論私募股權眾籌中公開宣傳規則的調整路徑－－兼評《私募股權眾籌融資管理辦法（試行）》

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

改變投融資雙方之間的信息不對稱狀態，是眾籌融資良性運轉的基礎條件，而現行私募融資發行規則中的公開宣傳禁令，將可能成為制約私募股權眾籌健康發展的最主要制度瓶頸。美國《JOBS法案》解除了私募融資中的公開宣傳禁令，轉而選擇以投融資主體資格為中心進行風險監管。我國可借鑒此種監管思路，通過設置公開宣傳行為的安全港規則，允許私募股權眾籌融資者在履行合格投資者驗證義務的前提下，以符合法律規定的形式和內容，向潛在投資者進行公開宣傳。

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.