Study On Legal Regulation Of Illegal Fund-raising

Illegal fund-raising is a behavior of legal person, other organizations or individuals raising funds to public, without the approval of the authorities. The late1980s and the early1990s in China, the acts of illegal folk fund-raising began to the horizon, since then due to the extensive involved personnel, the strongly reacted community and the seriously disrupted financial order, the State Council issued a series of laws and regulations in1995to regulate illegal fund-raising, our country had never relaxed regulating this behavior, until the related offenses in the Penal Code to crack down on it. The Wu Ying case in2009had pushed the illegal fund-raising to the teeth of the storm. The questions of raising funds, especially what its legal status is, where the definition of legitimate loan and illegal fund-raising is, how the law regulate it, what the division of regulating this behavior of civil law, economic law and criminal law is, whether the Crime of illegal absorbing public deposits and the Crime of fund-raising fraud can implement appropriate regulation of illegal fund-raising, came to appear and have been hotly discussed. The review and the reflection on China’s fund-raising and the regulation of illegal fund-raising become urgently, particularly necessary.This paper mainly includes six parts:The first part, the related concept of illegal fund-raising. In this part, I firstly introduce several concepts of illegal fund-raising, such as financing, raising funds, raising private funds and absorbing public deposits, then on this basis, provisions of illegal fund-raising as well as the form of it are introduces from the angle of legal norms.The second part, the legal regulation and legal responsibility of illegal fund-raising. This part mainly introduces the development process of legislative level of how private fund-raising turns into illegal fund-raising, and the civil liability, administrative liability and criminal liability and other aspects of illegal fund-raising.The third part, the analysis of fund-raising fraud. In this part, the author focuses on the basic issues of fund-raising fraud crime which is one of important charges involved illegal fund-raising. From the objective elements of the crime to the subjective elements, also from the accomplice to crime number, have been detailed analyzed and discussed.The fourth part, the crime of illegally absorbing public deposits. This part, the author starts to analyze from the elements of this crime, and makes a detailed analysis and research about the cognizance and punishment of this crime.The fifth part, the situation of legally regulating illegal fund-raising and the comment on judicial practice. In this part, through a systemic analysis of the existing legal regulating documents about illegal fund-raising, the author points out, the current legal system has the following deficiencies:1. The uncertainty of legal positioning.2. The regulatory mechanism is not sound.3. The legislative mode is not perfect.4. The regulation and control among various departments of law is not healthy.The sixth part, the improvement of legal regulation of the illegal fund-raising. Aimed at the analysis in the fifth part of the shortcomings of the legal regulation system, the author puts forwards some improving measures, one is to establish the regulating path of civil law and administrative law, second, to improve the regulation of criminal law, the third is to seek the rationality of the application of criminal law’s interpretation.