On The Legal Supervision Of Equity-based Crowdfunding In China

Equity-based crowdfunding refers to a new type of financing mode that financing companies are facing ordinary investors and relying on the Internet to attract investors to invest in them.Equity crowdfunding bodies include financing parties,investors and equity-based crowdfunding platforms.Stake in the emergence of the raise,is an important complement and innovation to the traditional financial pattern,raise the stakes in the rise,to a certain extent,ease the problem of micro,small and medium enterprises financing difficulties,to make more efficient use of part of the idle private capital,inject new vitality for the capital market.However,due to the lag of law and the restriction of relevant laws and regulations,it is still controversial whether the operation mode of equity-based crowdfunding is legal.Stake in the raise on the Internet,the openness of the Internet to make equity raise in the form of"public offering" awkward situation,and this kind of to "no specific object through issuing shares" behavior,it is our country law forbidden disturbing the order of financial crime.In July 2015,ten ministries and commissions,including the central bank,the ministry of industry and information technology and the ministry of public security,jointly issued the guidelines on promoting the healthy development of Internet finance(hereinafter referred to as the "guideline").In October 2016,the securities and futures commission,the national development and reform commission and other 15 departments on the equity and the raise risks rectification work plan "(hereinafter referred to as the" implementation plan "),are trying to regulate the raise field,to equity but regulation results unsatisfactory.At present,the special legislation of equity-based crowdfunding has not been introduced,and the new series of documents are lower.Traditional regulations restrict the development of equity-based crowdfunding.The current laws and regulations and investors' rights and interests are still unresolved.As soon as possible to improve the equity and the raise of legal regulation,to draw lessons from foreign advanced mode of supervision,to speed up the legislation system,the supervision system,funds,investors system set up a sound management system,out of a suitable for China's stake in the raise legal regulation of the development of the road.This paper main has five parts:Part I introduction.This paper introduces the background of the legal supervision ofequity-based crowdfunding in China,and expounds the research purpose,significance,research methods and current situation of domestic and overseas research.The second part is an overview of equity-based crowdfunding.The concept of equity-based crowdfunding is defined and the characteristics of equity-based crowdfunding and the emergence of equity-based crowdfunding are briefly discussed.This paper introduces the transaction mode and framework of equity-based crowdfunding.The third part is the existing problems of the legal supervision of equity-based crowdfunding in China.That is,the current series of legal documents cannot effectively regulate the development of equity.Moreover,the current situation analyzes the deficiencies of the current legal supervision: the lag of the law,the difficulty of investors' rights and interests,the loopholes in the fund supervision system and the immaturity of the supervision and management mechanism.The fourth part is the legal regulation and enlightenment of overseas equity-based crowdfunding.By introducing the outside the United States,Britain,Italy and Australia,the country's legal regulation of the country's stake in the raise,especially the American JOBS act,and Britain's "the raise regulations",learn from them is suitable for our country draw lessons from the legal regulation mode,reduce the stringent regulations on criminal aspects of economy,adopt open regulatory supervision train of thought,to try to establish equity in our country the small raise issue exemption and strict information disclosure system such as system construction brings revelation.The fifth part is the suggestion of improving the legal supervision of equity-based crowdfunding in China.Through to our country regulation road of exploration and the reference of foreign regulation method,raise the legislative body should improve the equity in our country the first,to improve the existing laws and regulations as well as a special law.It is also necessary to establish a sound management system of equity-based crowdfunding to ensure the safety of investors and financiers.In addition,the investor protection mechanism should be established from the perspective of regulating investor access and exit system,information disclosure system and credit system construction.We should give full play to the oversight role of local financial sector and industry adjournment,and innovate the supervision and management system of equity-based crowdfunding.