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我国股权众筹刚刚起步,许多法律制度尚处于摸索阶段,证监会此次出台的《私募股权众筹融资管理办法(试行)》征求意见稿,对于大众来说,无疑是一个利好的消息。但是针对该法的第14条对个人合格投资者的规定,却极其不合理,主要体现在个人合格投资者的门槛规定得过高;没有规定个人投资者资产合格的计算标准;没有合理规定个人合格投资人的总投资额度。本文在借鉴美、英两国成熟做法和考虑到我国特殊国情的情况下,认为对个人合格投资者的法律完善必须从以下三个方面做好:合理确定股权众筹个人合格投资者门槛;合理规定合格投资人的计算标准;合理界定个人合格投资者的总投资额度。
China’s public-equity crowdfunding has just started, and many legal systems are still at a groping stage. The draft “Private Crowdfunding Financing Management Measures for Private Equity (Trial)” issued by the CSRC is undoubtedly a good news for the general public. However, the provision of individual qualified investors in Article 14 of the Act is extremely unreasonable, which is mainly reflected in that the threshold of individual qualified investors is too high. There is no calculation standard for the qualification of individual investors’ assets. There is no reasonable requirement that individuals Qualified investor’s total investment amount. Based on the mature practices of the United States and Britain and taking into account the special conditions of our country, this paper argues that the legal perfection of individual qualified investors must be done in the following three aspects: to reasonably determine the threshold for individual crowdfunding of equity crowdfunding; Calculated standards for qualified investors; Reasonable definition of individual qualified investors total investment quota.