股权众筹平台的监管责任法律问题研究

Research on Legal Issue of the Regulatory Responsibilities of Equity-Based Crowd-Funding Platform

在当前互联网金融深化发展的背景下,中国式股权众筹由于仍存在法律上的障碍,暂时还无法体现出'小额、公开、大众'的制度优越性。鼓励、引导和规范股权众筹在中国的发展方能较好为实体经济服务,而除了传统行政机关对众筹平台的监管以外,加强众筹平台自身的监管责任也是保证众筹行业健康发展的有效途径。具体来说可以借鉴美国JOBS法案对于集资门户监管职责的立法构造,在准确界定众筹平台性质的基础上强化平台的强制信息披露责任、设计全面的尽职调查责任、构建违法失职的责任追究机制与市场退出机制,以期构建更为全面的股权众筹自律监管机制。

In the current context of the deepening development of Internet finance,there still exists several legal barriers,and China’s equity-based crowfunding can’t completely reflect the features of small,open and public.In view of the huge advantages that equity-based crowd-funding benefits the entity economy,it’s a better choice for regulator to encourage,guide and regulate the development of equity-based crowd-funding in China.Not only should the administrative organs regulatory the crowd-funding platform,but enhance the regulatory responsibilities of equity-based crowd-funding also an effective way to keep this industry healthily.To be specific,China’s legislation can take example from JOBS act’s legislation structure that stipulates the regulatory responsibilities of funding portal,such as enhancing platform’s responsibilities of information disclose which were based on defining the nature of platform accurately,designing comprehensive responsibilities of due diligence,constructing the unlawful responsible mechanismand market exit mechanism,which are going to build a comprehensive selfregulation mechanism of equity-based crowd-funding.