群眾募資法制之研究- 以P2P借貸及股權模式群眾募資平台為中心 - 政大學術集成
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(2) 立. 政 治 大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v.
(3) 謝辭 首先要謝謝我的指導老師林國全教授，在碩士班期間的關懷和指導。在 論文寫作的過程中，很謝謝老師在看過我的每一章論文後，花費許多時間 與我討論，除提出修正之建議外，亦加入新的觀點，並回答我的各種疑問。 謝謝口試委員朱德芳老師，關於論文整體架構及若干分類、用語上之建 議，也感謝老師在法學英文名著選讀課程與投保中心計畫之指導，與在碩. 政 治 大. 士班期間的關懷。. 立. 謝謝口試委員邵慶平老師，在股權模式之管制法源、風險預告、平台之. ‧ 國. 學. 守門員功能、主管機關可能之政策考量及對 P2P 借貸建議之具體化等提供. ‧. 良好之建議與思考方向。. y. Nat. 台灣之文獻及法規新訊，並熱心回答我的問題。. n. al. er. io. sit. 感謝林門的藍順得學長，在寫作過程中提供我股權模式方面比較法與. i n U. C. v. hengchi 謝謝莎莎學姐和怡君學姐在論文寫作之初，聽我嘮叨論文架構，並給予 我若干建議。 謝謝綠豆跟我討論我的論文，並在論文口試當天幫我很大的忙。謝謝芊 影在口試當天來幫忙。謝謝宛怡回答我許多論文程序的問題。並感謝三位 在碩士班期間對我的關照，一起上課、聊天的日子，會銘記於心。 謝謝沃拉和施云與我一起完成關於群眾募資之金融法報告，開啟我論文 題目之靈感，並感謝沃拉提供關於閉鎖性股份有限公司修正草案之表決權. I.
(4) 信託契約部份之思考方向。 謝謝財經法組的沈宗倫老師在剛進入碩士班時的關懷。 謝謝林門的同學、學長、學姐和學弟、學妹對我的幫助和照顧。 謝謝子欣助教耐心回覆我關於口試的諸多問題。 謝謝芳汶老師在我最低潮的時候給我很大的勇氣。. 最後，謝謝我的家人。. 治 政 謝謝我的阿公，一直對我有信心，給我很大的鼓勵。 大 立 ‧ 國. 學. 謝謝我的媽媽常常開導我，鼓勵我正面思考。. 謝謝我遠在美國的哥哥，自己很忙碌，但還是常常鼓勵我。. ‧. 謝謝一直給我最大支援的老爸，謝謝你跟我討論論文的問題和花費很. sit. y. Nat. io. al. n. 謝謝你。. er. 多時間幫助我修改英文摘要，謝謝你包容我的缺點、不好的表現和壞脾氣，. Ch. engchi. II. i n U. v.
(5) 摘要 群眾募資法制之研究-以 P2P 借貸及股權模式群眾募資平台為中心. P2P 借貸及股權模式群眾募資(即所謂金融回報型群眾募資)在過去五 年間快速地成長，被認為係使中小企業及新創公司可有效率籌資之工具。 為維持其制度之功能-籌資之效率性，在對籌資公司或平台之規範強督不宜 過高，以降低其法規遵循成本。惟由於投資 P2P 借貸及股權模式群眾募資. 治 政 伴隨許多種類之風險，故在降低對籌資公司或平台之法規遵循負擔時，投 大 立 ‧. ‧ 國. 議題。. 學. 資人保護之問題亦不可忽視，如何在此二者間達成平衡，為監管上之重要. 本文首先介紹在 P2P 借貸或股權模式已有發展或正在發展之美國、英. sit. y. Nat. 國以及日本之規範概況。其次，在我國法部分，先就我國之股權模式群眾. er. io. n. al 募資規範之發展為介紹，並參照比較法之規範為評析。其後，則就我國若 iv n U engchi 引進 P2P 借貸制度，在我國既有法制如銀行法上可能碰到之問題及規範方. Ch. 向為分析。 在股權模式部分，櫃買中心在 2014 年 1 月開始營運功能相似之創櫃 板。於 2015 年，金管會宣布證券經紀商經主管機關核准後，可經營股權性 質群眾募資平台(後稱民營平台)，二者均受櫃買中心所發布之法規命令所規 範。創櫃板與民營平台在功能及規範上有其相似之處，當二者在未來採雙 軌並行時，可能有市場區隔及風險控制不足與櫃買中心在主導創櫃板同時，. III.
(6) 亦作為民營平台之監管者之利益衝突等問題。再者，在各自制度之問題上， 二者亦有共通之處。關於投資人保護部分，第一，投資人可否適用相關規 範為救濟，除證交法之反詐欺條款外，目前尚不明確。其次，關於投資限額 之規範，則有計算與驗證限額之方式與轉售限制之規範必要性及周邊問題 等之討論。關於籌資公司，則有籌資限額規範之寬嚴問題及僅可發行普通 股之規範等之討論。在平台業者之規範，在民營平台部分，有關於平台業. 政 治 大. 者准入規範、名義股東制度之可行性、單一業務經營及重大禁止行為等問. 立. 題之討論。. ‧ 國. 學. 在 P2P 借貸制度部分，關於我國法制，本文認為在各該模式是否使平. ‧. 台甚而借用人有構成銀行法收受存款之問題未能被釐清之前，P2P 借貸制. Nat. io. sit. y. 度恐無法被順利引進，可能須透過銀行法之修正，並輔以主管機關之解釋. er. 始能解決此一問題。關於對 P2P 借貸平台之規範，P2P 借貸平台是否被定. al. n. v i n Ch 位為金融機構之一環，亦可能影響其應遵循之法律或規範為何。惟本文認 engchi U 為為促進 P2P 借貸平台之發展，即使主管機關將其定位為金融機構之一環， 亦需適當設置例外，藉此可避免繁重之法規遵循成本讓使 P2P 借貸之制度 失其設計之原意。關於貸與人之保護，在救濟途徑、投資限額、風險之評估 與預告、中間帳戶之監管、資訊揭露、平台是否應提存準備金及設置意外 準備基金、貸與人是否適用存款保險制度以及平台倒閉時對流通在外借款 之處理機制等，亦應設置相關規範，惟亦應注意貸與人保護與上述平台法. IV.
