股权众筹的法律风险及规制路径研究

Study on the Legal Risks and Regulatory Paths of Equity-Based Crowdfunding

2016年10月13日,证监会等15部门联合公布了《股权众筹风险专项整治工作实施方案》,给一段时间来处于"野蛮式"发展的股权众筹"降了温"。股权众筹作为互联网和金融相结合的新型融资模式,有效的缓解了初创企业融资难、融资贵的难题;但是,由于当前我国立法滞后、互联网金融创新多变、行业规则不统一等使得在我国开展股权众筹面临着非法集资、公开发行证券、股权人数超过法定上限以及其他的法律冲突。对此,可以借鉴国外建立"众筹豁免"机制,对股权众筹运营机构采取许可制;参照私募基金相关规则,明确股权众筹运营机构的项目审查、信息披露及投后监管义务;对投资人进行分级,严格执行投资人适当性规定,加强投资人教育。

On October 13,2016,the CSRC and other 15 departments jointly promulgated the ＂ imple- mentation Plan for the Special Rectification of Equity Risk,＂ which gave a ＂cool＂ for some time in the ＂ barbaric＂ development. Equity financing as a combination of Internet and financial new financing model, effectively alleviate the financing difficulties of start-up enterprises, financing expensive prob- lems;However, due to the current legislation in China lagging behind, the Internet financial innovation, industry rules are not unified so that in China To carry out equity participation in the face of illegal fund-raising, public offering of securities, the number of shares beyond the statutory limit and other le- gal conflicts. This paper believes that we can learn from foreign institutions to establish a ＂ co-ordina- tion＂ mechanism ,the ownership of the operating agencies to take licensing system; refer to the private equity fund rules, a clear equity ownership of the operating agencies of the project review, information disclosure and postponement supervision obligations ; People to grading, strict implementation of the pro- visions of the appropriate investor, to strengthen investor education.