野村資本市場研究所|米国におけるクラウド・ファンディングの現状と課題(PDF)

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1 2013 Spring JOBS JOBS SEC 4. JOBS 5. JOBS JOBS 174

2 1 JOBS Jumpstart Our Business Startups Act 2 JOBS crowd sourcing JOBS 7 JOBS IPO

3 2013 Spring 3 Crowdsourcing.org Massolution JOBS JOBS 1% WeFunder 3 4 Facebook Twitter SNS SNS Massolutions Crowdfunding Architecture January CF-Crowdfunding Industry Report April

4 % 18% 22% 22% 3,000 5 North American Securities Administrators Association NASAA Crowdfunding ,800 2,000 3,700 3,000 8,800 6,800 JOBS 6 fundavlog crowd funding ArtistShare 2003 Kickstarter 5 6 The new thundering herd The Economist, June 16, 2012 NASAA NASAA Sees Sharp Spike in Crowdfunding Presence on the Internet December 5,

5 2013 Spring Indiegogo 2011 CrowdFunder RocketHub SEC JOBS SEC JOBS 13 Crowdfund Intermediary Regulatory Advocates 6 8 Alexa Data Statement of Sherwood Neiss CoFounder FLOVORx Congressional Testimony by CQ Transcriptions, September 15, CAPS Crowdfunding Accreditation Program Crowdfunder Funding Roadmap GATE Technologies & GATE Impact Indiegogo Launcht Motaavi RocketHub Soho Loft Capital Creation Events SoMoLend Startup Exemption Wefunder ProFounder Dana Mauriello Jessica Jackley 178

6 4 all or nothing keep it all CD 4 all or nothing keep it all , ,

7 2013 Spring e % 3 5% 30% 2012 Ukiyo-e Heroes 10, , JOBS

8 JOBS JOBS 12 JOBS JOBS SEC 4 Fundable SEC EarlyShares RelayFund WeFunder SEC 13 SEC pledge % SEC JOBS SeedInvest CircleUp D accredited investor SEC 1% Crowd Funding for the 1% peer-to-peer lending CircleUp: Crowdfunding for the 1% CNET News, April 18,

9 2013 Spring Facebook SharesPost SecondMarket 15 JOBS Mosaic 2010 A note 25 1% Bolstr Bolstr 5 25% 5.75% AppBackr 15 JOBS WR WR

10 17 18 JOBS 19 JOBS A SEC offering circular D SEC Online funding bankrolls innovators San Francisco Business Times, May 18, In the matter of Michael Migliozzi II and Brian William Flatow crowdsourced certificate of ownership 183

11 2013 Spring JOBS JOBS ,000 5% 10 10% SEC SEC SEC 4A(b) SEC SEC 50 SEC CEO 21 FINRA 184

12 SEC SEC SEC SEC JOBS SEC JOBS JOBS JOBS SEC JOBS UKCFA 1 185

13 2013 Spring 24 NASAA JOBS The Boiler Room Legalization Act 26 JOBS JOBS 27 JOBS 24 ipad "How One Stupid Mistake And $35,000 From Kickstarter Made An Average Guy Bankrupt Business Insider, January 14, NASAA Are You an Informed Investor? Crowdfunding May 15, Statement of Professor John C. Coffee, Jr., Adolf A. Berle Professor of Law, Columbia University Law School, at Hearings Before the Senate Committee on Banking, Housing and Urban Affairs Spurring Job Growth Through Capital Formation While Protecting Investors December 1,

14 FSA Crowdfunding: is your investment protected? FSA Financial Service Compensation Scheme FSA UK Crowdfunding Association UKCFA 5 Crowdcube FSA FSA Seedrs FSA FSA 28 FSA Financial Conduct Authority Prudential Regulation Authority Abundance Generation Bank to the Future Buzzbank Crowdbnk Crowdcube CrowdMission Gambitious Microgenius Peoplefundit Please Fund Us Seedrs Trillion Fund 187

15 2013 Spring 5 UKCFA UKCFA high net worth individual sophisticated investor The Financial Services and Markets Act 2000 (Financial Promotion) Order

16 6 30 FSA Trampoline FSA FSA Australian Securities & Investments Commission ASIC ASIC ASIC Ups and Downs of Crowd Funding The Australian, March 18,

17 2013 Spring 7 ASIC ASIC 2010 Competition and Consumer Act 2010 ASIC IT Ontario Securities Commission OSC ,500 10, Ontario to Back startup crowdfunding; Fraud warning National Post, November 30, OSC Staff Consultation Paper Considerations for New Capital Raising Prospectus Exemptions December 14, Canadian Securities Administrators OSC 34 JOBS 190

18 2 OSC

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