(7) 規遵循成本之平衡問題。在法規之規範方式上，本文則認為 P2P 借貸之商 業模式可能乃與傳統借貸之商業模式有所落差，而平台之定位亦可能與傳 統金融機構有所不同，故認為宜單獨就 P2P 借貸修訂專法或至少由主管機 關單獨訂定法規命令，較為妥適。 關鍵詞: P2P 借貸、股權模式群眾募資. 立. 政 治 大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. V. i n U. v.
(8) ABSTRACT A Study of the Regulation of Crowdfunding: Focusing on Crowdfunding Platform of P2P Lending and Equity Model By CHAO, YU-HSIN June 2015 P2P lending and equity crowdfunding (so called “financial return crowdfunding,” FR crowdfunding for short), having grown rapidly in the last 5 years, are considered as an efficient vehicle for funding small and medium. 政 治 大 that is the efficiency of raising fund, it’s not appropriate to put strong regulations 立. enterprises as well as start-ups. For maintaining the function of FR crowdfunding. on the enterprises needing fund and the platforms of FR crowdfunding. However,. ‧ 國. 學. because investing in FR crowdfunding associates with several types of risks,. ‧. while reducing the burdens of the enterprises or platforms on compliance with. sit. y. Nat. the regulations, the issue of investor protection also cannot be ignored. How to. io. er. balance between these two topics mentioned above is an important issue on the regulations of FR crowdfunding.. n. al. i n U. C. v. h ethenregulations Firstly, this article introduces g c h i on FR crowdfunding in U.S., Britain and Japan where P2P lending or equity crowdfunding has developed or is developing. Secondly, in the regulation of Taiwan, the article presents the regulation on equity crowdfunding of Taiwan first and make some comments, referred to the foreign regulations mentioned above. Afterwards, the article analyzes the problems, encountered on the existing laws, such as the Banking Law, and studies how to regulate P2P lending, if P2P lending is introduced to Taiwan. In the section of the equity crowdfunding, Taipei Exchange (GreTai. VI.
(9) Securities Market) started Incubation Board for Startup and Acceleration Firms (GISA) in January 2014 whose function is similar to that of the equity crowdfunding platforms. In 2015, Financial Supervisory Commission declared that securities brokers are permitted to operate platforms of equity crowdfunding (called private platforms hereinafter) once the securities brokers are authorized by the competent authority. Both GISA and private platforms are regulated by the regulations issued by Taipei Exchange. The functions and the regulation structures of GISA and private platforms are similar. When GISA and private. 政 治 大 like the insufficiency of market segmentation and risk control. Because upon the 立. platforms operate in a double-track way in the future, there are some problems. regulations, Taipei Exchange also supervises the private platforms, there exists a. ‧ 國. 學. problem of interest conflict. Moreover, the regulations of GISA and private. ‧. platforms also have common issues. About the protection of investor, firstly,. sit. y. Nat. whether the remedy regulations of other laws could apply for the investors of. io. er. GISA and private platforms, except for the anti-fraud regulation of Securities and Exchange Act, is not clear so far. Secondly, there are also some discussions on. al. n. v i n Clike the regulation of investment cap approach to calculate and verify the cap, h ethe ngchi U. the necessity of the measure of resale limitation, etc. About the enterprises raising fund on the GISA or private platforms, there are some discussions on whether the cap of raising fund should be higher and whether those enterprises should be permitted to offer preferred stock to raise fund, etc. About the platform, concerning to the regulations on the private platforms, there are some discussions on the industry access regulation, the feasibility of nominee structure, the operation of single business and the acts prohibited by the regulation, etc. In the section of the P2P lending, the article notes that before the problem,. VII.
(10) whether the borrowers or the platforms under different business models be considered as doing the business of accepting deposits under the Banking Law, could be clarified, it’s afraid that P2P lending cannot be introduced to Taiwan smoothly. This problem could be solved by the amendment of the current Banking Law or by the legal interpretations issued by the competent authority of Banking Law. About the regulations to the P2P lending platforms, whether the P2P lending platforms are considered as a financial institution affects which laws or regulations the P2P lending platforms might obey. However, for promoting the. 政 治 大 considered as a financial institution, it’s necessary to set exceptions appropriately 立. development of P2P lending, the article thought even if P2P lending platforms are. heavy burden of compliance of regulations.. 學. ‧ 國. on it. By doing that, the purpose of P2P lending might not be destroyed by the. ‧. About the protection of lenders, the regulations on P2P lending should. sit. y. Nat. include the issues on remedies of P2P lenders, investor investment cap, rating and. er. io. precaution of risk, the supervision on the account of fund raised from lenders,. n. a information disclosure, whether the platforms shouldvdeposit reserves and set i l C n h e n garec hprotected contingency fund, whether P2P lenders i U by the deposit insurance,. and the mechanism to deal with the loans still outstanding in case of the platform failure. However, the issue of balancing the lenders protection and the cost of regulatory compliance of the platforms still need to be considered. About how to regulate P2P lending, the article thinks that the business model of P2P lending is different from traditional lending model and that the P2P platforms are also different from the traditional financial institutions. Consequently, the article thinks that it’s appropriate to make laws or regulations singly for P2P lending. Key Words: P2P Lending, Equity Crowdfunding. VIII.
