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投资者是股权众筹市场的重要参与者,投资者利益能否得到有力的保护直接攸关股权众筹的发展。现阶段我国股权众筹中投资者利益屡屡受侵,相关法律迟迟未予出台,行业监管及专业性的纠纷解决机制欠缺,投资者适当管理机制和退出渠道缺乏,众筹平台准入标准和资金管存机制缺位,发行人信息不对称及欺诈严重等。美国的《创业企业辅助法》和英国的《关于网络众筹和通过其他方法推介不易变现证券的监管规则》对投资者保护的规定于我国不乏启示。构建股权众筹安全港、完善众筹平台监管、加大投资者保护、强化信息披露制度等是我国股权众筹投资者保护的当务之急。
Investors are important players in the equity crowdfunding market. Whether the interests of investors can be effectively protected is directly related to the development of equity crowdfunding. At this stage, the interests of investors in China’s equity crowdfunding have been repeatedly invaded. Relevant laws have not yet been promulgated. There is a lack of industry regulatory and professional dispute resolution mechanisms, lack of proper investor management mechanism and exit channels, access criteria for crowdfunding platforms and Lack of funds deposit mechanism, issuer information asymmetry and fraud and so on. The U.S. “Start-up Aid Law” and the British “Regulations on Internet Crowdfunding and the Promotion of Non-convertible Securities Regulatory Rules by Other Methods” have a lot of enlightenment on investor protection in our country. It is imperative for investors to protect their equity crowdfunds by building their own equity crowdfunding safe harbor, improving crowdfunding platform supervision, increasing investor protection and strengthening information disclosure system.