美国股权众筹监管立法及其制度启示  

Research on the Supervision Legislation and Operation Mechanism of Equity-based Crowdfunding in the United States

作　　者：刘玉[1] LIU Yu(Civil and Commercial Law School of Southwest University of Political Science and Law,Chongqing 401120,China)

机构地区：[1]西南政法大学民商法学院,重庆401120

出　　处：《西南政法大学学报》2019年第2期42-53,共12页Journal of Southwest University of Political Science and Law

摘　　要：近年来,众筹融资在全球范围内迅速发展。美国作为股权众筹的发祥地,其众筹相关立法,即《促进初创企业发展法案》("JOBS法案")和股权众筹规则也成为各国监管机构纷纷效仿的典范。美国的众筹立法是其在目前经济环境和资本市场需求下对证券监管价值取向的又一次调试和平衡。JOBS法案确立了股权众筹的合法地位,并结合美国证券交易委员会制定的详细规则建立起一套规范体系,以期达到在提高融资效率的同时,有效保护投资者利益、维护资本市场的秩序和完备性的监管目标。美国众筹立法理念的革新和规则体系的设计,也为我国完善股权众筹监管立法提供了诸多启示。In recent years,the crowdfunding has developed rapidly in the global scope.The US is the cradle of equity-based crowdfunding.Its JOBS Act and Crowdfunding Regulation,which has become the model to be followed by other countries’ regulator,establish an effective regulation system in order to improve financing efficiency,protect the investors,and maintain the capital market order and completeness.Actually,the US legislation of crowdfunding is once more adjustment and balancing of value orientation of securities supervision under the current economic environment and capital market demands.The innovations for regulatory legislation and corresponding system design in the United State are worthy for our reference.

关 键 词：股权众筹 JOBS法案 股权众筹规则 发行豁免 

分 类 号：DF438[政治法律—经济法学]