(11) 目次 第一章 緒論 ............................................................................................................................. 1 第一節 研究目的與動機 ......................................................................................................... 1 第二節 研究範圍 ..................................................................................................................... 2 第三節 研究方法 ..................................................................................................................... 3. 第二章 群眾募資之概論 ......................................................................................................... 5 第一節 群眾募資之意義與源起 ............................................................................................. 5 壹、群眾募資之意義............................................................................................................ 5 貳、群眾募資之源起............................................................................................................ 6 一、科技發展.................................................................................................................... 7 二、金融危機.................................................................................................................... 8. 立. 政 治 大. ‧ 國. 學. 第二節 群眾募資之類型 ......................................................................................................... 9. ‧. 壹、群眾募資類型介紹........................................................................................................ 9 一、捐贈模式.................................................................................................................. 11 二、回饋與預購模式...................................................................................................... 13. n. al. er. io. sit. y. Nat. 三、借貸模式.................................................................................................................. 16 四、股權模式.................................................................................................................. 18 五、社會企業型.............................................................................................................. 21 六、專業型...................................................................................................................... 23 貳、適合採用群眾募資之產業類型.................................................................................. 25 參、群眾募資各類型之優缺點分析.................................................................................. 28 肆、我國目前之群眾募資平台及相關法律問題.............................................................. 30 一、我國目前之群眾募資平台簡介.............................................................................. 31 二、捐贈及回饋、預購模式平台之法律問題簡述...................................................... 39 (一) 公益勸募條例...................................................................................................... 39 (二) 贈與稅.................................................................................................................. 43 伍、聚焦於金融回報型群眾募資之原因.......................................................................... 44. Ch. engchi. i n U. v. 第三節 金融回報型群眾募資之優點與風險 ....................................................................... 45 壹、利益.............................................................................................................................. 45 一、促進經濟成長.......................................................................................................... 46 二、填補銀行留下之缺口.............................................................................................. 46 三、低成本與高報酬...................................................................................................... 47. IX.
(12) 四、提供分散風險之新產品.......................................................................................... 47 五、符合成本經濟效益.................................................................................................. 47 六、便利性...................................................................................................................... 48 七、創造競爭環境.......................................................................................................... 48 貳、風險.............................................................................................................................. 48 一、違約風險.................................................................................................................. 48 二、平台倒閉之風險...................................................................................................... 51 三、詐欺風險.................................................................................................................. 52 四、資訊不對稱之風險.................................................................................................. 53 五、投資人缺乏經驗與知識之風險.............................................................................. 54 六、流動性風險.............................................................................................................. 55 七、網路攻擊之風險...................................................................................................... 56. 治 政 大 57 壹、股權模式平台之商業模式.......................................................................................... 立 一、英國之 Crowdcube .................................................................................................. 58. 第四節 金融回報型群眾募資之商業模式 ........................................................................... 57. ‧. ‧ 國. 學. 二、英國之 Seedrs .......................................................................................................... 62 貳、P2P 借貸之商業模式 .................................................................................................. 71 一、客戶帳戶分離模式(client segregated account model) ........................................... 71 二、公證模式(notary model) .......................................................................................... 73. n. al. er. io. sit. y. Nat. 三、保證報酬模式(“guaranteed” return model) ............................................................ 74 (一) 線下保證報酬模式(offline guaranteed return model) ........................................ 74 (二) 自動保證回饋模式(automated guaranteed return model) .................................. 79 四、拍拍貸之模式.......................................................................................................... 80. Ch. i n U. v. 第五節 關於金融回報型群眾募資之各國現況與立法概況 ............................................... 82. engchi. 壹、市場概況...................................................................................................................... 82 貳、各國立法概況.............................................................................................................. 86 一、規範方式概述.......................................................................................................... 86 (一) 股權模式平台...................................................................................................... 86 (二) P2P 借貸平台 ...................................................................................................... 87 二、部分國家法規概覽.................................................................................................. 91 (一) 美國...................................................................................................................... 91 (二) 英國...................................................................................................................... 92 (三) 中國...................................................................................................................... 92 (四) (五) (六) (七). 日本...................................................................................................................... 95 德國...................................................................................................................... 95 法國...................................................................................................................... 97 義大利................................................................................................................ 100. X.
(13) (八) 台灣.................................................................................................................... 103 三、比較法介紹之方向................................................................................................ 105. 第三章 美國法 ..................................................................................................................... 107 第一節 股權模式群眾募資 ................................................................................................. 107 壹、背景介紹.................................................................................................................... 107 貳、股權模式群眾募資之利益與缺點............................................................................ 110 一、利益........................................................................................................................ 110 二、缺點........................................................................................................................ 111 參、群眾募資法案與 SEC 之細則草案簡介 .................................................................. 113 一、發行人.................................................................................................................... 113 (一) 資格要求............................................................................................................ 113 (二) 揭露義務............................................................................................................ 113 1. 經營和股權資訊................................................................................................ 113 (1) 管理階層 ..................................................................................................... 114 (2) 擁有發行人 20%以上股權之受益所有權人(Beneficial Owners) ............ 114 (3) 對於所營事業之描述 ................................................................................. 115 2. 公司財務及該次募集........................................................................................ 115. 立. 政 治 大. ‧. ‧ 國. 學. (1) 對於所募資金之用途 ................................................................................. 115. n. al. er. io. sit. y. Nat. (2) 募集之目標總額 ......................................................................................... 116 (3) 募集價格 ..................................................................................................... 118 (4) 所有權與資本結構 ..................................................................................... 119 (5) 財務報表 ..................................................................................................... 122 3. 更新和繼續性報告............................................................................................ 125 (1) 修正之募集聲明(amended offering statement) .......................................... 126 (2) 繼續性揭露 ................................................................................................. 127 二、投資人.................................................................................................................... 128 (一) 投資限額............................................................................................................ 128 (二) 撤銷期間............................................................................................................ 131 (三) 付款方式............................................................................................................ 133 (四) 轉售限制............................................................................................................ 135 (五) 反詐欺條款和民事救濟.................................................................................... 138 三、中介機構................................................................................................................ 141. Ch. engchi. i n U. v. (一) 資格要求與登記................................................................................................ 141 (二) JOBS 法案所課予之義務 ................................................................................. 144 (三) SEC 細則之相關規定 ....................................................................................... 145 1. 中介機構之責任規範........................................................................................ 145. XI.
