| Summary: | 碩士 === 東吳大學 === 法律學系 === 103 === In 2014, students initiated the Sunflower Movement addressed their issues via domestic and international media through crowdfunding and successfully attracted everyone’s attention. As a result, crowdfunding becomes a hot issue in Taiwan. In fact, to encourage people to start their own business and assist them to raise capital, Taipei Exchange has set up the Go Incubation Board for Startup and Acceleration Firms platform (GISA), where the innovative start-up companies can raise the needed capital. In 2015, Taipei exchange further announced the Taipei Exchange Regulations Governing Conduct of Equity Crowdfunding by Securities Firms, which allows the brokers to run the equity-based Funding Portal.
This thesis mainly focuses on the models of crowdfunding and the legal framework. Chapter Two first indicates the beginning and the concept of crowdfunding as well as its developments in Taiwan and other countries. Second, Chapter Three represents each model and its legality of crowdfunding respectively. Chapter Four then reviews the financial supervision on equity based crowdfunding. The equity crowdfunding is governed by the Jumpstart Our Business Startups Act (“JOBS Act”) in the United Sates. In Taiwan, it is regulated by the Taipei Exchange Regulations Governing Conduct of Equity Crowdfunding by Securities Firms which contradicts with relevant portion of Securities and Exchange Act. The conclusion of this thesis includes a summary of legitimate issues and of suggestions relating to non-equity based crowdfunding and equity based crowdfunding. For equity based crowdfunding, it is advised that legislator shall amend the Securities and Exchange Act and set up a mechanism to protect the investor’s interests. For non-equity based crowdfunding, such as the pre-purchase model of crowdfunding, the competent governmental body shall promulgate model standard contracts to soften the responsibilities of proposer of crowdfunding campaign and owner of Funding Portal under Civil Law and Consumer Protection Act. Finally, whether the lending model of crowdfunding is against The Banking Act of The Republic of China? It will depend on its development in the future.
Key Words: crowdfunding, non-equity based crowdfunding, equity based crowdfunding, Go Incubation Board for Startup and Acceleration Firms platform (GISA), JOBS Act.
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