股权众筹平台投资者适当性义务的证成与制度构建

发布时间：2018-04-20 20:21

本文选题：互联网金融 + 股权众筹　；参考：《南方金融》2017年11期

【摘要】：无论从风险配置的效益、信赖利益的保护抑或平台实际发挥的作用来看,由股权众筹平台承担投资者适当性义务都具有合理性。将股权众筹平台作为投资者适当性义务的主体,并不意味着将其法律地位类同于证券公司,而是对其所蕴含的功能进行回应。作为融合证券公司和交易所功能的新型机构,平台需要承担的只是"低度"的投资者适当性义务。由于股权众筹平台的多重职能难以被传统金融机构居间人的法律定位所涵盖,因此,将其作为独立牌照的特殊金融机构更为适宜,能够有效避免投资者适当性义务与平台的法律地位之间出现矛盾。构建股权众筹领域投资者适当性制度要坚持以下几项原则:平台要对股权众筹投资者实施精准分类、提供差异化服务;平台由于对股权众筹项目信息审核失职而承担责任要执行"重大过错"标准;平台对股权众筹项目的风险提示和说明要融合互联网技术特性进行制度设计;平台对股权众筹项目信息要从传统上以推介为主转为以警示为主;平台由于违反投资者适当性义务而承担民事责任要实行举证责任倒置。
[Abstract]:Whether from the benefit of risk allocation, the protection of trust interest or the function of the platform, it is reasonable for the stock raising platform to bear the appropriate obligation of investors. Taking the stock raising platform as the main body of the investor's obligation of appropriateness does not mean that the legal status is similar to that of the securities company, but it responds to its implied function. As a new type of institution that combines the functions of securities companies and exchanges, the platform has to undertake only "low" investor suitability obligations. Since the multiple functions of the shareholding crowdfunding platform are difficult to be covered by the legal positioning of intermediaries of traditional financial institutions, it is more appropriate to use it as a special financial institution with independent licences. It can effectively avoid the contradiction between the investor's due obligation and the legal status of the platform. The following principles should be adhered to in the construction of the investors' suitability system in the field of equity crowdfunding: the platform should carry out precise classification and provide differentiated services to the investors; The platform is responsible for carrying out the standard of "major fault" due to its failure to examine and verify the information of the shareholding crowdfunding project, and the platform should design the system to integrate the characteristics of Internet technology with the risk prompt and explanation of the project. The information of the platform to the stock raising project should be changed from the traditional recommendation to the warning, and the civil liability of the platform should be reversed because of the breach of the investor's obligation of appropriateness.
【作者单位】：南昌工程学院;
【基金】：江西省2017年高校人文社会科学项目《股权众筹信息披露有效性的法律实现机制研究》(项目编号:FX17209)的资助
【分类号】：D922.287

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