(14) 2. 減少詐欺事件之相關規範................................................................................ 147 3. 關於投資人開啟帳號之規範............................................................................ 151 (1) 關於帳號開啟之規範 ................................................................................. 151 (2) 教育資料之提供 ......................................................................................... 152 (3) 關於募集之推銷者 ..................................................................................... 153 (4) 關於 SEC 所草擬之溝通管道(communication channels) ......................... 155 (5) SEC 所要求之額外資訊.............................................................................. 158 4. 關於交易之規範................................................................................................ 158 (1) 發行人之資訊 ............................................................................................. 158 (2) 投資人之投資限額 ..................................................................................... 159 (3) 投資人對於風險之認知 ............................................................................. 160 5. 關於重大改變.................................................................................................... 162 6. 關於推介之給付................................................................................................ 163 肆、群眾募資法案建議書................................................................................................ 163 一、投資限額計算方式................................................................................................ 164 二、投資限額之監管.................................................................................................... 165 三、中介平台對於發行人是否遵守規範之監管........................................................ 166 四、教育資料之提供.................................................................................................... 166 五、揭露方式................................................................................................................ 167. 立. 政 治 大. ‧. ‧ 國. 學. 伍、2014 年股權模式群眾募資修正法........................................................................... 168. sit. y. Nat. 陸、美國州法之發展........................................................................................................ 169. io. er. 第二節 P2P 借貸平台 .......................................................................................................... 170 壹、背景簡介.................................................................................................................... 170 貳、美國之線上 P2P 借貸產業 ....................................................................................... 172 一、Prosper Marketplace 之商業模式 ......................................................................... 174 二、Lending Club 之商業模式 .................................................................................... 178 參、P2P 借貸對消費者之利益 ........................................................................................ 179 一、對借貸雙方均有利之利率.................................................................................... 180 二、其他利益................................................................................................................ 181 肆、P2P 借貸對於消費者之風險 .................................................................................... 182 一、P2P 借貸平台對借用人之風險 ............................................................................ 183 二、P2P 借貸平台對貸與人之風險 ............................................................................ 184 伍、美國 P2P 平台之規範 ............................................................................................... 191 一、美國聯邦規範與 P2P 借貸 ................................................................................... 191. n. al. (一) (二) (三) (四). Ch. engchi. i n U. v. SEC 之介入 ....................................................................................................... 191 SEC 之管轄爭議 ............................................................................................... 193 Dodd-Frank 法案與 P2P 借貸........................................................................... 195 SEC 監管之相關問題 ....................................................................................... 198. XII.
(15) 1. SEC 之規範要求 ............................................................................................... 198 2. SEC 對於 P2P 監管之影響 ............................................................................... 199 3. 為何需豁免 SEC 規範 ...................................................................................... 204 4. Speier 議員所提出修正案之豁免 .................................................................... 207 (五) CFPB 所扮演之角色 ......................................................................................... 208 (六) 聯邦消費者金融法與 P2P 借貸間之調節 ....................................................... 214 1. 誠實貸款法(the Truth in Lending Act) ............................................................. 215 2. 公平信貸機會法(Equal Credit Opportunity Act) ............................................. 219 3. 正當收債行為法(Fair Debt Collection Practices Act) ...................................... 224 二、美國州法規範與 P2P 借貸 ................................................................................... 227 (一) 禁止.................................................................................................................... 227 (二) 核准.................................................................................................................... 229 (三) 附條件之核准.................................................................................................... 229. 立. 政 治 大. 第四章 英國法 ..................................................................................................................... 231. ‧ 國. 學. 第一節 概述 ......................................................................................................................... 231. ‧. 壹、主要參考文件............................................................................................................ 231 貳、主管機關.................................................................................................................... 233 參、規範對象.................................................................................................................... 233. sit. y. Nat. 肆、規範目的.................................................................................................................... 235. io. al. er. 第二節 受規範和未受規範之群眾募資 ............................................................................. 236. n. 壹、分類............................................................................................................................ 236 貳、未規範之行為............................................................................................................ 237 參、豁免之行為................................................................................................................ 237 肆、受規範之行為............................................................................................................ 238. Ch. engchi. i n U. v. 第三節 FCA 群眾募資規範之過渡性條款 ......................................................................... 239 壹、借貸為基礎之群眾募資平台.................................................................................... 240 貳、投資為基礎之群眾募資平台.................................................................................... 241 第四節 群眾募資之風險 ..................................................................................................... 241 壹、對於所有群眾募資活動之風險................................................................................ 241 貳、借貸基礎平台之風險................................................................................................ 243 參、投資基礎平台之風險................................................................................................ 245 肆、回饋意見所指出之風險............................................................................................ 247 第五節 投資基礎之群眾募資平台 ..................................................................................... 251. XIII.
