美国证券众筹条例解读

“Regulation CF”Digest

众筹,特别是证券众筹,是目前诸多境外成熟资本市场为解决小微企业融资问题给出的共同答案。2015年10月30日,美国证券交易委员会正式通过了《众筹条例》,使美国的证券众筹有了操作依据。该条例无疑为我国的股权众筹监管与实践提供了经验。本文根据美国证券交易委员会就《众筹条例》的征求意见稿、最终稿及相关说明文件,对该条例进行了梳理与解读,并简要介绍了该条例实施以来美国证券众筹的实践情况,以资制度设计者参考。

Crowd funding,especially securities-based crowd funding,is becoming the solution of capital formation for emerging companies in capital market overseas.On Oct.30th 2015,the Securities Exchange Commission of US promulgated“Regulation CF”to facilitate US securities crowd funding market.Undoubtedly,such regulation will provide us comprehensive experiences on developing and regulating crowd funding market in China.According to the proposed and final rule of“Regulation CF”and related explanation on Federal Register,this article will focus on the structure and detail of such regulation,and provide a brief review of the crowd funding practice in US post the promulgation of“Regulation CF”.