The Research On The Legal Supervision Of China's Internet Non-Public Equity Financing

With the advent of the era of big data,the combination of Internet technology and the financial sector in today's society increasingly close in such a trend under various financial services products constantly derivatives.The generation of the Internet financial undoubtedly brings to the financial sector to significant changes in August of 2015,China securities industry association in the measures for the management of the Notice on adjustment of individual clauses of the regulation on filing of otc securities industry about adjusting individual terms clear to private equity in the notice of the modified to raise the Internet private equity financing.This is the first time of Internet private equity financing appears in the public view the Internet platform with high efficiency.On the other hand,its openness also brings new challenges to the supervision system of Internet non-public equity financing.Therefore,it has become an urgent task to form a sound supervision system for the normative development of Internet non-public equity financing.This paper is divided into four main parts:In the first part,the basic theories related to Internet private equity financing are sorted out.Firstly,the concept of Internet private equity financing is introduced.Secondly,the differences between Internet private equity financing and other financing modes are analyzed.Finally,the typical investment models in this field are listed and analyzed.The second part firstly defines the supervision meaning of Internet non-public equity financing from the perspective of supervision subjects and supervision contents of Internet non-public equity financing.Then analyzes the necessity of Internet non-public equity financing supervision based on information disclosure,investor protection and market order maintenance.The third part introduces the Internet regulatory status of private equity financing through the existing relevant laws and regulations and policy documents.And then through the way of case analysis to illustrate China's Internet private equity financing problems and deficiencies in the regulator legislation,mainly including self-regulatory patterns hidden trouble.Beside,many investors access and withdrawal system are not perfect for issuer qualification and is not strict enough for network financing platforminsufficient legal risk supervision and information disclosure system is not perfect,etc.The fourth part is mainly based on the current problems of China's Internet non-public equity financing regulatory system,taking the American equity crowd-funding regulatory system as an example,to explore the way of China's regulatory system in this field.First,it details how to regulate and regulate the "funding portal",investors and financiers under the "co-supervision" mode of the U.S.JOBS act.Secondly,the paper puts forward the idea of Internet regulation of private equity financing in our country and the suggestion,including establish common regulatory model,it has clear standards of qualified investors,and improve the mechanism of investors to exit,clear issuer qualification examination scope,increase the issuer qualification reference basis,to the platform shall practise a system of admittance of registration for the record,set up the escrow system,improve the system of information disclosure regulation,etc.