(16) 壹、CP 13/13 ..................................................................................................................... 251 一、未受規範之集體投資計畫.................................................................................... 252 二、公司財務(corporate finance)接觸和風險投資事業(venture capital business)接觸 ........................................................................................................................................ 254 三、對於未上市股票和債權證券直接提供財務推銷................................................ 254 四、投資人限制............................................................................................................ 256 五、適合性評估............................................................................................................ 256 貳、PS 14/4 ....................................................................................................................... 257 一、規範目的................................................................................................................ 257 二、規範內容概述........................................................................................................ 258 三、將直接提供金融推銷之限制限於不可立即變現證券(non-readily realizable securities) ....................................................................................................................... 259 四、何謂直接提供金融推銷........................................................................................ 261. 政 治 大. 五、不可立即變現證券是否應該再分類.................................................................... 261 六、區分 P2P 協議、未上市債權證券及未上市權益 ............................................... 262 七、是否設置 FCA 許可之風險警示 .......................................................................... 264 八、關於被投資公司之揭露、調查要求及缺少對於金融服務補償計畫之資源.... 265. 立. ‧ 國. 學. 第六節 借貸基礎之群眾募資平台 ..................................................................................... 266. ‧. 壹、CP 13/13 ..................................................................................................................... 267. n. al. er. io. sit. y. Nat. 一、金融服務補償計畫................................................................................................ 267 二、審慎規則................................................................................................................ 268 三、對借貸基礎之群眾募資平台為審慎規則規範之原因........................................ 269 四、對於借貸基礎之群眾募資平台之審慎規則........................................................ 270 (一) 審慎標準之計算方式........................................................................................ 270 (二) 審慎資源之計算................................................................................................ 272 (三) 關於審慎標準之過渡性條款............................................................................ 272 五、客戶款項規則(client money rules) ....................................................................... 276 六、撤銷權(cancellation rights) ................................................................................... 282 七、揭露規則................................................................................................................ 284 八、金融推銷規則(Financial promotion rules)............................................................ 290 九、業績資訊................................................................................................................ 291 十、保證、保護及安全機制........................................................................................ 292 十一、比較性資訊........................................................................................................ 292 十二、期間報告............................................................................................................ 293. Ch. engchi. i n U. v. 十三、爭議解決和使用金融消費評議服務(FOS)...................................................... 294 十四、財務狀況報告(financial position reports) ......................................................... 294 十五、客戶款項報告.................................................................................................... 295 十六、定期投資報告.................................................................................................... 296. XIV.
(17) 十七、申訴報告............................................................................................................ 297 貳、PS 14/4 ....................................................................................................................... 297 一、金融服務補償計畫是否應納入借貸為基礎之群眾募資平台的爭議................ 297 二、審慎標準之修正.................................................................................................... 299 三、揭露規則................................................................................................................ 300 第七節 將進行之工作 ......................................................................................................... 301. 第五章 日本法 ..................................................................................................................... 302 第一節 金融商品交易法之修正 ......................................................................................... 302 壹、概述 .......................................................................................................................... 302 一、源起........................................................................................................................ 302 二、修正之經過............................................................................................................ 303 三、修正之概要............................................................................................................ 306 (一) 仲介者加入要件之緩和等................................................................................ 307 (二) 為投資者保護之規則整備................................................................................ 308 貳、詳細說明.................................................................................................................... 310 一、電子募集辦理業務................................................................................................ 310. 立. 政 治 大. ‧. ‧ 國. 學. 二、金融商品交易業者等之體制整備義務................................................................ 313. n. al. er. io. sit. y. Nat. 三、金融商品交易業者等之情報提供義務................................................................ 314 四、登記要件等之緩和................................................................................................ 316 (一) 第一種小額募集辦理業務及第一種小額電子募集辦理業者........................ 316 (二) 在登記申請書之記載........................................................................................ 317 (三) 兼業規定之適用除外........................................................................................ 318 (四) 標誌的揭示除外以及商號等之表示義務........................................................ 320 (五) 金融商品交易責任準備金之儲蓄之免除........................................................ 321 (六) 自己資本規定比率之適用除外........................................................................ 322 (七) 第一種小額電子募集辦理業者之業務範圍.................................................... 323 (八) 第二種小額募集辦理業務及第二種小額電子募集辦理業者........................ 323 參、日本證券業協會報告................................................................................................ 325 一、源起........................................................................................................................ 325 二、關於日本證券業協會之自律規範........................................................................ 327 (一) 現行規定............................................................................................................ 327 (二) 修正後................................................................................................................ 328. Ch. engchi. i n U. v. (三) 經由未登錄業者之就非上市股票等投資勸誘而被害之實際情形................ 329 (四) 關於股票投資型群眾募資之自律規範方式.................................................... 330 1. 關於投資型群眾募資自律規範之意義............................................................ 330 2. 關於股權投資型群眾募資自律規範之基本性考量方向................................ 332. XV.
(18) (1) (2) (3) (4). 證券公司和第一種小額募集辦理業者間之規定內容之差異 ................. 333 電子募集辦理業務之自律規範之內容 ..................................................... 334 對於依據證券公司之電子募集辦理業務之「小額」要件之當否 ......... 335 證券公司關於第一種小額電子募集辦理業務之勸誘手法併用之當否 . 337. 3. 關於投資型群眾募資自律規範之具體內容.................................................... 339 (1) 第一種小額電子募集辦理業務交易證券種類之選定 ............................. 339 (2) 關於投資者風險等之認識之確認 ............................................................. 340 (3) 網站上對於投資者之資訊提供 ................................................................. 342 (4) 業務管理體制之整備 ................................................................................. 342 (5) 日本證券業協會之管理 ............................................................................. 343 (6) 其他 ............................................................................................................. 344 4. 關於股權投資型群眾募資之自律規範今後之檢討........................................ 347. 治 政 大 349 壹、概覽............................................................................................................................ 立 貳、對於資金籌措者之行業規範.................................................................................... 349. 第二節 日本法借貸模式群眾募資簡介 ............................................................................. 349. ‧. ‧ 國. 學. 參、公開規定.................................................................................................................... 349 肆、對於資金提供者之行業規範.................................................................................... 350 伍、對於媒介者及借用人之行業規範............................................................................ 351. sit. y. Nat. 第六章 我國法 ..................................................................................................................... 352. io. al. er. 第一節 我國股權模式群眾募資規範 ................................................................................. 353. n. 壹、證交法規範................................................................................................................ 353 貳、創櫃板........................................................................................................................ 356 一、現行制度................................................................................................................ 356 (一) 背景介紹............................................................................................................ 356 (二) 制度介紹 ........................................................................................................... 359 1. 創櫃板之申請資格............................................................................................ 361 (1) 申請人 ......................................................................................................... 361 (2) 實收資本額上限 ......................................................................................... 361 (3) 具創意創新 ................................................................................................. 362 2. 登錄及輔導流程................................................................................................ 363 (1) 創新創意審查 ............................................................................................. 363 (2) 公設聯合輔導 ............................................................................................. 366. Ch. engchi. i n U. v. (3) 登錄前審查 ................................................................................................. 370 (4) 登錄前籌資作業 ......................................................................................... 371 A. 籌資前資訊揭露 ...................................................................................... 371. XVI.
