Research On The Supervision Of Internet Non-public Equity Financing Platform

Internet non-public equity financing is the product of concrete practice of equity-based crowdfunding under the current legal framework in China.It is a new type of Internet finance format.It was once known as "private equity crowdfunding".The in-depth practice and continuous development of financing in China have gradually clarified the development and governance of the classification and implementation of Internet non-public equity financing and equity crowdfunding financing.Due to the late start of Internet non-public equity financing in China,rapid development,backward supervision,and lack of a unified regulatory system,the development of the industry has yet to show its due vitality.In the entire investment and financing relationship,the platform is at the center and should become the focus of supervision.Therefore,this article focuses on the supervision of Internet non-public equity financing platforms.Through combing the relevant laws and regulations and the regulatory documents of the regulatory authorities,the current status of platform supervision is summarized.Loopholes and problems.Finally,on the basis of drawing lessons from the US crowdfunding platform supervision experience,it puts forward suggestions to improve the supervision of China’s Internet private equity financing platform,with a view to providing some ideas for the development and supervision of China’s Internet private equity financing.In addition to the introduction and conclusion,this article is divided into five parts:The first part is to sort out the basic theoretical issues related to the Internet non-public equity financing platform.First define the concept of Internet non-public equity financing,and compare Internet non-public equity financing with equity crowdfunding and private equity funds;secondly,clarify the legal nature of the platform as a special intermediary with higher obligation requirements,and assume higher Analyze the cause of the obligation;finally,through the observation and experience of the representative platform in the current industry,the general operation mode of the platform is summarized.The second part is a review of the necessity and status quo of Internet private equity financing platform supervision.Since the platform is at the center of the entire investment and financing activities,in order to control the legal risks in the operation of the platform and effectively protect the rights of both parties in investment and financing,this article believes that the supervision of Internet private equity financing should be centered on the platform,and the focus of supervision The tilt of the platform is more reasonable.In addition,by combing the laws and regulations related to the Internet’s non-public equity financing activities and the regulatory documents,the current legislative status of the platform supervision and the implementation of the supervision are summarized.The third part is to analyze the problems existing in the supervision of Internet non-public equity financing platforms.The first problem is the insufficient supervision of the platform’s access,which is reflected in the unclear definition of the nature and status of the platform and the inappropriate conditions of the current platform’s access;the second problem is the lack of strength in the supervision of the platform’s compliance,Due to the lack of regulatory rules and regulations,the platform faces illegal risks such as illegal public offering of securities,illegal fund raising,and damage to investors’ rights and interests.The third problem is that there is a gap in the supervision of the platform ’s exit.Supervision is basically in a vacuum.The fourth part is the introduction of the supervision experience of the US equity crowdfunding platform and the enlightenment drawn from it.This section mainly analyzes the experience of the US crowdfunding legislation and the supervision of crowdfunding platforms,and analyzes the experiences and enlightenment for the supervision of China’s Internet private equity financing platforms.The fifth part is to improve the supervision system of China’s Internet non-public equity financing platform.The content of this part is mainly to propose regulatory measures and measures against the problems and legal risks that may exist in the entire process from the establishment of the platform to the offline.Including accelerating the issuance of special regulatory regulations and rules to clarify the legal status of the platform;strengthening the supervision of the platform access stage to meet the needs of the healthy development of the industry;strengthening the control of the platform ’s illegal risks and preventing the platform ’s illegal operations;The platform withdraws from the market-related regulatory system to make up for the regulatory gap.