크라우드펀딩 도입방안에 대한 법적 검토 = The Legal Study for the Introduction Plan of Crowdfunding

다국어 초록 (Multilingual Abstract)

Crowdfunding provides a convenient and simple way for companies, individuals, and other business entities to raise start-up capital from a large pool of investors over the internet. Social networks have been used as a medium for financing films and other forms of art as well as charitable solicitations. The internet has the potential for using crowdfunding to reach large numbers of people. Even though crowdfunding can be used to finance small business enterprises, a business seeking investors through crowdfunding implicates the securities laws which provide investor protection by requiring disclosure and registration.
Title Ⅲ of the Jumpstart Our Business Startups ('JOBS') Act provides a crowdfunding exemption from securities registration for small issuers to publicly offer up to $1,000,000 in equity securities during a 12-month period in the U.S.
JOBS Act provides for a new registered securities intermediary known as a funding portal. Funding portals or registered brokers should participate in crowdfunding offerings of securities conducted in accordance with the new federal offering registration exemption provided in the JOBS Act. Crowdfunding through established portals emerged as a phenomenon in the places like U.K., Italy, France more-or-less contemporaneously with the growth of crowd-based websites in the U.S.
Korean Government and National Assembly try to enact crowdfunding by amending Capital Market and Financial Investment Act. It is necessary to introduce crowdfunding for start-up business publicly raising capital from people.
But there would be some problems in enacting crowdfunding by amending Capital Market and Financial Investment Act. There would be a probability that encouraging small business formation and capitalization clash with the regulatory investor protection thrust of Capital Market and Financial Investment Act.

참고문헌 (Reference)

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12 Stuart R. Cohn, "The New Crowdfunding Registration Exemption: Good Idea, Bad Execution" 64 : 1433-, 2012

13 NASAA, "The JOBS Act an Investor Protection Disaster Waiting to Happen: Legislation Remains Fundamentally Flawed Product of Rush to Legislate"

14 Andrew A. Schwartz, "Keep it light, Chairman white: SEC Rulemaking under the Crowdfund Act" 66 : 43-, 2013

15 David S. Hilzenrath, "Jobs Act could remove investor protections, SEC chair Mary Schapirowarns"

16 Luis A. Aguilar, "Investor Protection is Needed for True Capital Formation" 2012

17 SEC, "Federal Register, Vol. 78, No. 214"

18 Giancarlo Guidici, "Crowdfunding: The New Frontier for Financing Entrepreneurship?"

19 Jake Wallis Simmons, "Crowdfunding: How the Kindness of Strangers is Changing Business"

20 Ross S. Weinstein, "Crowdfunding in the U.S. and Abroad: What to Expect When You're Expecting" 46 : 427-, 2013

21 Anton Root, "A Closer Look at Italy's Crowdfunding Law"