(19) B. 重大情事之發生 ...................................................................................... 372 C. 籌資金額之限制 ...................................................................................... 373 D. 股務作業 .................................................................................................. 374 (5) 登錄創櫃板 ................................................................................................. 375 A. 籌資限制 .................................................................................................. 375 B. 發行人揭露事項 ...................................................................................... 376 C. 持續輔導 .................................................................................................. 381 D. 監理 .......................................................................................................... 381 3. 募資平台業者.................................................................................................... 384 4. 投資人保護措施................................................................................................ 388 (1) 投資限額 ..................................................................................................... 388 A. 專業投資人 .............................................................................................. 388 B. 公司登錄創櫃板前之原始股東 .............................................................. 390 C. 一般投資人 .............................................................................................. 390 (2) 風險預告 ..................................................................................................... 391 (3) 救濟途徑 ..................................................................................................... 393 A. 是否適用證券交易法 .............................................................................. 394 B. 是否適用投保法 ...................................................................................... 399 C. 是否適用金融消費者保護法 .................................................................. 407. 立. 政 治 大. ‧. ‧ 國. 學. D. 上述非適用法規之風險預告之妥適性 .................................................. 409. n. al. er. io. sit. y. Nat. 二、創櫃板之問題討論................................................................................................ 410 (一) 對投資人之限制................................................................................................ 410 1. 投資限額............................................................................................................ 410 2. 其他限制............................................................................................................ 412 (三) 籌資限額與面額................................................................................................ 414 (四) 股數認購限制與投資限額................................................................................ 417 (五) 是否需印製實體股票........................................................................................ 418 (六) 股份轉售限制.................................................................................................... 421 (七) 是否應開放特別股............................................................................................ 424 三、創櫃板登錄現況.................................................................................................... 427 (一) 基本市況............................................................................................................ 427 (二) 申請公司............................................................................................................ 428 (三) 受輔導公司........................................................................................................ 431 (四) 已登錄之創櫃板公司........................................................................................ 433 (五) 小結.................................................................................................................... 436. Ch. engchi. i n U. v. 參、股權模式民營平台之開放........................................................................................ 437 一、制度內容................................................................................................................ 437 (一) 規劃架構............................................................................................................ 437. XVII.
(20) (二) 法源依據............................................................................................................ 438 (三) 用語定義............................................................................................................ 440 (四) 對募資平台業者之規範.................................................................................... 441 1. 資格條件與申請流程........................................................................................ 441 2. 原則性規範........................................................................................................ 443 (1) 契約關係 ..................................................................................................... 443 (2) 內控內稽 ..................................................................................................... 444 (3) 從業人員資格 ............................................................................................. 444 3. 財務面規範........................................................................................................ 445 (1) 年度財務報告 ............................................................................................. 445 (2) 財務條件 ..................................................................................................... 445 A. 負債總額之上限 ...................................................................................... 445 B. 資金運用之限制 ...................................................................................... 446 C. 原則禁制轉投資 ...................................................................................... 446 4. 業務面規範........................................................................................................ 447 (1) 業務單純化 ................................................................................................. 447 (2) 募資標的 ..................................................................................................... 447 (3) 重大禁止行為 ............................................................................................. 447 (4) 保密與個資 ................................................................................................. 449. 立. 政 治 大. ‧. ‧ 國. 學. (5) 盡職調查 ..................................................................................................... 449. n. al. er. io. sit. y. Nat. 5. 對募資平台業者之管理及違約處置................................................................ 449 (1) 募資平台業者申報義務 ............................................................................. 449 (2) 實地查核 ..................................................................................................... 450 (3) 募資平台業者違約處置 ............................................................................. 450 (五) 股權募資程序及對募資公司之規範................................................................ 452 1. 募資公司之條件................................................................................................ 452 2. 同意籌資條件.................................................................................................... 452 3. 籌資限額............................................................................................................ 453 4. 籌資金流控管.................................................................................................... 454 5. 二次認購............................................................................................................ 454 6. 籌資券流控管.................................................................................................... 455 7. 資訊揭露............................................................................................................ 455 (1) 籌資資訊揭露 ............................................................................................. 455 (2) 籌資後資訊揭露 ......................................................................................... 456 (3) 重大資訊揭露 ............................................................................................. 457. Ch. engchi. i n U. v. 8. 公司違約處置.................................................................................................... 458 (六) 對投資人之規範................................................................................................ 458 1. 風險預告............................................................................................................ 458. XVIII.
