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日本2014年5月修改的《金融商品交易法》引入投资型众筹制度,并通过内阁府令对投资型众筹平台在设立、运营方面进行了规范。在投资型众筹平台的设立上,日本参照金融商品交易业者对平台法律地位进行界定,在平台设立上,我国为解决中小企业,特别是高新技术企业面临的融资难问题,大力鼓励包括股权众筹在内的多种融资方式。但立法对股权众筹规范的缺失,导致现实中股权众筹平台杂乱无序,也无法有效保障投资者权益。值我国《证券法》修改之际,应明确股权众筹的法律地位,并以信息公开和融资小额便捷为原则,构建符合我国现实需要的股权众筹制度。
Japan’s “Financial Instruments and Exchanges Law” revised in May 2014 introduced an investment-based crowdfunding system and standardized the establishment and operation of investment-based crowdfunding platforms through the Cabinet Office. In the establishment of an investment-based crowdfunding platform, Japan defined the legal status of the platform with reference to the financial commodity traders. On the platform establishment, in order to solve the financing difficulty faced by small and medium-sized enterprises, especially high-tech enterprises, A variety of ways to raise funds. However, the absence of legislation on crowdfunding of equity has led to the fact that the platform of equity crowdfunding in reality is disorderly and disorderly and can not effectively protect the rights and interests of investors. On the occasion of the revision of the Securities Law of our country, the legal status of equity crowdfunding should be clarified. Based on the principle of information disclosure and small convenience of financing, the equity crowdfunding system that meets the actual needs of our country should be constructed.