The Jobs Act of 2012: Balancing Fundamental Securities Law Principles with the Demands of the Crowd
The Jobs Act of 2012: Balancing Fundamental Securities Law Principles with the Demands of the Crowd
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2012 年就业法案：平衡证券法基本原则与大众需求
DOI：
10.2139/ssrn.2040953
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
Thomas Martin
中科院分区：
文献类型：
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作者：
Thomas Martin
我研究了2012年的《就业法案》，特别是它的众筹条款。在第二节中，我讨论了JOBS法案的主要领域，特别是众筹、新兴成长型公司、小问题豁免的变化以及报告公司的门槛。我注意到，与2002年的《萨班斯-奥克斯利法案》(Sarbanes-Oxley)和2010年的《多德-弗兰克法案》(Dodd Frank Act)形成鲜明对比的是，中国正强烈转向放松监管。在第三节中，我分析了美国证券法背后的原则，特别是1933年的证券法和1934年的证券交易法。审查的具体政策如下：保护投资者、市场稳定和维护美国资本市场的完整性。关于《就业法案》的具体条款，我要问的是，《就业法案》的好处，尤其是经济增长的潜力，是否超过了它的风险，包括欺诈风险增加和市场不确定性增加。在第四节中，我解释了股权众筹是一种新的独特的融资模式。我研究了众筹结构的要素，即从大量个人筹集的相对较少的资金，其中许多人是未经认可的。我研究了大众理论的智慧，质疑是否继续需要认证要求，并注意到人群倾向于资助社会公益项目，对社会产生潜在或显著的积极外部影响。我的结论是，尽管《就业法案》包含了一系列限制政府对这一新市场进行监管的措施，但这些风险被摧毁对企业家的市场进入壁垒带来的巨大经济效益所抵消。
I examine the JOBS Act of 2012, especially its crowdfunding provisions. In Section II., I discuss the main areas of the JOBS Act, specifically crowdfunding, emerging growth companies, changes to the small issues exemption, and the reporting company threshold. I note a strong shift towards deregulation, in contrast with Sarbanes-Oxley (2002) and the Dodd Frank Act (2010). In Section III., I analyze the principles behind the U.S. securities laws, especially the Securities Act of 1933 and the Securities Exchange Act of 1934. The specific policies examined are as follows: investor protection, market stability, and maintaining the integrity of U.S. capital markets. With regards to specific provisions of the JOBS Act, I ask whether the benefits of the JOBS Act, most notably the potential for economic growth, exceed its risks, including an increased risk of fraud and increased market uncertainty. In Section IV., I explain equity-based crowdfunding as a new and unique model for raising capital. I examine elements of the crowdfunding structure, namely a relatively small amount of money raised from a large number of individuals, many of whom are non-accredited. I examine the wisdom of the crowd theory, question the continued need for accreditation requirements, and note the crowd's proclivity towards funding social good projects, with potential or significant positive externalities on the community. I conclude that although the JOBS Act contains a swath of measures limiting government oversight of this new market, these risks are outweighed by the substantial economic benefits that accompany the destruction of market entry barriers to the entrepreneur.