Research On The Legal Risk Prevention Of Equity-based Crowdfunding

In recent years,the government has been committed to solving the financing difficulties of small and micro enterprises,supporting the development of small and micro enterprises in depth,emphasizing the improvement of multi-level capital markets,and promoting "many entrepreneurial innovations." In the context of this system,equity crowdfunding,as a direct financing tool for small and micro enterprises,enjoys a policy dividend that can be expected.The development of equity crowdfunding is far from the end of its life.Although there have been some problems in China's equity crowdfunding,the overall trend is positive.This paper will use this as an opportunity to analyze the staged difficulties of equity crowdfunding in China and rectify it.While clearing the chaos that exists in the internet crowdfunding process,it explores the path for the development and improvement of equity crowdfunding that is suitable for the Chinese market.This article is mainly divided into four parts:In the first part,it mainly introduces the concept of equity crowdfunding,the type of equity crowdfunding,the legal risk of equity crowdfunding,and the explanation for the necessity of preventing the legal risk of equity crowdfunding.In the category of equity crowdfunding,this article mainly introduces shareholder crowdfunding,partnership crowdfunding,and equity crowdfunding,which includes a detailed analysis of the use of the SVP paradigm in partnership-based crowdfunding;and the legal risk of equity crowdfunding,This article mainly introduces the risk types of credit risk,liquidity risk,legal compliance risk,operational risk,and technical risk.In the following text,the types of legal risks are refined,combined with specific case analysis to provide practical services for risk.in accordance with.In terms of the need for risk prevention of equity crowdfunding,this article mainly explains the following points,such as investor protection and maintenance of financial security.In the second part,mainly introduced the our country all equity to raise risk types,respectively from the Angle of the financiers and investors,platform specific and detailed analyses,the main risk types including issue securities such as financiers suspected crimes,such as illegal business crime criminal failure risk and financing risk,etc.For investors,there are five main risks: fraud risk,long return cycle,poor equity liquidity,information leakage risk,investment failure risk,exit risk,etc.The legal risks of the platform are mainly as follows: the positioning of the equity-based crowdfunding platform is unclear,the rights and obligations are unclear,and the equity crowdfunding platform itself also has credit risks.In the third part,mainly discusses the equity analysis and draw lessons from the outside of the raise risk prevention,analyzes the equity of the United States,Britain and the European Union and the legal system and the system construction,raise the analysis of the United States mainly based on the "JOBS",comprehensive analysis of the United States a series of institutional arrangements,such as start-up obligation of information disclosure exemption system,financing limit regulations,basic information disclosure obligation,clear the roles and functions,qualified investors suggests platform confirmation,to set up the third party funds depository system.For Britain,through the "about the specification of the raised platform and other similar activities behavior for advice report,all the raise on the network and by other means issuing illiquid securities regulatory rules such as the text of law,focusing on investor suitability level and the raised platform authorization level are analyzed.For the eu,the main analysis of the eu's advanced investor protection system.Finally,this paper summarizes the reference significance and concrete measures of the experience of countries outside the region.In the fourth part,discusses the equity in our country and all the measures to establish perfect risk prevention mechanism,raise mainly includes the legislation,such as the securities law and company law for the exemption of microfinance subject,such as strengthening the regulatory flexibility and operability.Investors to establish a cooling-off period and equity transfer lock on a regular basis,to strengthen the information disclosure and credit system is perfect,clarify the qualified investors and investor rights and reference to the risk of bank financing products matching principles,for investors,will be to minimize the risk of investors.