On The Legal Supervision Of Equity Crowdfunding Platforms In My Country

This paper takes the supervision of the equity crowdfunding platform as the research object,aiming at the legal regulation of the equity crowdfunding platform from the perspective of the regulatory authorities,through comparative analysis and extraterritorial methods,trying to improve the legal supervision of the equity crowdfunding platform in China.Suggestions to better protect the legitimate rights and interests of investors.By analyzing the equity crowdfunding platform under the current legal system,this paper finds that there are different legal risks in the equity crowdfunding platform,criminal law risks such as illegal fund-raising,fund-raising fraud and unauthorized stock issuance,which is easy to violate the securities law.The legal provisions such as the prescribed public offerings touch the administrative and legal risks,and may also impose civil liability on investors for breach of contract.However,the regulatory channels in China’s regulatory authorities for the supervision of equity crowdfunding platforms are not clear,the platform lacks reasonable legal positioning and the platform lacks a unified market access mechanism,which leads to the continuous problem of China’s equity crowdfunding platform.In order to prevent the risk of equity crowdfunding platform in China,this paper analyzes the practices of countries with mature experience in equity crowdfunding platform supervision in the United States,the United Kingdom and Japan,and combines the development status of China’s equity crowdfunding platform to obtain a platform for equity crowdfunding.The choice of regulatory path,the legal positioning of the platform,and the market access criteria for setting the platform require improvement in China.Through the above analysis,this paper believes that for the supervision of China’s equity crowdfunding platform,the following specific regulatory channels should be clarified.First,the equity crowdfunding platform will be included as a special financial intermediary in the Securities Law,giving the equity crowdfunding platform a clear legal status;Combined with the characteristics of equity crowdfunding,the specific requirements for the equity crowdfunding platform are specified in the form of departmental rules;finally,the industry self-discipline association is given certain management authority to reserve flexible channels for the supervision of China’s equity crowdfunding platform.The supervision reserves a certain amount of space.