is the analysis of the information disclosure problems of the internetnon-public equity financing,which possesses the features of small and micro businesses to raise capital,qualified investors to invest and the extension characteristics of the Internet.Based on the foregoing features,make an analyzation from the perspective of normalization and operation of the existing information disclosure problems,including the sweeping principle of information disclosure,the rigid content of information disclosure,the confused form of information disclosure,the lack of legal accountability system of information disclosure,the inoperable civil-right relief channel of information disclosure and the scarce disclosure of credit information.Chapter three is mainly about the constructive and targeted countermeasures to optimize the information disclosure system of the internet non-public equity financing,which are put forward based on the ideas of supervision and the art of interest balance in solving the problem of information asymmetry,which are embodied in the Jumpstart Our Business Start-ups Act(America),the Ordonnance no 2014-559 du 30 mai 2014 Relative au financement participative(France),the Regulatory Approach to Crowdfunding Over the Internet and the Promotion of Non-readily Realizable Securities by Other Media(England)and the Notice on Further Strengthening Protection of the Lawful Rights of Small Investors in Capital Markets(China).