CROWDFUNDING SYSTEMS: evaluation and government regulation in the conditions of reengineering

investment portfolio, criteria for selecting objects for investment. There is almost no complete information about Ukrainian «business angels». However, some of them are members of the Ukrainian Association of business angels «UAangel», which is an active participant in many events related to innovation. In the context of this topic, it is proposed to create a new body or allocate a new division within the National Securities and Stock Market Commission of Ukraine (NSSMC). The main function of such a division should be, on the one hand, to popularize information about crowdfunding as a tool for financial support of project implementation, on the other, as a means of communication and solving important social problems. Similar to the US office of investor education and advocacy, which is part of the US Securities and Exchange Commission, the newly created division of the NSSMC should be responsible for three main functional areas: ڰ provide various services and tools to solve problems that investors and contributors may face; the division helps investors and contributors understand all the advantages and disadvantages of maintaining a particular project, invest wisely and avoid fraud; ڰ respond to questions, complaints, and suggestions from the public; in our opinion, such a division should have a hotline to enable investors and contributors to address various issues related to securities, crowdfunding, etc., or to complain about existing problems with investments and deposits or with mediators of crowdfunding platforms, or to suggest improvements to the Commission's regulations and procedures; ڰ increase the education level of investors and contributors of crowdfunding projects, including the development and distribution of educational materials, the creation, and participation in educational seminars and investor-oriented events, as well as partnerships with agencies, government regulators, and other organizations on investor literacy. This division will be able to create public content on topics related to equity crowdfunding, where the securities are the reward and provide advice on securities and administrative law. Another alternative is to create an independent body that can perform the above functions, for example, the Ukrainian Crowdfunding Association. 116