眾籌投資融資中英文對(duì)照外文翻譯文獻(xiàn)

眾籌投資融資中英文對(duì)照外文翻譯文獻(xiàn)（文檔含英文原文和中文翻譯）譯文:德國《小投資保護(hù)法案》中眾籌條例

內(nèi)容，后果，批評(píng)，建議德國聯(lián)邦議院于2025年4月23日采用了《小投資者保護(hù)法案》,該法案將在未來幾周內(nèi)生效。有效保護(hù)投資者始于投資者做出投資決策。最重要的是，從《投資者測試》說明的眾籌和眾投的風(fēng)險(xiǎn)和個(gè)人投資者的知識(shí)差距來看，保護(hù)是有望得到改進(jìn)的。這些測試可以實(shí)現(xiàn)數(shù)字化，并承諾明顯改善簽名或確認(rèn)要求的效力。因此,立法者應(yīng)該終止《投資法》中第3條，并且替換，或者至少應(yīng)該是通過由德國聯(lián)邦金融監(jiān)管局(BaFin)與學(xué)者和從業(yè)人員的合作開發(fā)的投資者教育測試來補(bǔ)充認(rèn)購和確認(rèn)要求來確定眾籌對(duì)投資者的風(fēng)險(xiǎn)。3)認(rèn)購限制《投資法》第3條中的警告通知，簽名或確認(rèn)要求僅僅只是《小投資者保護(hù)法案》中眾籌和眾投保護(hù)中的提到的一點(diǎn)。第二點(diǎn)是《投資法》第3條中的認(rèn)購限制。立法者跟隨美國政府的發(fā)展道路，但是又放棄了，理應(yīng)如此，推出市場總認(rèn)購限制這條規(guī)則起初是很難得到加強(qiáng)的，其次，它能夠大大限制了投資者通過投資組合多樣化管理風(fēng)險(xiǎn)的能力。雖然其他的法律體系建立了這個(gè)規(guī)則，但是引入認(rèn)購限制不是一個(gè)不言自明的規(guī)則，從規(guī)制理論就可看出，這是一種堅(jiān)硬的家長式統(tǒng)治形式。它限制投資者自我保護(hù)的自由。此類規(guī)則是外國資本市場監(jiān)管的原則。在證券監(jiān)管中指導(dǎo)原則，就比如LouisLoss,美國資本市場監(jiān)管的有經(jīng)驗(yàn)的人，已經(jīng)尖銳地指出那樣：每個(gè)投資者“都有權(quán)使自己很為一個(gè)傻子”。在法律體系中基于個(gè)人自由的強(qiáng)硬家長式的規(guī)則需要特殊的理由。然而,也有幾個(gè)很好的理由，尤其是在眾投中，這個(gè)需求符合眾籌市場；當(dāng)它獲取投資者資金的時(shí)候，它與發(fā)行人披露的低質(zhì)的信息相關(guān)；也與高風(fēng)險(xiǎn)的投資，特別是對(duì)于創(chuàng)業(yè)公司；投資者低估風(fēng)險(xiǎn)的傾向，市場泡沫發(fā)展中的危險(xiǎn)相關(guān)。因此，對(duì)《小投資者保護(hù)法案》基本管理特點(diǎn)的批判，這個(gè)罪名是不成立的。除了一些細(xì)節(jié)：首先，是認(rèn)購限制的量。如果有人想給一個(gè)項(xiàng)目或者一個(gè)公司投資1000歐元，那么有意投資人士必須披露他的資產(chǎn)和收入。很難預(yù)測有多少投資人士實(shí)際上會(huì)這么操作。假設(shè)有不少投資者因?yàn)楹ε滤麄兊呢?cái)務(wù)數(shù)據(jù)泄露而拒絕這樣做，那么這個(gè)1000歐元的認(rèn)購限制不管是對(duì)市場還是對(duì)上面提到的平臺(tái)之間的競爭都是一個(gè)重大的障礙。對(duì)以上眾投市場的調(diào)查揭示投資超過1000歐元的投資者只占了徳國眾投市場中所有投資者的15.4%。但他們對(duì)市場總量貢獻(xiàn)了很大的比例，達(dá)到76%如果未來他們只能夠投資1000歐元或更少,市場會(huì)受到重大不利影響。新規(guī)定還刪除了對(duì)網(wǎng)站門戶專門吸引來的那些想要投資超過1000歐元的投資者的激勵(lì)。眾投門戶Investment就是一個(gè)例子，般規(guī)則是要求最低認(rèn)購為2000歐元。研究表明，相比較于典型的小投資者，通過Investment網(wǎng)站門戶投資創(chuàng)業(yè)公司的投資者們都接受過良好的教育，也更有經(jīng)驗(yàn)。假如，他們的專業(yè)知識(shí)是評(píng)估發(fā)行人的一個(gè)因素，那么這將會(huì)有一個(gè)令人看好的原因，那就是InvestmentH戶上群體的智慧會(huì)特別高。在《小投資保護(hù)法》下，為了摒棄最低認(rèn)購要求和專注于投資者，這個(gè)門戶加大了刺激力度，因?yàn)檩^低的認(rèn)購量無須仔細(xì)檢查投資的發(fā)行者。另外，德國創(chuàng)業(yè)公司只能得到優(yōu)先的風(fēng)險(xiǎn)資本。因此，這不能排除這個(gè)事實(shí)：因?yàn)樽畲笳J(rèn)購限額，即使通過投資者，值得支持的公司將會(huì)得到很少甚至得不到資本（也就是說無法達(dá)到融資門檻）。創(chuàng)業(yè)公司和整個(gè)經(jīng)濟(jì)將會(huì)在這個(gè)融資中收益。因此，立法者應(yīng)該提高限度，這樣,投資者可以在《投資法》下投1000到5000歐元而無須顧忌他們的收入和資產(chǎn)?！缎⊥顿Y者保護(hù)法》的另一個(gè)弱點(diǎn)在于認(rèn)購限度運(yùn)用于每一個(gè)投資者，而不管這個(gè)投資者是散戶還是專業(yè)的。只有公司實(shí)體，比如：法人，豁免于這條規(guī)定。這條規(guī)定涵蓋過廣了。因?yàn)?，認(rèn)購限制適用于可以自力更生的投資方，比如：風(fēng)險(xiǎn)投資基金和商業(yè)（而不是合伙企業(yè)或自然人）。這條規(guī)定涵蓋過廣的另一點(diǎn)就是，不管這個(gè)公司實(shí)體是否有資格作為一個(gè)成熟的投資者，這條規(guī)定都將它排除在外?？