股权众筹监管的国际比较与启示——以投资者适当性制度为视角

The International Comparison and Enlightenment of the Supervision on Equity Crowd-funding——Form the perspective appropriateness system of the of investor

股权众筹,是指发行人通过互联网向不特定多数人公开募集股本的活动,在美国、英国、意大利等国已逐渐步上规范发展的正轨。其在监管制度上,以投资者适当性相关规制为创新之最大亮点。就美国、英国、意大利三国的实践而言,投资额分层限制制度、认证投资者模式下的投资者适当性制度、'领投+跟投'模式下的投资者适当性制度是三种代表性的制度设计。应结合我国现实,与《证券法》新草案相呼应,构建并完善我国股权众筹的投资者适当性制度。

Equity crowd-funding can be recognized as the activity where the publishers issue shares to non-specific investors through the Internet,which has been stepped on the standardization development in countries like U.S.A,U.K.,Italy and other countries.The investor appropriateness rules are the most innovative one among all related regulations.Based on the investor appropriateness systems of U.S.A,U.K.and Italy,three representative system respectively investment system of investment stratification restriction system,investor appropriateness in certification investor mode system,appropriate institutional investor system under the mode of"led and follow",as well as the background of the system design and related considerations.Combined with the reality in our country,also respond to the new Securities Law draft,making recommendations for relevant system design.