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美国于2012年通过JOBS法,确立了股权众筹的合法性;2015年10月,SEC正式通过JOBS法执行细则,其中通过关于非居民集资门户的规定对非美国居民开放了本国众筹市场。但在我国,目前众筹在运营模式、业务范围和外汇管制方面都存在着一些限制,中国企业参与海外众筹的规管更是一片空白,此时贸然进行非居民集资门户的实践还存在一定的风险。本文着眼于JOBS法下众筹中介的最新规定,主要介绍及研究JOBS法及SEC和FINRA的相关规则,重点探讨JOBS法执行细则中集资门户的准入规定,以分析和辨别中国居民进行非居民集资门户业务的法律环境和主要法律障碍。
The United States passed the JOBS Law in 2012, establishing the legitimacy of equity crowdfunding. In October 2015, the SEC formally adopted the JOBS Law Enforcement Rule, which opened its own crowdfunding markets to non-US residents through the provisions on non-resident fund-raising portals. However, in our country, there are currently some restrictions on crowdfunding in terms of operating mode, business scope and foreign exchange control. The regulation of Chinese enterprises participating in overseas crowdfunding is even more blank. At this time, there is still a certainty that the practice of rashly engaging non-resident fund-raising portals risks of. This article focuses on the latest provisions of the crowdfunding intermediary under the JOBS Act. It mainly introduces and studies the JOBS law and the relevant rules of the SEC and FINRA. It focuses on the access rules for the capitalized portals in the JOBS law, in order to analyze and distinguish Chinese residents from non-residents Legal environment and major legal barriers to fund-raising portal business.