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在中国证券法律语境下,根据证券发行制度设计的目的,宜将股权众筹法律定性于证券公开发行行为。但在现行证券公开发行核准制(包括未来实行注册制)下,股权众筹面临着许多法律障碍和制度供给不足,需要通过修订证券法律使股权众筹合法化,并根据股权众筹的实质进行适应性变革,赋予股权众筹公开发行的豁免核准或注册,并从控制股权众筹发行人范围及融资规模、限制投资者投资额度、适当减轻发行人信息披露义务和强化众筹平台的营业行为(负面清单)规制等来建构符合中国国情的股权众筹法律制度。
Under the legal environment of securities in China, according to the purpose of the securities issuance system design, the law of crowdfunding should be defined in the public offering of securities. However, under the current securities issuance examination and approval system (including the registration system in the future), the equity crowdfunding faces many legal obstacles and the system is in short supply. It needs to legalize the equity crowdfunding by revising the securities law and is based on the essence of equity crowdfunding Adaptation changes, giving equity crowdfunding public offering of exemption approval or registration, and from controlling the crowdfunding issuer scope and financing scale, limit investor investment amount, appropriately reduce the issuer’s information disclosure obligations and strengthen crowdfunding platform business activities (Negative list) regulation to construct a crowdfunding legal system in line with China’s national conditions.