摘要
司法实践中,股权众筹在刑事领域易涉嫌非法吸收公众存款罪、诈骗类犯罪和组织、领导传销活动罪;在民商事领域存在欺诈风险、信息不对称风险、股份代持风险、平台风险和投资者退出风险。我国股权众筹规范效力位阶低,内容多指引,实质规定较少,整治方案并非长效机制,新修订的《中华人民共和国证券法》(简称新《证券法》)仍在原有规制逻辑和体系之内。分业监管造成股权众筹监管空白,监管主体亦不明确。司法规制方面,能动司法不足,既有民事责任追究机制在防控风险方面存在局限,金融纠纷的特别程序法制度缺位,股权众筹私人治理的功能优势无法发挥。因此,应确立公募股权众筹豁免制度,修正私募规制体系,建立私募股权众筹制度,并建构股权众筹投资者、融资者、平台的规制制度。
In judicial practice,equity-based crowdfunding is prone to be involved in the crime of illegally absorbing public deposits,fraud,and organizing&leading pyramid selling activities in the criminal field.And in the civil and commercial field,there are risks of fraud,information asymmetry,shareholding entrustment,platform and investor withdrawal.The rules of equity-based crowdfunding in China has a low level of effectiveness,with many guidelines and few substantive provisions.The rectification plan is not a long-term mechanism,and the newly revised Securities Law of the People’s Republic of China(hereinafter referred to as the New Securities Law)is still within the original regulation logic and system.The separate regulation has resulted in the blank of equity-based crowdfunding supervision,and the subject of supervision is not clear.In terms of judicial regulation,active justice is insufficient,the existing civil liability mechanism has limitations in risk prevention and control,the special procedural law system for financial disputes is absent,and the functional advantages of private governance cannot be brought into full play.Therefore,it is necessary to establish the exemption system of public crowd funding,amend the private placement system to establish the private crowd funding system,and construct the regulation system of equity-based crowd funding investors,financiers and platforms.
出处
《金融理论与实践》
北大核心
2022年第1期87-98,共12页
Financial Theory and Practice
基金
国家社会科学基金青年项目“系统性金融风险治理的公私合作法律机制研究”(17CFX032)的阶段性成果。
关键词
股权众筹
法律风险
规制
豁免制度
equity-based crowdfunding
legal risks
regulation
exemption system
作者简介
宣頔(1983-),男,江苏常州人,法学博士,副教授,硕士生导师,上海交通大学凯原法学院博士后,研究方向为金融法;孙森(1997-),男,安徽合肥人,硕士研究生,研究方向为金融法。