梢钥隙ǖ氖巧敉顿Y者不太可能逃脫得了認(rèn)購限制,比如:有限責(zé)任公司（Unternehmergesellschaft（haftungsbeschrankt））建立這樣一個(gè)實(shí)體的成本太高了，年度會(huì)計(jì)需求太繁瑣。但是，最好的解決方案是使所有專業(yè)的客戶豁免，《證券交易法》（第二段第二句）中關(guān)于這個(gè)概念的定義不應(yīng)該在很大程度上調(diào)整，而是需要用在眾籌上面，這樣就可以在豁免中獲取典型的商業(yè)和風(fēng)險(xiǎn)資本。4）廣告關(guān)于投資廣告的規(guī)定表明德國立法者做出了驚人的轉(zhuǎn)變。根據(jù)《小投資者保護(hù)法草案》要求，只能在枚舉類型事件下，才允許做投資廣告。尤其是，當(dāng)它出現(xiàn)在報(bào)紙或者是媒體中，至少偶爾談及到商業(yè)和經(jīng)濟(jì)話題（《小投資者保護(hù)法案草案》第12段，第二條）通過這一規(guī)定，立法者旨在防止大型廣告活動(dòng)破壞投資信息表的影響，這樣使投資者做出明智周全的與投資相關(guān)的風(fēng)險(xiǎn)評(píng)估，因此，在綜合考慮方方面面后作出投資決議。但是，西德連邦議會(huì)采用的《小投資者保護(hù)法》并沒有包含任何廣告限制——除了德國聯(lián)邦金融監(jiān)管局警告通知要求和擴(kuò)大的執(zhí)法力度來禁止某些類型的投資廣告。相反，以前會(huì)禁止大多數(shù)的廣告——比如：在電子媒體上的廣告不能超過210個(gè)以前在媒體上出現(xiàn)的詞，至少有一個(gè)關(guān)注點(diǎn)偶爾放在商業(yè)和經(jīng)濟(jì)話題上——但是現(xiàn)在很多廣告只需有個(gè)“警告”的鏈接標(biāo)記標(biāo)明是有警告通知一個(gè)單獨(dú)的文檔就可以了。立法者在此為沒有經(jīng)驗(yàn)的投資者提供了直截了當(dāng)?shù)姆椒?，而不是讓廣告走向愿意深入研究由投資信息表提供的信息的投資者。除此之外，這也沒有遭遇確認(rèn)偏見，也軟化投資信息表想要達(dá)到的效應(yīng)，以及簽名要求。通過授權(quán)徳國聯(lián)邦金融監(jiān)管局（徳國聯(lián)邦金融監(jiān)管局）禁止某些類型的投資廣告，立法者竭力找到一個(gè)靈活的手段來解決最極端情況下的不公平的或欺騙性的廣告。原文：Prof.Dr.iur.LarsKlohn,LL.M?(Harvard),Munich/Jun.-Prof.Duoec.publ.LarsHornuf,M.A.(Essex),Trier/Ass.iu匚TobiasSchilling,Maitreendroit(Aix-Marseille),MunichiTheRegulationofCrowdfunding

intheGermanSmallInvestorProtectionAct

Content,Consequences,Critique,SuggestionsTheGermanBundestaghasadoptedtheSmallInvestorProtectionActon23April2015,whichwillenterintoforceinthecomingweeks?Effectiveinvestorprotectioncommencesbeforetheinvestormakestheinvestmentdecision.Improvementcanbeexpected,aboveall,frominvestortestsillustratingtherisksofcrowdfundingandcrowdinvestingandthegapsintheindividualinvestor'spersonalknowledge.60Thesetestscouldbeimplementeddigitallyandpromisedistinctlyimprovedefficacyoverthemeresignatureorconfirmationrequirement.Thelegislatorthereforeshouldstrike§15para?3and4InvestmentActandreplaceoratleastcomplementthesubscriptionandconfirmationrequirementbyaninvestoreducationtestdevelopedbytheGermanFederalFinancialSupervisoryAuthority(BaFin)incooperationwithscholarsandpractitionerstoclarifyforinvestorstherisksofcrowdinvesting.3)SubscriptionLimitsThewarningnoticeincombinationwiththesignatureorconfirmationrequirementunder§15para.3and4InvestmentActisonlyonelegoftheinvestorprotectionincrowdfundingandcrowdinvestingintroducedbytheSmallInvestorProtectionAct.Thesecondlegisthesubscriptionlimitsunder§2apara?3InvestmentAct.Here,too,thelegislatorfollowsthepathtakenbytheUSgovernment,butforegoes,rightlyso,theintroductionofamarket-wideaggregatesubscriptionlimit一arulethat,firstly,isdifficulttoenforceand,secondly,cansignificantlyrestricttheinvestors9abilitytomanageriskthroughportfoliodiversification.61Althoughwell-establishedinotherlegalsystems,theintroductionofasubscriptionlimitisnotaself-evidentrule.62Seenfromregulatorytheory,itisaformofhardpaternalism.63Itlimitsthefreedomoftheinvestoronthejustificationofprotectingtheinvestorfromhimself.Thistypeofruleisforeigntocapitalmarketsregulationinprinciple.Rather,theguidingprincipleinsecuritiesregulation,asLouisLoss,thenestorofUScapitalmarketsregulation,alreadyputitsopointedly,isthateveryinvestor"hastherighttomakeafoolofhimself'.Stronglypaternalisticrulesrequirespecialjustificationinalegalsystembasedonindividualfreedom.65Thereareseveralgoodreasons,however,thatthisrequirementismetwithrespecttothecrowdfundingmarket:66thelowqualityoftheinformationthatissuersdisclosewhenprocuringinvestormoney,thehighriskoftheinvestment,particularlyforstart-upcompanies,thetendencyofinvestorstounderestimaterisk,67aswellasthedangerofmarketbubblesdeveloping,aboveallincrowdinvesting?Thus,thereisnocaseforsubstantialcriticismofthebasicregulatoryfeaturesoftheSmallInvestorProtectionAct,butthereisacaseastosomedetails:Thiswouldbe,firstofall,theamountofthesubscriptionlimits.Ifsomeonewouldliketoinvestmorethan€1,000inaprojectorcompany,thepotentialinvestormustdisclosehisassetsandincome?Howmanyinvestorswillactuallydothiscannotbeseriouslypredicted.Assumingthatnotafewinvestorsdeclinetodosoforfearoflosingconfidentialityoftheirfinancialdata68,thesubscriptionlimitof€1,000willbeasignificantobstacle,andbesuchbothforthemarketandforthecompetitionbetweenplatformsmentionedabove?Thesurveyofthecrowdinvestingmarketaboverevealedthatinvestorsinvestingmorethan€1,000constituteonly15.4%ofallinvestorsintheGermancrowdinvestingmarket.69Theycontributeaverysignificantportionofthemarketvolume,however,namely76%?Iftheywereabletoinvestonly€1,000orlessinthefuture,themarketwouldsufferasignificantadverseimpact.Thenewregulationalsoremovesanyincentivefortheportalstospecificallysolicitinvestorswhowanttoinvestmorethan€1,000.AnexampleisthecrowdinvestingportalInnovestmentthat,asageneralrule,requiredaminimumsubscriptionof€1,000.70Astudyhasshownthatinvestorsinvestinginstart-upcompaniesthroughInnovestmentarebettereducatedandmoreexperiencedincomparisontotypicalsmallinvestors.71Assumingthattheirexpertisewasafactorinevaluatingtheissuer,therewouldbereasontobeoptimisticthatthelevelofswarmintelligenceontheInnovestmentportalwouldbeparticularlyhigh?UndertheSmallInvestorProtectionActtheincentivesincreaseforthisportaltodiscardtheminimumsubscriptionrequirementandinsteadtofocusoninvestorsthatbecauseofthelowersubscriptionamountsdonotbothertocloselyexaminetheissueroftheinvestments.Additionally,Germanstart-upcompanieshaveaccesstoonlyalimitedamountofventurecapital.72Itthereforecannotberuledoutthatcompaniesworthyofsupportwillreceivelittleorevennocapitalbecauseofthemaximumsubscriptionlimits(namelywhenthefinancingthresholdcannotbeachieved),eventhoughinvestors,start-upsandtheeconomyasawholewouldprofitfromafinancingtakingplace.Thelegislatorthereforeshouldraisethelimitthatinvestorscaninvestunder§2aInvestmentActirrespectiveoftheirincomeandassetsfrom€1,000to€5,000.AfurtherweaknessoftheSmallInvestorProtectionActisthatthesubscriptionlimitsapplytoeveryinvestorirrespectiveofwhethertheinvestorisaretailorprofessionalinvesto匚Onlycorporateentities,i.e.legalpersons,areexemptedfromthisprovision.Thisprovisionisclearlybothover-andunderinclusive.Itisoverinclusivebecausethesubscriptionlimitsapplytoinvestorswhocanclearlyfendforthemselveslikeventurecapitalfundsandbusinessangels,unlesstheyarecorporateentities(andnotpartnershipsornaturalpersons).Theruleisunderinclusivebecauseitexcludesanycorporateentityregardlessofwhetheritqualifiesasasophisticatedinvesto匚Tobesure,itisnotverylikelythatretailinvestorswillbypassthesubscriptionlimitsbysettingup,e.g?，anEntrepreneurCompanywithlimitedliability(Unternehmergesellschaft(haftungsbeschrankt))73thesolepurposeofinvesting.Thecostsofestablishingsuchanentity(whichcannotbeobtainedwithoutanotary)aretoohigh,andtheannualaccountingrequirementsaretooburdensome?However,thepreferablesolutionistocreateanexemptionforallprofessionalclients,wherebythedefinitionofthisconceptin§31apara?2sentence2SecuritiesTradingActshouldnotbetransferredwholesalebutreviewedandadaptedforcrowdfundingsothattypicalbusinessangelsandventurecapitalfundscomewithintheExemption.4)AdvertisementTheprovisionsconcerningtheinvestmentadvertisingdemonstrateanastonishingturnaroundbytheGermanlegislato匚AccordingtotheDraftSmallInvestorProtectionActadvertisementforinvestmentswouldhavebeenpermittedonlyintheenumeratedcases,inparticularifitoccurredinthepressorinmedia"withatleastanoccasionalconcentrationalsoondiscussingbusinessandeconomictopicsandit[theadvertisement]ismadeinconnectionwithsuchadiscussion9,(§12para?1no.2InvestmentActintheversionoftheDraftSmallInvestorProtectionAct).Bythisprovisionthelegislatoraimedtopreventthatlarge-scaledadvertisingcampaignsunderminetheeffectsintendedwiththeinvestmentinformationsheettoenableinvestorstomakeaninformedassessmentofrisksassociatedwiththeinvestmentsand,thus,totakeinvestmentdecisionsinfullknowledgeofthefacts.74TheSmallInvestorProtectionActasadoptedbytheBundestag,however,doesnotincludeanyadvertisinglimitations―excepttherequirementofwarningnoticesandtheexpandedenforcementpowerofth