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股权众筹,是指发行人通过互联网向不特定多数人公开募集股本的活动,在美国、英国、意大利等国已逐渐步上规范发展的正轨。其在监管制度上,以投资者适当性相关规制为创新之最大亮点。就美国、英国、意大利三国的实践而言,投资额分层限制制度、认证投资者模式下的投资者适当性制度、“领投+跟投”模式下的投资者适当性制度是三种代表性的制度设计。应结合我国现实,与《证券法》新草案相呼应,构建并完善我国股权众筹的投资者适当性制度。
Equity crowdfunding refers to the issuer’s activities of raising capital shares publicly to the unspecified majority through the Internet. The United States, Britain, Italy and other countries have gradually stepped up to standardize their development. Its regulatory system, the appropriate regulation of investors as the innovation of the biggest bright spot. In terms of the practice of the United States, Britain and Italy, the system of investment restriction, the system of investor suitability for certified investors and the system of investor suitability under the model of “lead + follow-up” are three Representative system design. It should be combined with the reality of our country and echoed with the new draft of the Securities Law to build and perfect the investor appropriateness system for the equity crowdfunding in China.