论股权众筹发行豁免注册的制度构建——基于美国及台湾地区经验之比较
发布时间：2018-12-18 01:26
【摘要】：股权众筹融资是一种公众、小额和分散的网络集资行为,难以适用传统证券发行制度,在我国更因证券发行豁免制度的阙如而难以开展。证券法修订草案一审稿明确众筹等公开发行豁免注册,并授权证券监管机构制定具体规则。为促进众筹融资的规范发展,需要尽快完善其规范体系,其中首要任务是确立众筹发行豁免注册规则。建议借鉴美国及台湾地区等市场众筹立法与监管经验,重点从集资限额、投资金额限制、中介机构要求以及豁免程序机制等方面,完善众筹豁免规则。
[Abstract]:Public equity financing is a kind of public, small and dispersed network fund-raising behavior, which is difficult to apply to the traditional securities issuance system, and it is more difficult to carry out in our country because of the absence of an exemption system for securities issuance. The first draft amendment to the securities law specifies the exemption from registration for public issuance, and authorizes securities regulators to formulate specific rules. In order to promote the normative development of crowdfunding, it is necessary to perfect its normative system as soon as possible, among which the most important task is to establish the rules of exemption registration for crowdfunding. It is suggested that we should draw lessons from the experience of legislation and supervision of crowdfunding in the United States and Taiwan, and focus on perfecting the exemption rules of crowdfunding from the aspects of capital raising limits, restrictions on investment amount, requirements of intermediary organizations and exemption procedure mechanism, and so on.
【作者单位】： 四川省社科院法学研究所金融法治研究室;西南政法大学与四川省社科院联合培养博士后工作站;
【基金】：四川省社会科学“十二五”规划2015年度金融专项课题“股权众筹的制约因素及制度与政策支持研究”(项目编号:SC15JR006)
【分类号】：D922.287;D971.2;DD912.28
本文编号：2385083
[Abstract]:Public equity financing is a kind of public, small and dispersed network fund-raising behavior, which is difficult to apply to the traditional securities issuance system, and it is more difficult to carry out in our country because of the absence of an exemption system for securities issuance. The first draft amendment to the securities law specifies the exemption from registration for public issuance, and authorizes securities regulators to formulate specific rules. In order to promote the normative development of crowdfunding, it is necessary to perfect its normative system as soon as possible, among which the most important task is to establish the rules of exemption registration for crowdfunding. It is suggested that we should draw lessons from the experience of legislation and supervision of crowdfunding in the United States and Taiwan, and focus on perfecting the exemption rules of crowdfunding from the aspects of capital raising limits, restrictions on investment amount, requirements of intermediary organizations and exemption procedure mechanism, and so on.
【作者单位】： 四川省社科院法学研究所金融法治研究室;西南政法大学与四川省社科院联合培养博士后工作站;
【基金】：四川省社会科学“十二五”规划2015年度金融专项课题“股权众筹的制约因素及制度与政策支持研究”(项目编号:SC15JR006)
【分类号】：D922.287;D971.2;DD912.28
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