论股权众筹差异化信息披露义务

On the Information Disclosure Obligation of Equity Crowdfunding

信息披露权利义务如何分配,信息披露出现瑕疵的责任如何承担,需要结合学理和实践的互动进行研究。在股权众筹信息披露不足的现实背景下,围绕投资者利益保护的核心,厘清股权众筹不同参与者法律主体之间的法律关系,完善基于责任承担的信息披露权利义务分配,通过推定平台过错,督促平台履行勤勉责任,减轻投资者举证责任。通过设定平台与融资方不真正连带责任保证,优化平台和投资者之间信义义务联动,促使信息披露从形式规范迈向实质有效。

How to distribute the rights and obligations of information disclosure, how to bear the responsibility of information disclosure defects, need to combine the interaction of theory and practice. Under the realistic background of insufficient information disclosure of equity crowdfunding, focusing on the core of investor’s interest protection, clarify the legal relationship between different participants of equity crowdfunding, improve the distribution of information disclosure rights and obligations based on responsibility, urge the platform to fulfill the responsibility of diligence and reduce the burden of proof for investors by inferring the fault of the platform. By setting up the joint and several liability guarantee between the platform and the financing party, optimizing the interaction between the platform and the investors’ fiduciary obligations, and promoting the information disclosure from formal norms to substantive and effective.