(21) 2. 投資限額............................................................................................................ 462 3. 救濟途徑............................................................................................................ 463 (1) 證券交易法 ................................................................................................. 463 (2) 投保法 ......................................................................................................... 463 (3) 金保法 ......................................................................................................... 465 二、問題討論................................................................................................................ 466 (一) 民營平台與創櫃板之區別................................................................................ 466 (二) 對於雙軌制之評析............................................................................................ 468 1. 籌資公司............................................................................................................ 468 2. 平台業者............................................................................................................ 469 3. 監理者................................................................................................................ 470 4. 投資人................................................................................................................ 471 (三) 對於民營平台制度本身之問題討論................................................................ 472 1. 股權模式群眾募資之管制法源........................................................................ 472 2. 籌資限額是否需調整........................................................................................ 477 3. 我國法之股權模式平台與美國、日本之比較................................................ 478 (1) 與美國 JOBS Act 之比較 ........................................................................... 478 (2) 與日本金融商品交易法之比較 ................................................................. 481 4. 是否開放特別股................................................................................................ 483. 立. 政 治 大. ‧. ‧ 國. 學. 5. 平台採單一業務經營........................................................................................ 484. n. al. er. io. sit. y. Nat. 6. 民營平台之監督規範........................................................................................ 485 7. 閉鎖性股份有限公司與股權模式群眾募資.................................................... 487 8. 關於名義股東(nominee)制度之可行性 ........................................................... 490 9. 關於重大禁止行為............................................................................................ 492 10.關於委託金融機構代收之規定....................................................................... 494 11.投資限額 ........................................................................................................... 495 12.雙軌變為單軌? ................................................................................................. 496. Ch. engchi. i n U. v. 第二節 P2P 借貸平台與我國法制 ....................................................................................... 497 壹、商業模式回顧............................................................................................................ 497 一、客戶帳戶分離模式(client segregated account model) ......................................... 497 二、公證模式(notary model) ........................................................................................ 498 三、保證報酬模式(“guaranteed” return model) .......................................................... 499 (一) 線下保證報酬模式(offline guaranteed return model) ...................................... 500 (二) 自動保證回饋模式(automated guaranteed return model) ................................ 503 四、拍拍貸之模式........................................................................................................ 503 貳、銀行法規範................................................................................................................ 504 一、銀行法之規範........................................................................................................ 505 二、實務見解................................................................................................................ 507. XIX.
(22) 三、學者之見解............................................................................................................ 508 參、三種商業模式與其法律問題.................................................................................... 513 一、公證模式................................................................................................................ 513 (一) 是否構成銀行法之收受存款行為.................................................................... 514 1. 平台業者............................................................................................................ 514 2. 借用人................................................................................................................ 516 (二) 收益權憑證(note)是否乃屬有價證券 .............................................................. 516 二、宜信之保證模式.................................................................................................... 519 (一) 第三方個人與平台............................................................................................ 519 (二) 借用人................................................................................................................ 521 三、拍拍貸之模式........................................................................................................ 522 (一) 募資平台............................................................................................................ 522 (二) 貸與人................................................................................................................ 522 (三) 借用人................................................................................................................ 523 四、各模式採用之可能性簡析.................................................................................... 524 肆、相關問題.................................................................................................................... 526 一、行為定性................................................................................................................ 526 (一) 消費借貸契約.................................................................................................... 526 (二) 存款或投資行為................................................................................................ 527. 立. 政 治 大. ‧. ‧ 國. 學. n. al. er. io. sit. y. Nat. (三) 消保法或金保法................................................................................................ 529 (四) 監管單位............................................................................................................ 531 二、P2B 之業務............................................................................................................ 533 三、是否應設有投資人投資限額................................................................................ 534 四、風險之評估與預告................................................................................................ 535 (一) 徵信.................................................................................................................... 535 (二) 風險評等............................................................................................................ 539 (三) 風險預告............................................................................................................ 542 五、中間帳戶之監管.................................................................................................... 542 六、詐欺與洗錢問題.................................................................................................... 543 七、利率(報酬率)之決定與揭露方式 ......................................................................... 544 八、資訊揭露................................................................................................................ 545 (一) 關於公司資訊之揭露........................................................................................ 546 (二) 關於服務資訊之揭露........................................................................................ 546 九、提存準備金............................................................................................................ 547 十、安全機制................................................................................................................ 550. Ch. engchi. i n U. v. (一) 是否適用存款保險制度.................................................................................... 550 (二) 是否設置意外準備基金(contingency fund) ..................................................... 551 十一、平台倒閉之機制................................................................................................ 552. XX.
(23) 十二、次級市場............................................................................................................ 552 伍、P2P 借貸制度與我國法制簡析 ................................................................................ 552. 第七章 結論 ......................................................................................................................... 555 第一節 關於我國股權模式群眾募資之規範 ..................................................................... 555 壹、管制法源.................................................................................................................... 555 貳、投資人保護................................................................................................................ 556 參、中介平台.................................................................................................................... 560 肆、募資公司.................................................................................................................... 561 伍、雙軌制........................................................................................................................ 564 第二節 關於我國法制與 P2P 借貸制度 ............................................................................. 565. 政 治 大. 壹、對於 P2P 借貸制度之規範方向 ............................................................................... 565 貳、P2P 借貸制度各商業模式之可行性 ........................................................................ 565 參、對於 P2P 借貸平台之規範簡析 ............................................................................... 567 肆、對於貸與人之保護規範............................................................................................ 568. 立. ‧. ‧ 國. 學. 參考文獻 ............................................................................................................................... 570. n. er. io. sit. y. Nat. al. Ch. engchi. XXI. i n U. v.
