论私募股权众筹中公开宣传规则的调整路径——兼评《私募股权众筹融资管理办法(试行)》  

On the General Solicitation Rule in Private Equity Crowdfunding——Also on the Measures of Private Equity Crowdfunding(Draft)

作　　者：刘明[1] 

机构地区：[1]中国社会科学院法学研究所民法室

出　　处：《法学家》2015年第5期95-104,178,共10页The Jurist

摘　　要：改变投融资双方之间的信息不对称状态,是众筹融资良性运转的基础条件,而现行私募融资发行规则中的公开宣传禁令,将可能成为制约私募股权众筹健康发展的最主要制度瓶颈。美国《JOBS法案》解除了私募融资中的公开宣传禁令,转而选择以投融资主体资格为中心进行风险监管。我国可借鉴此种监管思路,通过设置公开宣传行为的安全港规则,允许私募股权众筹融资者在履行合格投资者验证义务的前提下,以符合法律规定的形式和内容,向潜在投资者进行公开宣传。Fill the information gap between the investor and financier is the basic condition for keeping a well function of the crowdfunding,but the ban on general solicitation in private funding release rules could be a major system bottleneck which will restrict the development of the private equity crowdfunding.The Jumpstart Our Business Startups Act or JOBS Act has lifted ban on general solicitation in private placement release,and chooses the investment and financing qualification rule for risk regulation instead.China could learn such regulatory ideas by setting the safe harbor rule in the publicity behavior,so that the financiers in private equity crowdfunding which have met their verification obligations could publicize to the potential investors.

关 键 词：股权众筹 私募融资 公开宣传 JOBS法案 

分 类 号：D971.2[政治法律—法学] D922.287