眾籌投資融資外文文獻翻譯

眾籌投資融資外文文獻翻譯(含：英文原文及中文譯文)文獻出處：Kl?hnL,HornufL,SchillingT.TheRegulationofCrowdfundingintheGermanSmallInvestorProtectionAct:Content,Consequences,Critique,Suggestions[J].SocialScienceElectronicPublishing,2015.英文原文TheRegulationofCrowdfundingintheGermanSmallInvestorProtectionActContent,Consequences,Critique,Suggestions（LKl?hn，LHornuf，TSchilling）TheGermanBundestaghasadoptedtheSmallInvestorProtectionActon23April2015,whichwillenterintoforceinthecomingweeks.BythisActtheGermanlegislatorestablishesforthefirsttime–amongotherthings–aregulationoftheGermancrowdfundingmarket.Thisarticledescribesthecontentoftheactasrelevanttocrowdfunding,identifiesitsprobableconsequences,andexaminesthemostimportantruleswithrespecttotheirregulatoryeffects.Theauthorsconcludethatdespitesomemodificationsthathavebeenmadeinthecourseofthelegislativeprocesstherestillisanurgentneedofimprovementregardingsomeprovisions.1TheGermanCrowdfundingandCrowdinvestingMarketThepromiseoftheGrandCoalitionofthecurrentGermangovernmenttocreatea“reliablelegalframework”for“newformsoffinancingsuchascrowdfunding”2is,supposedly,poisedtobefulfilled.On23April2015,theGermanBundestag(FederalParliament)passedtheSmallInvestorProtectionAct(Kleinanlegerschutzgesetz)initssecondandthirdreading,3whichforthefirsttimecontainsregulationspecificallyforprojectandcompanyfinancingthroughspecializedinternetplatforms(crowdfundingandcrowdinvesting)4.IftheGermanBundesrat(FederalCouncil)5approvestheact–whichisassumedtobethecase–itwillenterintoforceinthecomingweeks.6ThefirstDiscussionDraft7andtheDraftActoftheGermanFederalGovernment8,whichsuccessivelyhadbeencirculatedsinceJuly2014,haveengenderedcriticismnotonlyfromthepartoftheGermancrowdinvestingindustry,9butalsofromacademicliterature.10TheFinanceCommitteeoftheBundestag(Finanzausschuss)hasengagedinanattempttoaddresstheseconcernsinalast-minuterecommendation,11whichresultedintheadoptionoftheSmallInvestorProtectionActreflectingtheproposedamendments.Thecrowdfundingandcrowdinvestingmarketisinterestingnotonlyfromalegalperspectivebutalsofromaneconomicpointofview:InGermanytherearenowapproximately80crowdfundingplatformsthroughwhichcompanies,realestateacquisitions,andprojectsfromvariousotherbusinessandconsumerareasarefinanced.Themarketforinternet-basedcompanyfinancing(crowdinvesting)13alonehasreachedanimpressivevolume:14At18May2015,GermancrowdinvestingportalssuchasSeedmatch,Companisto,andInnovestmenthadundertakenmorethan174financingswithavolumeofalmost€41million(excludingrealestateandmoviecrowdinvesting).Thefollowingfiguresshowthedevelopmentofthemarketaswellasthedistributionofthetotalissuancevolumeofthe174financings.Fewinvestorswererewardedbytheirinvestments.Inonlyfourcases17theywereofferedaprematureexitpossibilityinthecontextofafollow-onfinancingthroughaventurecapitalfund.Forexample,whenthestart-upSmarchive(today:Gini)acquiredfinancingbytheventurecapitalistT-Venture,investorscouldobtaina25%returnwithinayearbytimelyacceptingthestart-up’sre-purchaseoffer.Otherinvestorswerelessfortunate,inparticularinatleast22casesinwhich(preliminary)insolvencyproceedingswerecommencedorappliedfor,ortheopeningofsuchproceedingswasrejectedforlackofassets,oroperationsceased–sometimesafewweeksafterthefinancing.2LegalSituationPrecedingtheSmallInvestorProtectionActandIssuancesBeforetheadoptionoftheSmallInvestorProtectionActneithercrowdfundingnorcrowdinvestingwerespecificallyregulatedinGermany.18Itslegalframeworkwasfoundingenerallawsgoverningbanking,capitalmarkets,andtraderegulation.19Thepartiesinvolvedincrowdinvestingtriedtoavoidfallingwithinthescopeofthisregulationtothegreatestextenttheycould.Initially,crowdinvestingplatformsbrokeredsilentpartnershipinterestsandprofit-participationrights,thesebeinginvestmentsasdefinedbytheGermanInvestmentAct(Verm?gensanlagengesetz–VermAnlG).Astheseofferingsdidnotexceedthethresholdof€100,000peryear,theyqualifiedforanexemptionfromtheprospectusrequirement,§2no.3lit.b)InvestmentAct(asvalidpriortotheamendment).SinceaboutNovember2012,theplatformshavemovedtobrokeringsubordinatedprofit-participatingloans,thesebeingroughlydefinedasloans(1)forwhichtheinterestratedependsonprofitsorrevenueoftheborrower,(2)whichgivethelendernorightsinmanagementoftheborrower,(3)throughwhichthelenderhasnoexposuretolossesoftheborrower,and(4)whichrankbelowotherdebtsinaninsolvencyproceeding20(partiarischeNachrangdarlehen).Becauseprofit-participatingloansdidnotqualifyasinvestmentsundertheInvestmentActtheypermittedissuancesinunlimitedamountwithoutaprospectus.21Suchofferingshaveexperiencedenormousdemandinsomecases.Forexample,thestart-upProtonettookin€200,000inprofit-participatingloansin48minuteson29November2012.Fiveissuershavetakeninamountsofover€1million.3ComparativeLawEnvironmentTheGermanlegislatordoesnotentervirginterritorybyregulatingcrowdfundingandcrowdinvesting.ComparableregulationalreadyexistsintheUnitedStates(US),wherethefederalgovernmenthasfashionedatightly-knitlegalfabrictwoyearsagowiththeCROWDFUNDAct(TitleIIIoftheJOBSAct).25Atthecenterofthisregulationisanexemptionfromtheprospectusrequirementfortheofferingofsecuritiesthroughdefined“fundingportals”uptoanamountofUS$1million.Inplaceoftheprospectusrequirementtherearelessstringentdisclosureobligationsdependingontheamountofcapitalcollected.Inaddition,theUSlegislationprovidesforstrictsubscriptionlimitsforinvestorsanddetaileddutiesofthe“fundingportals”,andpreventsthedevelopmentofasecondarymarketbyaresaleprohibitiononsharesissuedwithoutaprospectusforoneyearaftertheoffering.Othernationallegislatorshaveadaptedandmodifiedpartsofthisregulatoryscheme,mostprominentlytheUnitedKingdom,France,Italy,andAustria.4Content4.1ExemptionfromtheProspectusRequirementTheGermanSmallInvestorProtectionActcloselyfollowsthebasicapproachtakenintheUSmodel.Thecenterpieceoftheactwithrespecttocrowdfundingandcrowdinvestingisthenewlycreated§2aInvestmentAct(VermAnlG),whichestablishesanexemptionfromtheprospectusrequirementstipulatedin§6InvestmentActforinvestmentsasdefinedbytheAct.This“crowdfundingexemption”isrequired,because§1para.2InvestmentActasamendedbytheSmallInvestorProtectionActdefinesinvestmentscoveredbytheActtoincludeprofit-participatingloans,subordinatedloans,andsimilarformsoffinancing–theformsofinvestmentcurrentlybrokeredbycrowdinvestingplatforms.Theexemptionappliesonlyifthefollowingconditionsarefulfilled:Theofferingmustbeofinvestmentswithinthemeaningof§1para.2no.3,4or7InvestmentActasamendedbytheSmallInvestorProtectionAct,thatis,ofprofit-participatingloans,subordinatedloans,orothersimilarfinancingformsandinvestments,whicharesubjecttoaprospectusrequirementforthefirsttimebecauseoftherevisionscontainedintheSmallInvestorProtectionAct.Theaggregatevalueoftheseinvestmentsissuedbythecompanymustnotexceed€2.5million.Theinvestmentsmustbeofferedexclusivelybymeansofinvestmentconsultingorinvestmentbrokerageviaaninternetplatform.Theexceptiondoesnotextendtoanissuerexecutingadirectofferingwithoutaninternetbrokerageplatform(aswasdoneinthecaseoftheBavariancompanyGiesingerBr?u).Thecrowdinvestingplatformmusthavealegalobligationtomonitorthesubscriptionlimitdescribedbelow;itmustbeaninvestmentserviceenterprisewithinthedefinitionoftheGermanSecuritiesTradingAct(Wertpapierhandelsgesetz–WpHG)orbesubjecttomonitoringbygeneraltraderegulatoryauthoritiesunder§34fTradeRegulationAct(GewO).