(24) 圖表目錄 圖 1 客戶帳戶分離模式........................................................................................ 72 圖 圖 圖 圖 圖. 2 3 4 5 6. 表 表 表 表 表 表 表 表 表. 1 捐贈模式平台列表......................................................................................... 13 2 預購模式平台列表........................................................................................ 15 3 P2P 借貸模式平台列表 .............................................................................. 17 4 股權模式平台列表........................................................................................ 20 5 社會企業型群眾募資平台............................................................................ 22 6 P2P 借貸平台違約率比較表 ...................................................................... 49 7 P2P 規範模式概覽 ...................................................................................... 90 8 英國借貸基礎之群眾募資公司審慎標準之規範摘要(CP 13/13 舊版) ... 274 9 英國過渡性審慎規範之時間表.................................................................. 275. 立. 政 治 大. ‧. ‧ 國. 學. 英國借貸基礎之群眾募資平台適用之客戶款項規定............................ 277 創櫃板公司籌資價格(十三家公司) ......................................................... 415 我國募資平台業者資格要求簡表............................................................ 443 我國創櫃板制度與民營平台制度比較表................................................ 466. n. al. er. io. sit. y. Nat. 表 10 表 11 表 12 表 13. 公證模式........................................................................................................ 74 宜信模式........................................................................................................ 77 自動保證回饋模式........................................................................................ 80 金融回報型群眾募資市場國家別分布圖.................................................... 84 規劃架構簡圖.............................................................................................. 438. Ch. engchi. XXII. i n U. v.
(25) 第一章 緒論. 第一節 研究目的與動機. 群眾募資(crowdfunding)之源起乃於 2008 年金融危機之後，由 於金融機構之貸款標準趨嚴，中小企業欲籌資遭遇困難，加以網路 科技之進步，使網路平台之建構成為可能，而發展出之新興籌資管. 政 治 大. 道。其制度創立之目的之一乃在於促使中小企業易於取得資金，並. 立. 鼓勵創業。群眾募資目前在國際上已有多種模式之平台，其中股權. ‧ 國. 學. 模式與借貸模式(即 P2P 借貸) 群眾募資之市場由於具有高度成長. ‧. 率，尤其受到關注。. Nat. io. sit. y. 由於我國目前對於群眾募資未有專法加以規範，而是由群眾募. er. 資平台所為行為所涉及之個別法規加以規範，而股權模式與借貸模. al. n. v i n C h群眾募資之商業模式又涉及證券交易法及銀 借貸制度) engchi U. 式(即 P2P. 行法之規範，故如欲使此二制度順利在我國運行，乃需透過修法， 或由主管機關依據法律規定為豁免，始得為之，我國目前在股權模 式群眾募資之規範已有發展。 群眾募資之制度目的乃在於促使中小企業易於取得資金並鼓 勵創業，而中小企業之發展乃經濟發展之基石，故首先，本文認為 具高度成長率之股權模式與 P2P 借貸制度，如能順利運作，對我國. 1.
(26) 之經濟發展將有助益。其次，由於股權模式與 P2P 借貸制度雖在商 業模式上與傳統之證券市場及金融機構借貸，有相似之處，惟為維 持其制度本旨即籌資靈活性，可能不宜對平台或籌資者加以相同強 度之監管，因而尚延伸出投資人(貸與人)保護與制度促進(或募資公 司規範遵循成本)如何保持平衡之議題，故其制度本身頗具爭議性。 綜合上述之原因，本文乃希望以股權模式與 P2P 借貸制度作為研究 中心。. 立. 政 治 大. ‧ 國. 學. 第二節 研究範圍. ‧. 本文擬先介紹群眾募資之意義與源起、群眾募資之類型。其. Nat. io. er. 分商業模式、各國市場現況與立法概況。. sit. y. 次，則聚焦於股權模式與 P2P 借貸制度，介紹其優點與風險、部. al. n. v i n Ch 由於群眾募資制度乃源起於英美，故接下來乃先從比較法之 engchi U. 發展切入，擬對於股權模式群眾募資頒布法案立有專章之美國， 對於投資基礎與借貸基礎之平台，由主管機關發布原則性規範之 英國與 2014 年 5 月甫修法開放股權模式之日本進行介紹。 最後則回歸我國，在股權模式部分，乃就創櫃版制度與民營 平台制度為介紹，並參酌比較法之規範為評析。在 P2P 借貸制度 部分，則介紹我國銀行法之規範，比較法之商業模式在我國可能. 2.
(27) 碰到之法律問題，最後則參酌比較法之制度及我國相關制度，對 於我國若引進 P2P 借貸制度所面臨之議題，進行綜合討論。 由於作者語言能力上之限制，所研究之範圍多侷限於中文、 英文及日文之文獻。. 第三節 研究方法. 壹、歷史研究法. 立. 政 治 大. 由於群眾募資之興起時間並不長，惟國外之實務已有實際. ‧ 國. 學. 運作之商業模式及所發生之問題可供參考，本文乃希望就此進. ‧. 行研究。. Nat. io. sit. y. 貳、比較分析法. er. 由於群眾募資乃新興之籌資管道，關於其法律制度之形塑. al. n. v i n Ch 正在進行，故本文期望藉由比較法之發展與立法對於我國提出 engchi U 建議。 參、文獻與案例探討法 一、國內專書. 我國目前尚缺乏對於群眾募資法律問題之專書，惟已 有出現關於群眾募資實際運作議題之書籍，可供參考。此 外，由於股權模式涉及股票之募集與發行，P2P 借貸則有. 3.
(28) 平台或借用人是否收受存款之問題，乃與證券法規與銀行 法相關，故相關教科書亦需加以研讀。 二、外文資料 由於金融回報型群眾募資乃始於英美，故關於相關運 作實務與法令發展、法律期刊及國際組織或各國主管機關 發布之研究報告或諮詢報告等文獻，頗值深入研究。 三、時事及案例. 立. 政 治 大. 群眾募資有其優點惟亦有其風險，此於其發展軌跡中. ‧ 國. 學. 可見一斑。故本文期望能自相關運作實例中，擷取部分以. ‧. 增強本文之論述及最終對我國之建議。. Nat. io. sit. y. 綜合上述研究方法後，期望對於國內已有發展之股權模式制度. n. al. er. 及尚未發展之 P2P 借貸制度提出建議，以供參考。. Ch. engchi. 4. i n U. v.
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