Study On The Illegal Operation Of Securities Business

As the intermediary link of the stock market, the operation of securities businesshas a very important impact on the development of securities markets. Consideringthis point, the state has organized special events to crack down on illegal operation ofsecurities business. After a period of remediation, the illegal operation of securitiesbusiness has been effective governance. But recently, there are signs of resurgence inthe illegal operation of securities business. The illegal operation brings about seriousdamage to the normal order of the operation of the securities market and hurts theinterests of investors. The numerous victims may easily lead to mass incidents and itwould pose a potential threat to the social management. But there are a few researcheson the illegal operation of securities business in our criminal law theory. Becausethese cases are not only related to criminal law, but also related to a multi-disciplinaryknowledge, inadequate legal provisions and incompact judicial convergence.Problems still exist, such as existing laws have not made a clear definition on illegaloperation of securities business, the judiciary have different opinions on thequalitative of the illegal operation, investors who suffered losses have not found aneffective channel for relief. So there is still need to sort out and discuss theseproblems.Taking the financial markets which combines financial innovation and financialcrime as the background, taking the illegal operation of securities business as a research object, integrating with real cases occurred in the field of judicial practice,this thesis will discuss some issues about the illegal operation of securities business.This thesis is divided into three parts except the introduction. First, this thesiselaborates legislative history of the crime of illegal business, including its legislativebackground and the two amendments. Then this thesis generalizes and analyzesseveral controversial issues on the crime of illegal operation, such as the specialdescription and standards. It can lay the foundation for the discussion about theidentification of the illegal operation of securities business. Second, integrating withreal cases, this thesis discusses two kinds of illegal operation of securities business. Itfocuses on the illegal sale of equity of the non-listed companies and the illegalsecurities investment consulting business. This thesis mainly concentrates in thepatterns of behavior, the qualitative of the illegal operation and the distinctionbetween crimes and related crimes to discuss these behaviors. Finally, this thesiselaborates my thinking about the illegal operation of securities business and discussessome issues, such as the relief channels for the investors who suffered losses,reasonable boundaries between executive power and judicial power, the role offinancial criminal law. In addition, this thesis mainly expresses one point: only underthe premise of improving the financial system and regulatory authority performs itsregulatory functions, the criminal law can be in a suitable mode and act thesignificance of the last line of defense. Only in this way, the state can protect theinterests of investors and promote financial market to be healthy, stable andprosperity.