The Study On Improvement Of Criminal Law’s Regulation To The Illegal Issuing Of Securities

The present researches on the criminal regulation of illegal issuing of securities acts of China’s criminal laws scholars are serious insufficient. There is less research results, researches are not deep and not comprehensive. Most of the studies focused on the differences between illegal issuing of securities crime and other securities crime or illegal fund-raising crime. And the others only relate to one or several inspect of illegal issuance of securities crime. In fact, the illegal issuing of securities crime in the present is an urgent problem that needs criminal law scholars to conduct a comprehensive, in-depth study. Especially in the backgrounds of the third Plenum(Plenary Session)of the 18 th Communist Party of China Central Committee making the deployments of promoting the stock issued registration system reform, developing and standardizing the bond market, improving the proportion of direct financing, and our securities market and securities issue system is undergoing a profound change.The thesis is divided into four parts.In The first part, the problems related to the thesis are described. Firstly, define the research object of this thesis illegal issuing of securities acts. Secondly, elaborate the research background. It mainly involving two aspects: the judicial practice and theoretical study. Thirdly, the significance of this research is expounded from two aspects of theory and practice. Finally, introduces the research main methods in this thesis.In the second part, the thesis points out the problems of China’s criminal law’s regulation to existing illegal securities issuing behavior from five aspects. The first one is lacking of scientific legislative system. The second one is that the setting of the accusation is not proper; The third one is the object of regulation is not reasonable; The fourth one is the dividing of behavior type regulated by China’s criminal law is not scientific; the last one is the crime penalty setting, illegal issuance of securities crime penalty setting is out of balance compared with other illegal fund-raising crimes.In the third part, the thesis establishes the theoretical basis of criminal regulation of illegal securities issued behaviors. These include three aspects: the theory of state intervention, the security nature of criminal law and the social harmfulness theory determines criminal law needs to regulate illegal issuing of securities behavior; the main target of criminal law’s regulation to illegal securities issuing is to ensure the information about securities in market is disclosure; the limits criminal law should follow during the process of regulating illegal issuing of Securities Act.In the fourth part, the thesis reconstructs the criminal law’s regulation to illegal issuance of securities from six inspects. Firstly, make the pattern of legislation clear, strengthening contraction between criminal law and the subsidiary criminal law. Secondly, make the fraudulent issuance of shares, bonds and the crime of issuing stock, company, and enterprise bond without authorization merge into illegal issuing of securities crime. Thirdly, make the determination of "securities" clear, summarizing the main and auxiliary method. Fourthly, make the behaviors of illegal issuing of securities divided into two levels, seven types. Fifthly, reset the standard of illegal issuing of securities crime. Last but not the least, comparing to other illegal fund-raising crime’s punishments, make the punishments of the crime of illegal securities issuance divided into three grades, and to make the appropriate adjustments of fine penalty and freedom penalty.