Securities Illegal Trust Management Behavior, Criminal Liability Study

With the continuous reformation and development of the financial system of our country, the competition in securities industry is becoming more and more keen. The securities companies are trying to innovate new business to make the business modernized and diversified. Entrusted asset management is the important way for the securities companies, which has become more important in all of the Chinese securities companies' business. But, the massive illegal criminality also has produced at the same time. So this thesis selects the criminal responsibility generated by illegal entrusted asset management of securities companies as the content to study in order to attack crimes existed in securities industry.This thesis consists of five parts.In the first chapter, the thesis defines the entrusted asset management of securities companies by the concept, characters and nature, and explains existing problems of Chinese securities companies which conduct illegal business on entrusted assets.The second chapter analyses the phenomenon of Chinese securities companies' illegal behaviors of entrusted asset management, then define and category this kind of behaviors. On basis of this analysis, the characteristics of Chinese securities companies'crimes are concluded.The third and fourth parts are the heart of this thesis. Author divided entrusted assets management into attracting investment and entrusting financing, and analyzed criminal responsibility according to judicial practice. The third part explained crimes caused by absorbing entrusted assets in an illegal way including cognizance of illegally taking in deposits from the general public, unlawfully raising funds by means of fraud shall, and illegally lending the funds he absorbed from the clients instead of entering them into the account book, or uses the funds as loans. The fourth part sum up major criminal responsibility involved in securities companies using guests'assets without notice, including misappropriating public funds,rigging stock prices,stock exchange transactions between insiders,divulges inside information.In the fifth part, the author propose some suggestions on how to perfecting the system of criminal legislation,judicature in entrusted assets field in order to provide theoretical instruction for Chinese legislation.