Research On The Investors Suitability System In Crowdfunding

Crowdfunding financing emerged after the 2008 financial crisis.Among them,equity crowdfunding quickly entered the field of vision relying on the rapid development of the Internet.It is not only an important channel for the financing of SMEs,but also a multi-level capital market important step.However,due to its own high risk,coupled with the backward supervision of the equity crowdfunding market in China,the obligations of fundraiser and crowdfunding platform in the equity crowdfunding entity at this stage are still too small compared with the obligations that should be assumed.The possibility of encountering fraud and loss is greatly increased.Based on this situation,accelerate the institutional construction of equity crowdfunding investor protection measures to balance the rights and obligations of current investors and other parties' obligations,so that more investors can participate in the equity crowdfunding market and share Internet finance development bonus.As an important means of financial investor protection,investor appropriateness rules have applied experience in other financial fields in China and achieved good results.Therefore,the author believes that it is an effective way to introduce investor suitability rules in the field of equity crowdfunding to build an investor protection system.In addition to the introduction and conclusion,this paper is divided into five parts to discuss the construction of the appropriate rules for equity crowdfunding investors :The first part defines the concept of equity crowdfunding and investor suitability rules,and introduces the current main mode of equity crowdfunding in China and the theoretical basis of investor suitability rules.After careful analysis of the qualified investor system,it points out that it is different from the investor's appropriateness rules,and discusses that the current qualified investor system cannot meet the needs of equity crowdfunding investor protection.The second part analyzes the necessity of constructing investor suitability rules in the field of equity crowdfunding.At present,due to the lack of supervision in China's equity crowdfunding market,the risk protection is high,there are many frauds and self-inflation phenomena,the information disclosure system is imperfect,and the investor's “collective wisdom” is difficult to achieve.Waiting for the situation.The investor suitability rules are the best choice for the current regulatory path,laying the foundation for investor protection and the development of the equity crowdfunding market.On this basis,the paper analyzes the operation effect of the appropriate rules in the bank wealth management business and the GEM market,and combines the similarity between the equity crowdfunding market and other financial markets to further explain the rules for constructing investors' appropriateness in the equity crowdfunding market.The third part mainly discusses the dilemma of directly applying the appropriateness rules of traditional investors.In practice,due to the lack of relevant systems in the field of equity crowdfunding in China and the unclear positioning of the legal nature of the equity crowdfunding platform in the current law;in terms of academics,based on the particularity of the legal relationship between investors and crowdfunding platforms,the traditional appropriateness The application of the principle is not feasible in the field of equity crowdfunding.It is not feasible to directly apply the traditional investor suitability rules.In the fourth part,the author selects the representative contents of the investor appropriateness rules in the representative regulation of the United States,the United Kingdom and Italy,and focuses on the restrictions of the above three countries on investor access,investor classification and investment amount.On the basis of summarizing and introducing the above contents,the content of the equity crowdfunding platform is summarized and summarized,which provides a reference for the construction of equity crowdfunding investors.The fifth part is the system construction of the appropriateness rules for equity crowdfunding investors in China.First of all,in order to clear the institutional obstacles to the establishment of the appropriate rules for equity crowdfunding investors in China,we must improve the micro-issuance exemption system,a more flexible investor access system,a focused information disclosure system and the relevant foundation of the investor education system.Secondly,the introduction of trust protection theory into the field of equity crowdfunding,as the theoretical basis of investor appropriateness rules,has solved the problem of the application of traditional theory and equity crowdfunding.Thirdly,clarify the legal status of the crowdfunding platform,and stipulate that it assumes appropriate obligations such as information management and risk warning;finally,clarify the legal responsibility of the crowdfunding platform for violating the appropriateness rules,and at the same time build diversification outside the litigation process.