众筹投资融资外文文献翻译

众筹投资融资外文文献翻译(含：英文原文及中文译文)文献出处：KlöhnL,HornufL,SchillingT.TheRegulationofCrowdfundingintheGermanSmallInvestorProtectionAct:Content,Consequences,Critique,Suggestions[J].SocialScienceElectronicPublishing,2015.英文原文TheRegulationofCrowdfundingintheGermanSmallInvestorProtectionActContent,Consequences,Critique,Suggestions（LKlöhn，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(Vermögensanlagengesetz–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(aswasdoneinthecaseoftheBavariancompanyGiesingerBräu).Thecrowdinvestingplatformmusthavealegalobligationtomonitorthesubscriptionlimitdescribedbelow;itmustbeaninvestmentserviceenterprisewithinthedefinitionoftheGermanSecuritiesTradingAct(Wertpapierhandelsgesetz–WpHG)orbesubjecttomonitoringbygeneraltraderegulatoryauthoritiesunder§34fTradeRegulationAct(GewO).-Finally,theexemptioncannotberelieduponifaninvestmentoftheissuerisbeingofferedpubliclyunderpara.1no.3InvestmentActorifapreviousinvestmentofferingofthecompanyinrelianceontheexceptionhasnotbeenfullysatisfiedandredeemed.4.2InvestmentInformationSheetDespitetheabsenceofaprospectusrequirement,InvestmentActrequiretheissuertoprepareaninvestmentinformationsheet(Vermögensinformationsblatt–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.

中文译文“德国小投资者保护法案”中的众筹条例：内容、后果、批评、建议作者：LKlöhn，LHornuf，TSchilling德国联邦议院于2015年4月23日采用了《小投资者保护法案》,该法案将在未来几周内生效。有效保护投资者始于投资者做出投资决策。最重要的是,从《投资者测试》说明的众筹和众投的风险和个人投资者的知识差距来看,保护是有望得到改进的。这些测试可以实现数字化,并承诺明显改善签名或确认要求的效力。因此,立法者应该终止《投资法》中第3条,并且替换,或者至少应该是通过由德国联邦金融监管局(BaFin)与学者和从业人员的合作开发的投资者教育测试来补充认购和确认要求来确定众筹对投资者的风险。1德国众筹和众筹投资市场据称，德国现任政府的大联合会为“众筹融资等新型融资”创造“可靠的法律框架”的承诺有望实现。2015年4月23日，德国联邦议会（联邦议会）在其二，三读三中通过了小投资者保护法案，该法案首次包含专门针对通过专业互联网平台（众筹和众筹投资）。如果德国联邦委员会（联邦委员会）5批准该行为（假定是这种情况），该行为将在未来几周内生效。第一次讨论草案7和德国联邦政府草案8一直是自2014年7月发行以来，不仅引起了德国众多投资行业的批评[9]，而且还引起了学术文献的批评[10]。联邦议院财务委员会在最后一分钟试图解决这些问题建议，其结果是通过了反映拟议修正案的“小投资者保护法”。众筹和众筹投资市场不仅从法律角度而且从经济角度来看都很有趣：在德国，现在大约有80个众筹平台，通过这些平台公司，房地产收购以及来自其他商业和消费领域的项目获得资助。单单以互联网为基础的公司融资市场（crowdinvesting）就已经达到了令人印象深刻的数量：142015年5月18日，德国众多投资门户网站如Seedmatch，Companisto和Innovestment已经进行了超过174笔融资，融资额接近4100万欧元（不包括房地产和电影crowdinvesting）。以下数据显示了市场的发展以及174次融资总发行量的分布情况。很少有投资者获得投资回报。在仅有的四起案例中，他们在通过风险投资基金进行后续融资的情况下被提出了过早退出的可能性。例如，当启动Smarchive（今日：基尼）获得风险投资家T-Venture的融资时，投资者可以在一年内通过及时接受启动的重新购买要约获得25％的回报。其他投资者的幸运程度较低，尤其是至少22起（初步）破产程序开始或申请的案件，或者由于缺乏资产或行动已经停止-有时在融资后数周。2“小投资者保护法”和“发行法”前的法律状况在“小投资者保护法”通过之前，德国并未对众筹或非投资进行专门规定.18其法律框架见于关于银行业，资本市场和贸易监管的一般法律.19参与投案的各方试图避免陷入这个规定的范围在最大程度上是可以的。最初，众多投资平台促成了沉默合伙权益和利润参与权，这些投资是德国投资法案（Vermögensanlagengesetz-VermAnlG）定义的投资。由于这些产品没有超过门槛每年10万欧元，他们有资格豁免招股说明书的要求，§2no。3点亮。b）投资法（在修改之前有效）。自2012年11月左右以来，这些平台已经开始涉足次级利润分配贷款，这些贷款大致定义为贷款（1）利率取决于借款人的利润或收入，（2）贷款人无权获得贷款（3）借款人不承担借款人的损失，以及（4）在破产程序20（partiarischeNachrangdarlehen）中，其等级低于其他债务。由于利润分配贷款不符合“投资法”规定的投资条件，因此它们允许在没有招股说明书的情况下发行无限量的发行品.21在某些情况下，这些产品经历了巨大的需求。例如，初创公司Protonet在2012年11月29日的48分钟内获得了20万欧元的利润分配贷款。五家发行人已获得超过100万欧元的款项。3比较法环境德国立法者并没有通过规范众筹和投资进入处女地。美国（US）已经存在可比法规，美国联邦政府在两年前根据CROWDFUND法案（JOBS法案的标题III）制定了紧密的法律结构.25该法规的中心是豁免从通过定义的“资金门户网站”提供证券的招股说明书要求，最高金额为100万美元。取决于招股说明书的要求，取决于所收集的资本数量，披露义务并不严格。此外，美国的立法规定了投资者的严格认购限额和“资金门户”的详细职责，并且在发行后一年内通过转售禁止发行没有招股说明书的股票来阻止二级市场的发展