证券式众筹：监管趋势与法律进路

Crowd- funding Securities: Regulation Trend and Legal Path

证券式众筹虽为一种新型的互联网融资方式,但仍具有集资性和公众性的双重特点,这表明证券式众筹可能面临擅自发行和欺诈发行证券的风险,故有必要对其进行监管。较之于传统公开发行,域外立法已创新证券式众筹监管理念,并作出相应的制度设计,其监管重点已单纯从发行人信息披露、投资者适当向兼顾投融资限额、投资权利维护转变以及强化中介机构在证券式众筹监管中的作用,此举或许可为我国证券式众筹合法化及其监管制度的确立提供有效借鉴。须创新证券式众筹的监管理念,并分别从发行人、中介机构资格与义务设定以及投资者权利的直接维护来确立证券式众筹监管的法律进路。

As a new type of internet financing,crowd- funding securities have both features of fund raising and publicity bearing the risk of discretional issuance and securities issuance by fraud which requires necessary regulation. Compared with traditional public issuance,foreign legislators have innovated their regulatory ideas on crowd- funding securities by designing rules with emphasis changing from information disclosure and investor suitability to restrictions on the amount of investing and financing as well as protection of investing rights and intensifying regulations on the role of intermediary organizations in crowd- funding securities. These measures will offer effective references for our country so as to inspire innovative ideas on regulations following such legal paths as capacities and obligations of the issuers and intermediary organizations,as well as direct protection of investors.