The Legal Supervision Research Of Equity Crowd-funding

As a new financing model,the equity crowd-funding relies on the internet to finance from the public,by using stock right as consideration.After the stock right crowd-funding comes out,it isn't regulated by some relative regulatory systems on legislation in our country.There is a profession rule made by Securities Association in 2014,but still it shows no effect.Different ministries and commissions of China Securities Regulatory Commission(CSRC)have formulated regulations and policies to make the macro coordinating to the stock right crowd-funding,but did not make any regulatory rules to the platform,financier or investor.The stock right crowd-funding has its public property when facing to unspecific public financing,while the auditing cost of public emission is huge to afford so that there is a large amount of corporation without approved to public offering which faced to the illegal problem.Most projects choose to private placement so the development of the equity crowd-funding was impeded.Under the situation that some reality problems cannot be solved by existing legislation,by studying the relevant legislation abroad and domestic academic achievements,how to structuring the supervision institution among different targets involving in the stock right crowd-funding financing has been discussed in this paper,aiming at optimizing the current supervision situation in our country and discuss the possibility to remit the equity crowd-funding in our country.This paper introduce the current supervision situation about the stock right crowd-funding financing in China.Firstly,I explain the concept and the characteristic of the stock right crowd-funding,clarifying the essence of stock right crowd-funding's public collecting behavior,stating that it is important for solving the financing problem for an Entrepreneurship.By analyzing the obstacles that stock right crowd-funding currently faced in China,it presents the absence of supervision regulation in our country.While the huge cost needed for the supervision is conflicted with the aim of stock right crowd-funding,thus it is necessary to perfect the legislation and regulations as well as try to establish the remit regulation according to the stock right crowd-funding.The internet platform,financier and investor are all the targets of legislation supervision.In the second,third and fourth part of this article,it analyses the regulations towards different supervision targets and discusses the supervision regulations from the internet platform,financier and investor aspect respectively,as well as introducing legislation aboard,mainly the example of United Stated 1 s legislation creation and evolution about its stock right crowd-funding supervision regulation.The paper introduces the supervision regulation to the foreign platform,analyzing and understanding their supervision idea,as well as trying to create supervision regulations in our country.Firstly,it clarifies the necessity of platform supervision and regulation.Then,it analyses the legal status of Internet stock right crowd-funding platform,as well as analyzing the rights and obligations of Internet stock right crowd-funding platform.Accordingly,it studies the rules of Internet platform of the United States due to the absence of the regulation for Internet platform in our country,and it perfects the establishment of the rules of China's crowd-funding platform as well.This paper also analyses the financiers ' rules.First of all,it is current to establish the need to regulate the financiers,then I analyzes the rules of information disclosure,in the supervision of issuers,the traditional supervision means of information disclosure is still important to continually regulate,and the information transfer function of platform does not eliminate information asymmetry brought by asymmetric information to investors.As a means of preventing fraud,information disclosure rules are still necessary.And we should consider the perfection of information disclosure rules in our country by analyzing the regulations in our country on the disclosure of stock-raising information.At last I analyze the Investor's rule.And I state the necessity of supervising the investors,then I introduce the legislation innovation of the investors ' rules abroad,after analyzing the innovation of the American investors ' quota and the rules of the British Investors classification,I finally discusses how to establish the investor rules in our country.