The Study On The Legal System Of Equity Crowdfunding Information Disclosure

Since 2011,Internet finance has gradually emerged and developed rapidly,and a novel financing model-crowdfunding has entered the public view of China.The development of this model from developed countries in Europe and the United States can be described as “Rapid development and rapid silence”,and it is still in the primary development stage of continuous exploration.Information disclosure is one of the important ways of financial supervision.It has a significant effect in building investor trust and creating a good investment and financing environment.However,due to the public,small amount and mass characteristics of the equity crowdfunding model,its information disclosure can not fully apply to the existing information disclosure system in China.Therefore,the equity crowdfunding information disclosure system has its particularity and necessity.Regrettably,equity crowdfunding legislation is lagging behind,and there is no real information disclosure rule yet.However,in practice,the self-regulatory norms of the industry and the disclosure rules of the equity crowdfunding platform are also uneven.Limited binding force,insufficient mandatory force and operation are common problems.It can be said that the equity crowdfunding information disclosure system needs to be established urgently.A complete information disclosure system suitable for the current situation of equity crowdfunding in China can provide accurate guidance for market participants,to a certain extent to curb industry chaos,purify investment and financing environment,enhance investor confidence,and accelerate multi-level capital markets,so as to guarantee financial innovation and maintain financial security.In addition to the introduction and conclusions,this paper is divided into four parts :The first part is an introduction to the equity crowdfunding information disclosure system.Based on the introduction of the concept and characteristics of equity crowdfunding,this part clearly puts forward the main contents of the system.It also analyzes the function of the equity crowdfunding information disclosure system,and points out that the equity crowdfunding information disclosure system plays an active role in alleviating information asymmetry,protecting investors' interests and implementing effective supervision.The second part is the reference to the legal system for information disclosure of equity funds in the United States and Britain.This part examines the general situation of equity crowdfunding legislation in the United States and the United Kingdom and its relevant rules for information disclosure.It compares the similarities and differences between the two countries,summarizes the legislative experience of information disclosure on equity crowdfunding in the two countries,and provides a reference for constructing the information disclosure system for equity crowdfunding in China.The third part is the main problem of the legal system of information disclosure of equity crowdfunding in China.Through the combing of the status quo of China's equity crowdfunding supervision,this part finds that the legislative lag is the primary problem of equity crowdfunding and its information disclosure legal system.Secondly,it analyzes the problem of insufficient binding force of relevant normative documents.It is pointed out that the information disclosure rules of the equity crowdfunding platform are not comprehensive,the content is not specific,the time is not clear,and the method is not standardized from the perspective of practice.The fourth part is to construct the legal system of equity crowdfunding information disclosure in China.This part combines the main problems mentioned above,and puts forward relevant suggestions from the aspects of accelerating legislation,enhancing binding force and unifying standards.In particular,by drawing on foreign legislation and practical experience in China,in terms of unified disclosure standards,the recommendations for clear disclosure of the main body,detailed disclosure,clear disclosure time,and standard disclosure methods are proposed in more detail.