Research On Criminal Regulation Of Illegal Fund-Raising

At the background of Financial Inhibition, private financing beyond of the financial regulatory system plays a very important role. However, as it is not recognized by law, the field of private financing is usually in the “gray area”.Some fund raising activities which involved of many stakeholders are often identified as illegal fund-raising and included in the scope of the criminal regulation. Therefore, the crime of fraud in financing and illegal absorbing public savings appears on the public repeatedly in recent years. Due to the indeterminate legislative stipulation of two offenses, the judicial application completely depends on the judicial interpretation. Nevertheless, the judicial interpretation highlights many issues in the application. For example, extensive application, low threshold to criminal conviction, aggravated punishment, identified follow administrative guide, etc. From the deep analysis of current situation on the Criminal Regulation,criminal law has been too strict prematurely involved to illegal fund-raising activities, resulting in improper expansion of illegal fund-raising crime ring. It may be not only undermine the modesty principle of Criminal Law, but also severely compress the legalization of private financing space, hindering economic development. So it is necessary to re-examine the reasonable limits of the criminal regulation for illegal fund-raising, relaxation the private financing.This article holds the spirit of restraining criminal law, depends on interpretation, criminal law should be made applicable limit shrink rather than expand, should avoid the interference part of the fund-raising behavior. Firstly,summarized overview of illegal fund-raising, Analysis of characteristics, causes,etc. Then analysis of illegal fund-raising relevant legal and judicial interpretation,summary judicial interpretation of the status quo, obtain the conclusion of illegal fund-raising crime rings have been improperly expanded.based on this,summarize legal analysis of narrows the applicable and the reality show of criminal law has been excessive intervention, Obtain judicial application of illegal fund-raising should be limited to shrink rather than expand. The fourth chapter bydefining illegal fund-raising and private lending and elements of crimes strictly limited and reinterpret "illegal possession for the purpose ’ and "no specific public" applicable. To achieve illegal fund-raising justice narrows applicable,theoretically correct and clarify the boundaries of the judicial practice of private lending and illegal fund-raising, to filter the sound from the illegal fund-raising activities of private finance, given its legal status, reinvigorate economic reform.