증권형 크라우드펀딩의 활성화와 투자자보호를 위한 법적과제

Crowdfunding is a financing method that involves pooling money from unspecified individuals through online platforms conducted by crowd-funding brokers who handle funding of small business ventures and startups. Korea recently passed a set of laws on security-based crowdfunding with reference to JOBS Act. Primary constitutors of crowdfunding system include issuer, online small investment intermediary, investor, central recording management institution and management institution of deposit for subscription. With security-based crowdfunding system from Capital Market Act, issuer can raise funds through equity securities, debt securities and investment contract securities without providing registration statement. Due to high investment risks of crowdfunding, investor protection is promoted with means that include yearly funding limit, yearly investment limit, advertising regulation, or Limiting sales of its shares of issuers and major shareholders. Since crowdfunding utilizes wisdoms of crowd through online platform bulletin board run by online small investment intermediary, issuance of securities is cancelled when it fails to meet less than 80% of the funding goal. While relaxing regulations on disclosures for issuers, responsibility for compensation is claimed upon fraudulent acts. For revitalization of the crowdfunding system, a tax benefit in forms income deduction is granted upon investment amount. For further revitalization of the system, flexibility on yearly limit of issuance, introduction of intermediary market, and relaxation on advertising regulations are necessary. For investor protection, reinforcement on responsibility for compensation of issuers, disclosure of equity sell-off details and investor education are necessary.