Mapping an Investor Protection Framework for the Security Token Offering Market: A Comparative Analysis of UK and German Law   全文下載

證券型代幣發行市場投資人保護框架之建構：英國法及德國法之比較法分析

建構證券型代幣發行（STO）市場的法律及規範性框架，係創造投資人信心的關鍵。英國金融行為監理局（FCA）現行有關首次公開發行（IPO）市場之法規範，經評估可適用於STO市場，以消弭投資人與發行人間之不對稱，並促進其使用金融服務。英國的公司法，則作為辨認投資人經濟（現金流）及政治（治理）權存在風險與否之架構。英國法之比較法分析，可提供藉由發展智慧合約以實行STO並落實投資人權利之指引。再者，德國法之比較法分析結果顯示，風險不只僅存在於特定國家之資本市場或公司法規範，其他法律體系亦尚未充分辨認許多風險之態樣，也未將之納入現行立法項目之考量。最後，本文檢視投資人之資料權，並主張資料權應同時作為經濟及政治上之權利，故資料紅利應被分派予證券型代幣之持有者，且資料治理上應確保中心化管理不會有獨占資訊而影響代幣持有者決策之情形。

Embedding securities token offering (STO) within a law and a regulatory framework is critical for its market to develop with investor confidence. The UK’s Financial Conduct Authority (FCA) current laws and regulations, which were designed for the initial public offering (IPO) market, are assessed for suitability in an STO market that aims to bring investors closer to issuers and to increase access to finance. UK Company law is then used as a framework to identify risks to investors’ economic (cash flow) and political (governance) rights. The analysis provides guidance for developing smart contracts to implement STO and fulfilling investors’ rights. Furthermore, a comparative analysis with German law shows that although the risks do not only exist in country-specific capital market or company law regulations, other legal systems have neither sufficiently identified many of the risks nor taken them into account in current legislative projects. Finally, the author examines investor’s data rights and argues that they should be recognised as both an economic and a political right. Data dividends should be distributed to security token holders and data governance should ensure that centralised management does not monopolise information to influence token holders’ decision making.