股权众筹监管探究

On Equity Crowdfunding Regulation

股权众筹在我国的发展,喜忧参半。监管是必然的选择,国外成熟的监管经验值得我们借鉴。证券业协会股权众筹监管征求意见稿中对股权众筹进行单独专门监管的思路。但股权众筹的合法性不应通过将其限制为私募来实现;在众筹平台设立上,应给予年众筹额在一定额度内的众筹平台以豁免;应允许普通投资者跟投众筹项目;对融资额度未超过一定限额的融资企业可豁免或减轻其信息披露义务。

The development of equity crowdfunding （EC） in China presents a mixed picture, and calls for necessary regulations and supervision. Securities Association of China in its published draft EC Administration Measures proposed to regulate and supervise EC separately, in line with the approach in many other jurisdictions. It is questionable, however, to narrow EC to private offer. Moreover, proposed rules on qualifications for EC portals , qualified investors, and information disclosure, the are suppressive rather than encouraging. In those regards, China shall draw the experiences from the US, EU and its member states and shift to a more nurturing approach.