On ROSCA And Its Legal Regulations

Rotating Savings and Credit Association（abbreviated as ROSCA），as a spontaneous wayof folk capital financing, relying on the concept of the family lineage and solidarity ofOriental societies, born with the traditional folk culture such as mutual assistance andcooperation. Unlike the impressions what the most researches on civil law or customary lawbrought to us in the past，ROSCA as a historic folk financial custom，it is active systempractice of civil law in the economic developed areas；it is not only has the advantages such asflexibility and high efficiency so it become the more preferred means of financing by people，but also it is the important product of the “guanxi resources” in China’s traditional society，itsatisfies the social needs and self-protect instinct of people to some extent。As the ROSCAturning from the mutual primitive evolution to profit or speculative behavior，the attitudes ofnational official system to this kind of civil order turning from neglect to focus。It has therelevant records on the official civil customs investigation report as early as the period of theRepublic of China, but it still doesn’t been mentioned in the official legal system。But in thereal life，the habit of ROSCA which is growing in the civil society with the law as the officialsystem，the interaction between the two is never stop。This article selected Biaohui that is a typical way of ROSCA as empirical research object,hopes that through it inspect the existence of the foundation of ROSCA；and in the alienationof its foundation leds to the evolution of its operation forms and social features，and therelevant legal issues it caused in social transformation；combined with the experiences andlessons about the legislation and regulation of Japan， Taiwan and other regions；probe intowhat kind of way the national law should choice to the benign interactive with ROSCA, sothat could both to take the reasonable regulation to avoid its risk, and protect its development；take effective use of the social resources that contained in such traditional practices, for ourcountry’s finance innovation and social system provides a good source.Besides an introduction and epilogue, this article mainly divides into three parts: Thefirst part is an overview of the ROSCA, mainly from the history textual research on its originand generalize its current development situation; describes the basic characteristic of ROSCAas a folk financial habits and analysis its economic and social functions and inherent risks. The second part, take the ROSCA as the research object from the perspective of customlaw；at the first carding the traditional rules of ROSCA based on the existing literature，take anobjective description and show on the ROSCA existed in "acquaintances social" which wasmainly in the agricultural economy; then to Fujian area of ROSCA activities for casesdescription in continued changes of social economic structure background and other elementsof common role Xia collection will activities on traditional habits of breakthrough and change,Could get used to this change is also increasingly raise its demand for formal system of theState regulation.The third part tried to explore the country formal interaction mechanisms between thelegal system and get used to. First analysis will be used in official legal status in China,gathered in some of the cases, and other materials out in China in recent years on the basis ofjudicial practice as well as the regulatory treatment of the habits and attitudes, and analysis ofexisted problems and causes. Second from demonstration collection will as a good of systemresources is into official system of superior conditions and need, regardless of is broad anddeep of "relationship capital" also is entrenched of habits binding are is valuable of resources;then Combs has Taiwan area on collection will of regulation course and experience lessons,analysis which worth we reference of part; finally clear collection will and financial crimeproblem Zhijian of boundaries and problem, and in the United Zhejiang Financial ResearchReport on the basis of comprehensive analysis of China’s legal system can be selected path.