-Finally,theexemptioncannotberelieduponifaninvestmentoftheissuerisbeingofferedpubliclyunderpara.1no.3InvestmentActorifapreviousinvestmentofferingofthecompanyinrelianceontheexceptionhasnotbeenfullysatisfiedandredeemed.4.2InvestmentInformationSheetDespitetheabsenceofaprospectusrequirement,InvestmentActrequiretheissuertoprepareaninvestmentinformationsheet(Verm?gensinformationsblatt–VIB)andtosubmitittotheGermanFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienst-leistungsaufsicht–BaFin).Theinvestmentinformationsheet,thus,hasthefunctionofmakingessentialinformationabouttheinvestmentavailabletopotentialinvestors.InvestmentActrequiresthattheinvestmentinformationsheetcontainanoticethatnoprospectuswaspreparedfortheoffering.Moreover,para.6InvestmentActrequiresthattheinvestmentinformationsheetincludeahighlightedwarningnoticeonitsfirstpagetobewordedasfollows:“Thepurchaseofthisinvestmentisassociatedwithsignificantrisksandcanresultinatotallossofthemoneyinvested.”4.3SubscriptionLimitsAsdoestheCROWDFUNDAct,theexemptionfromtheprospectusrequirementinpara.InvestmentActrequiresinvestorswhicharenotcorporateentitiestostaywithincertainsubscriptionlimits.UnliketheUSmodel,Germanlawonlylimitstheamountthataninvestormayinvestinthesameissuer(singleissuerlimit),butnottheamountthataninvestormayinvestintheentirecrowdfundingmarket(aggregatelimit).AsundertheUSstatute,theexactamountofthesubscriptionlimitdependsontheinvestor’sfreelyavailableassetsandmonthlynetincome:Iftheinvestorprovidesastatementthatheorshehasfreelyavailableassetsofatleast€100,000,heorshecaninvestuptoamaximumof€10,000inanissuer.Iftheinvestordoesnothavethatamountofassets,thelimitistwicetheinvestor’smonthlynetincome,butinanycasenotmorethan€10,000.Inallothercases(i.e.particularlyiftheinvestordoesnotprovidethestatementonassetsandincome),theinvestorislimitedtoamaximuminvestmentof€1,000.WhiletheDraftSmallInvestorProtectionActdidnotmakeadistinctionbetweenpotentiallydifferenttypesofinvestorssuchas,e.g.,smallandprofessionalinvestors,thecurrentsubscriptionslimitsonlyapplyto“investorswhicharenotcorporateentities”.4.4AdvertisementWhiletheDraftSmallInvestorProtectionActprovidedforastrictregulationofadvertisementforinvestmentoffers,thelegislatordroppedthemajorlimitationsinthecourseofthelegislativeprocedure.Theremainingprovisionsmerelyrequirenoticesandwarnings,whichhavetobepublishedtogetherwiththeadvertisement.InvestmentAct,theissuerhastheobligationtoincludethesamewarningnoticeunderliningtheriskofatotallossoftheinvestmentasintheinvestmentinformationsheet.Inthecaseofadvertisementsinelectronicmediacontaininglessthan210letters,thelegislator,asaconcessioninparticulartocrowdfundingportals,reducedtheserequirementstotheprovisionofaclearlyhighlightedlinklabeled“warning”andreferringtoaseparatedocumentwiththewarningnotice.Finally,theSmallInvestorProtectionActexpandstheenforcementpowersoftheGermanFederalFinancialSupervisoryAuthority(BaFin).InvestmentActauthorizesBaFintoprohibitissuersandofferorscertaintypesofinvestmentadvertisinginordertoaddresswrongfuladvertisingpractices.

