中国语境下股权众筹的法律性质及发行审批豁免

Research on the Legal Nature of and Exemption of Approval of Equity-based Crowdfunding in the Context of China Legal Systems

在中国证券法律语境下,根据证券发行制度设计的目的,宜将股权众筹法律定性于证券公开发行行为。但在现行证券公开发行核准制(包括未来实行注册制)下,股权众筹面临着许多法律障碍和制度供给不足,需要通过修订证券法律使股权众筹合法化,并根据股权众筹的实质进行适应性变革,赋予股权众筹公开发行的豁免核准或注册,并从控制股权众筹发行人范围及融资规模、限制投资者投资额度、适当减轻发行人信息披露义务和强化众筹平台的营业行为(负面清单)规制等来建构符合中国国情的股权众筹法律制度。

In the context of Chinese Securities Law,according to the purpose of the securities issuance system,it is advisable to define the Equity-based Crowdfunding as the public offering of securities.But in the current approval system of securities public offering(including the registration system in the future),the Equity-based Crowdfunding is faced with a lot of legal obstacles and the lack of institutional supply,it needs to be legalized by revising the Securities laws.We also need to carry out adaptive change on the basis of the essence of Equity-based Crowdfunding,and grant an exemption of approval or registration for its public offering.By controlling the scope of the issuers and the scale of financing,restricting the investment quota,reducing the issuer’ s obligation to disclose information and by strengthening the business behavior(Negative list management)of the Crowdfunding platform,we can construct a legal system of Equity-based Crowdfunding that is in line with China’ s national conditions.