daixie：众筹活动监管
daixie：众筹活动监管
如果众筹活动涉及违法行为，例如融资目的是反社会的，募资人可能会承担刑事或民事责任;筹资活动本身就是一场骗局;禁止预购货物。在这些情况下，贡献者和平台是否会引起责任取决于他们的参与程度。但是，这三家公司一般不承担任何合规义务，因为众筹具有非金融回报，属于一种普通的社会或商业活动，法律一般不会干涉当事人的自主权。捐款者的行为就像投资者一样，通过筹款人通过平台发布的融资对象来追求投资的财务回报。根据香港的借贷、银行和证券法，这一特点可能会使三方受制于金融监管，具体取决于众筹在实践中的具体运作方式。在使用借贷模式(“简单模式”)的地方，平台通常充当纯粹的中介，以匹配筹资方作为借款人的贷款需求和贡献者作为贷款人的资本供应。
daixie：众筹活动监管
根据借款人类型，该模型可以进一步分为P2P (Peer – to – Peer, P2P)模型和P2P (Peer – to – Business, P2B)模型。变化的简单的模型(“复杂模型”),贡献者不直接债权人,但最终持有人或受让人的利益在筹款和平台之间的原始贷款协议,或募捐活动和外界之间配合平台发行贷款首先和分配选择行动的平台。在P2P模式中，资金筹集者是个体借款人，因此基本上不受任何金融监管的约束。在P2B模式中，如果贷款协议构成了C(WUMP)O第38(3)条规定的债券，则筹资人可能受制于招股说明书制度，该条款证明股权模式与贷款模式之间存在重叠。在各自的情况下，模型的复杂性似乎对筹资者的地位没有影响。
daixie：众筹活动监管
Fundraisers might be criminally or civilly liable if the crowdfunding activity involves illegality, for instances, when the financing purpose is anti-social; the funding campaign itself is a fraud; or the good pre-purchased is prohibited. In these situations, whether contributors and platforms attract liability depends on the degree of their involvement. However, the three players are generally free from any compliance obligations, because crowdfunding with non-financial return amounts to an ordinary social or commercial activity where the law generally would not interfere with the autonomy of parties. Contributors act like investors in pursuit of financial return from their investment in a financing object posted by fundraisers through platforms. This characteristic might subject the three parties to financial regulations on the basis of lending, banking, and securities laws in Hong Kong, depending on the specific way crowdfunding operates in practice. Where a lending model is utilized (‘simple model’), platforms usually act as a pure intermediary to match the loan demand from fundraisers as borrowers and the capital supply from contributors as lenders.
daixie：众筹活动监管
According to the type of borrowers, the model could be further divided into Peer to Peer (‘P2P’) model and Peer to Business (‘P2B’) model. In a variation of simple model (‘complex model’), contributors are not the direct creditors, but final holders or assignees of the interest under the original loan agreement between fundraisers and platforms, or between fundraisers and outsiders who cooperate with platforms to issue loan in the first place and assign the chose in action to the platforms. In the P2P model, fundraisers are individual borrowers, and thus are basically free from any financial regulations. In the P2B model, fundraisers might be subject to the prospectus regime if the loan agreement constitutes a debenture for the purpose of section 38(3) of C(WUMP)O, which evidences the overlap between equity model and lending model. Under respective situation, the complexity of model seems to have no influence on the position of fundraisers.