中文譯文“德國小投資者保護法案”中的眾籌條例：內(nèi)容、后果、批評、建議作者：LKl?hn，LHornuf，TSchilling德國聯(lián)邦議院于2015年4月23日采用了《小投資者保護法案》,該法案將在未來幾周內(nèi)生效。有效保護投資者始于投資者做出投資決策。最重要的是,從《投資者測試》說明的眾籌和眾投的風險和個人投資者的知識差距來看,保護是有望得到改進的。這些測試可以實現(xiàn)數(shù)字化,并承諾明顯改善簽名或確認要求的效力。因此,立法者應該終止《投資法》中第3條,并且替換,或者至少應該是通過由德國聯(lián)邦金融監(jiān)管局(BaFin)與學者和從業(yè)人員的合作開發(fā)的投資者教育測試來補充認購和確認要求來確定眾籌對投資者的風險。1德國眾籌和眾籌投資市場據(jù)稱，德國現(xiàn)任政府的大聯(lián)合會為“眾籌融資等新型融資”創(chuàng)造“可靠的法律框架”的承諾有望實現(xiàn)。2015年4月23日，德國聯(lián)邦議會（聯(lián)邦議會）在其二，三讀三中通過了小投資者保護法案，該法案首次包含專門針對通過專業(yè)互聯(lián)網(wǎng)平臺（眾籌和眾籌投資）。如果德國聯(lián)邦委員會（聯(lián)邦委員會）5批準該行為（假定是這種情況），該行為將在未來幾周內(nèi)生效。第一次討論草案7和德國聯(lián)邦政府草案8一直是自2014年7月發(fā)行以來，不僅引起了德國眾多投資行業(yè)的批評[9]，而且還引起了學術(shù)文獻的批評[10]。聯(lián)邦議院財務委員會在最后一分鐘試圖解決這些問題建議，其結(jié)果是通過了反映擬議修正案的“小投資者保護法”。眾籌和眾籌投資市場不僅從法律角度而且從經(jīng)濟角度來看都很有趣：在德國，現(xiàn)在大約有80個眾籌平臺，通過這些平臺公司，房地產(chǎn)收購以及來自其他商業(yè)和消費領(lǐng)域的項目獲得資助。單單以互聯(lián)網(wǎng)為基礎的公司融資市場（crowdinvesting）就已經(jīng)達到了令人印象深刻的數(shù)量：142015年5月18日，德國眾多投資門戶網(wǎng)站如Seedmatch，Companisto和Innovestment已經(jīng)進行了超過174筆融資，融資額接近4100萬歐元（不包括房地產(chǎn)和電影crowdinvesting）。以下數(shù)據(jù)顯示了市場的發(fā)展以及174次融資總發(fā)行量的分布情況。很少有投資者獲得投資回報。在僅有的四起案例中，他們在通過風險投資基金進行后續(xù)融資的情況下被提出了過早退出的可能性。例如，當啟動Smarchive（今日：基尼）獲得風險投資家T-Venture的融資時，投資者可以在一年內(nèi)通過及時接受啟動的重新購買要約獲得25％的回報。其他投資者的幸運程度較低，尤其是至少22起（初步）破產(chǎn)程序開始或申請的案件，或者由于缺乏資產(chǎn)或行動已經(jīng)停止-有時在融資后數(shù)周。2“小投資者保護法”和“發(fā)行法”前的法律狀況在“小投資者保護法”通過之前，德國并未對眾籌或非投資進行專門規(guī)定.18其法律框架見于關(guān)于銀行業(yè)，資本市場和貿(mào)易監(jiān)管的一般法律.19參與投案的各方試圖避免陷入這個規(guī)定的范圍在最大程度上是可以的。最初，眾多投資平臺促成了沉默合伙權(quán)益和利潤參與權(quán)，這些投資是德國投資法案（Verm?gensanlagengesetz-VermAnlG）定義的投資。由于這些產(chǎn)品沒有超過門檻每年10萬歐元，他們有資格豁免招股說明書的要求，§2no。3點亮。b）投資法（在修改之前有效）。自2012年11月左右以來，這些平臺已經(jīng)開始涉足次級利潤分配貸款，這些貸款大致定義為貸款（1）利率取決于借款人的利潤或收入，（2）貸款人無權(quán)獲得貸款（3）借款人不承擔借款人的損失，以及（4）在破產(chǎn)程序20（partiarischeNachrangdarlehen）中，其等級低于其他債務。由于利潤分配貸款不符合“投資法”規(guī)定的投資條件，因此它們允許在沒有招股說明書的情況下發(fā)行無限量的發(fā)行品.21在某些情況下，這些產(chǎn)品經(jīng)歷了巨大的需求。例如，初創(chuàng)公司Protonet在2012年11月29日的48分鐘內(nèi)獲得了20萬歐元的利潤分配貸款。五家發(fā)行人已獲得超過100萬歐元的款項。3比較法環(huán)境德國立法者并沒有通過規(guī)范眾籌和投資進入處女地。美國（US）已經(jīng)存在可比法規(guī)，美國聯(lián)邦政府在兩年前根據(jù)CROWDFUND法案（JOBS法案的標題III）制定了緊密的法律結(jié)構(gòu).25該法規(guī)的中心是豁免從通過定義的“資金門戶網(wǎng)站”提供證券的招股說明書要求，最高金額為100萬美元。取決于招股說明書的要求，取決于所收集的資本數(shù)量，披露義務并不嚴格。此外，美國的立法規(guī)定了投資者的嚴格認購限額和“資金門戶”的詳細職責，并且在發(fā)行后一年內(nèi)通過轉(zhuǎn)售禁止發(fā)行沒有招股說明書的股票來阻止二級市場的發(fā)展