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162 The Journal of Intellectual Property Vol.9 No.4 December 2014 A Study on the Protection of Investors Regarding the Introduction of Crowdfunding: in Perspective of Intellectual Property Rights Kim Si-Yeol, Choi Jae-Sik & Lim Yun-Hye Abstract The Jumpstart Our Business Startups Act of the United States was proclaimed by President Obama of the United States in April 2012. Then, the United States Securities and Exchange Commission announced enforcement regulations as a follow-up measure to the act in October 2013. The United Kingdom is also expected to present enforcement ordinances on consumer credit in April 2014 and many countries are paying attention to crowdfunding. In this regard, the Korean government also announced it would pursue the introduction of crowdfunding to improve the fiancing conditions of business startups and venture firms in their early stage of business. This paper deals with conditions for finding portals, qualifications of agencies and publishers, and the target of the funding related to the systematization of crowdfunding of the Jumpstart Our Business Startups Act. In addition, it also summarizes movements being made globally for the introduction of crowdfunding, such as classifying and exempting collective investment schemes when managing crowdfunding, other than actions subject to the regulations of the enforcement ordinances on consumer credit of the United Kingdom. It then examines the debate on crowdfunding in Korea. Last, it goes over items particularly necessary for the protection of
Korea Institute of Intellectual Property 163 investors when introducing crowdfunding using intellectual property rights (IPRs). That is, it examines the systemic tools necessary for the proper protection of investors in order to vitalize early on and safely settle crowdfunding using IPRs in consideration of the special characteristics of IPRs in addition to those of crowdfunding targeting unspecified many for investment funds collection. That is, it is necessary to disperse the responsibility of loss, launch insurance products for this, and appropriately limit the funds to be collected and investors. Keywords crowdfunding, fund raising, investor protection, JOBs Act, Intellectual Property Rights(IPR)