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【专栏】众筹和小型企业集资的区别是什么？

爱有财资讯 · 零壹财经 2015-11-23 08:49:06 阅读：6638

关键词：jobs法案 众筹 私募

作者： Lauren Leibowitz | 译者：钱佳琪 | 原文： CrowdFundBeat | 来源：未央网 2015年10月30日，美国证券交易委员会（SEC）以3 – 1票批准了股权众筹。股权众筹是JOBS法案中最后一块生效的。JOBS法案第三部分规定...

作者： Lauren Leibowitz | 译者：钱佳琪 | 原文： CrowdFundBeat | 来源：未央网

2015年10月30日，美国证券交易委员会（SEC）以3 – 1票批准了股权众筹。股权众筹是JOBS法案中最后一块生效的。JOBS法案第三部分规定的股权众筹在2012年4月以来就一直处于监管盲区。JOBS法案包含七个部分，它给自1930年代以来已成为金融行业最重要的规则带来了很多改变。JOBS法案第三部分放开条例 D 506私募，创造了条例 D 506c私募(又名小型企业集资)，并于2013年9月23日生效。JOBS法案第四部分将条例A修改成现在通常被称为的条例 A+。

“众筹”这个词是一个艺术的一般术语，它指通过互联网筹集资金。众筹的概念开始普遍流行是始于像Kickstarter和Indiegogo这样的网站创造机会让有想法的人提供项目展示自己的想法、希望和抱负，并呼吁支持者以基金捐助的形式使他们的项目完成。奖励众筹项目的发起者会给他们的支持者提供类似于t恤、第一次生产的产品或特殊的认证作为回馈，以换取他们的捐赠。奖励众筹的回馈不是一个金融安全事务，因此不受美国金融业监管局（FINRA）或美国证券交易委员会（SEC）监管。

下表是不同类型的股权众筹和小型企业集资的比较。

On October 30, 2015, The SEC approved equity crowdfunding by a 3-1 vote. Equity Crowdfunding was the last piece of the JOBS Act to be approved. Equity Crowdfunding, stipulated under Title III of the Jobs Act has been in regulatory limbo since April 2012. The JOBS Act has 7 separate titles which has made the most significant rules changes to the financial industry since the 1930s. Title III lifted the ban of general solicitation of Reg D 506 private placements, creating Reg D 506c Private Placements (AKA Crowdfinance) and been in effect since September 23, 2013. Title IV amended Regulation A which is now commonly referred to as Reg A+.

The term ‘Crowdfunding’ has been a general term of art for raising funds through the internet. The crowdfunding concept first became prevalent when popular sites like Kickstarter and Indiegogo offered project creators the opportunity to expose their ideas, hopes and aspirations while asking supporters for needed funds in the form of a donation to make their project come to fruition. Reward Crowdfunding project creators offered their supporters a reward like a T-Shirt, first delivery of product or special acknowledgement, in exchange for their donation. Reward Crowdfunding is not a financial security transaction and supporters (aka backers) not investors therefore not regulated by FINRA or the SEC.

See how the different types of crowdfunding and crowdfinance compare to each other.