지분투자형 크라우드펀딩(Crowdfunding)의 규제체계 수립에 대한 연구

This article is about the desirable regulatory framework for the equity crowdfunding or investment type crowdfunding, which is under discussion to be newly introduced to Korea. The primary concern in this paper is the balance and harmonization between the conflicting values of jumpstarting start-ups and investor protection. It is almost impossible for start-ups or petty SMEs to raise capital through equity crowdfunding because of the strict securities regulation under the current capital market act, FSCMA. Therefore the article suggested the special treatment for the investment type crowdfunding and reviewed the advantages and disadvantages of establishing regulation under FSCMA for the special treatment. There are three essential elements in the equity crowdfunding structure, which are companies, intermediaries, and investors. First, for the element of companies, my study recommended that only corporations and stock be allowed at least at the early stage for the types of desirable business entity and securities considering the management relating matters. In addition, it advised priorities go to the SMEs with the maximum business history of seven years and technique oriented venture enterprises. The amount of capital raising was expected to be limited to less than 700 million Won given the limitation of the current exempted transaction (the small amount public offering) under the FSCMA §119 is one billion Won. Second, with regard to intermediaries, the article requested that those brokers be regulated by the same business conduct regulation as the authorized financial investment companies since they are expected to play the key role for the investor protection and resolving information asymmetry. Last, as to investors, my study advised not only professional investors but also individual investors be allowed for equity crowdfunding investment. However, considering the investor protection issue and the highly risky characteristics of the SMEs using the equity crowdfunding, the paper strongly suggested that the investment limitation of individual investors be varied at the annual income or net asset of them. Ten million Won was suggested as the annual investment limitation of individual investors. Importantly enough, however, I insisted that the annual investment cap be created for individual companies only, not for the all issuers in the aggregate.