Research On China's Internet Equity Crowdfunding Legal Supervision

In recent years,the emergence of Internet finance has become a phenomenon that cannot be ignored in my country's financial sector.Among them,the emerging financing model of Internet equity crowdfunding has developed rapidly,which has promoted financial innovation.Internet equity crowdfunding provides new solutions for SMEs and start-up companies with shortages of funds and difficulties in financing.However,this new type of financing model is different from the traditional model,which not only facilitates financing but also poses new challenges to legal supervision.The legal supervision function of Internet equity crowdfunding plays an important role in preventing the risks of Internet equity crowdfunding,protecting the legitimate rights and interests of the parties,and maintaining the financing order of Internet equity crowdfunding.Therefore,strengthening the legal supervision of equity crowdfunding is very important for the orderly development of equity crowdfunding.Due to the frequent occurrence of Internet financial chaos,the state strictly prohibits illegal acts that disrupt the financial order,but Internet equity crowdfunding is easily identified as an illegal public offering of securities due to its open nature.Since 2014,my country has issued a number of regulations to try to supervise the field of equity crowdfunding,but the effect is not good.In March this year,my country ' s newly revised“Securities Law”was officially implemented,which has a certain guiding role in my country's equity crowdfunding industry,but it still lacks a clear positioning and regulatory measures.At present,my country's legal supervision of Internet equity crowdfunding still has problems such as unclear regulatory legislative ideas,unregulated regulatory laws,and unscientific regulatory system design.The main reasons are:first,the regulatory mode is unclear,and the connection between institutional supervision and functional supervision is not good;second,the legislative legislation is lagging,and there are flaws in the legalization of equity crowdfunding and the supervision of the crowdfunding process;third,there is a strong regulatory color Take strict control over equity crowdfunding to prevent Internet financial chaos.The legal supervision of Internet equity crowdfunding is still the top priority of my country's supervision work in the field of crowdfunding.The core problem to be solved in the legal supervision of equity crowdfunding in my country is how to find a balance between facilitating financing and investor protection.The regulatory experience of European and American countries is of great reference to my country.The regulatory practices in Italy,the United States and the United Kingdom represent different regulatory ideas and methods of supervision.On the basis of reference,we can propose countermeasures to improve the legal supervision of Internet equity crowdfunding in my country.First,improve the basic principles of legal supervision of Internet equity crowdfunding in my country.The principles play a guiding role in supervision.Not only must the general principles of securities market supervision be followed,but also the principle of incentive compatibility should be established to provide support for the healthy development of equity crowdfunding.Second,clarify China's Internet equity crowdfunding regulatory legislative ideas,go beyond the traditional public-private dichotomy,and determine legislative ideas based on the small and open characteristics of equity crowdfunding;third,build an Internet equity crowdfunding regulatory legal system and improve existing securities laws Regulations and the construction of special laws for equity crowdfunding,perfecting the division of responsibilities of supervisory bodies,coordinated supervision,and improving the comprehensive legal responsibility supervision system from civil liability,administrative liability to criminal liability.Fourth,scientifically and rationally design the Internet equity crowdfunding supervision system,establish a small public offering exemption system that meets the characteristics of equity erowdfunding,build a regulatory framework for market access,operating behavior,and exit and strive to facilitate financing and investor protection Make a good balance.