Improper Criminal Intervention And Offence Of Equity Fundraising System

With the continuous development of Internet finance,equity crowdfunding has gradually entered the public eye.As an emerging investment and financing financial method,China has not formed a complete legal system to effectively and rationally regulate it.Among them,improper intervention by criminal law is particularly effective.In the current criminal law provisions and judicial interpretations in China,it is impossible to find content that is specifically regulated for equity crowdfunding behavior.In judicial practice,the crime of identifying equity crowdfunding behavior is mainly concentrated in the chapter on the crime of undermining the socialist market economic order.The crime of fund-raising fraud,the crime of issuing stocks,companies and corporate bonds without authorization,the crime of illegally absorbing public deposits,and the crime of setting up financial institutions without authorization,the crime of illegal business has become the most frequently occurring crime when the equity crowdfunding behavior is recognized as a crime.Because the crime is established,and the behavior of equity crowdfunding is new,and before the criminal law system,China does not have complete pre-emptive measures for civil and commercial matters and administrative laws and regulations.This leads to the jurisdiction of the judiciary in the process of discovering the conflicts arising from the operation of equity crowdfunding,and can only be punished by criminal laws and regulations.However,there is no content in the established criminal law that can match the full equity crowdfunding behavior.In order to achieve the purpose of standardizing equity crowdfunding,the judicial organs can only interpret and match the equity crowdfunding behavior with the established criminal law provisions,ignoring whether the equity crowdfunding behavior truly violates the legal interests protected by the criminal law.Eventually,it led to the improper intervention of the criminal law system.It not only failed to regulate the legal and legal existence of equity crowdfunding,but also restricted the booming development of Internet finance represented by equity crowdfunding.The premise of proper intervention of the equity crowdfunding criminal law is that equity crowdfunding has infringed upon the legal interests protected by the criminal law.However,in judicial practice,normal equity crowdfunding does not cause legal gains.Equity crowdfunding behavior may lead to an impact on the socialist market economic order.Since there is no violation of personal legal interests,equity crowdfunding should still fall within the scope of administrative penalties and does not reach the level of criminal legal rights violations.This requires the judicial organs to use the method of substantive interpretation when using the criminal law to regulate the behavior of equity crowdfunding,and pursue the harmony and balance of the connotation and extension of legal interests in the specific judicial application process.That is to be able to advocate freedom to the greatest extent,and to ensure the universality of the law,and not to change the objective and rigorous applicable norms due to the legal protection of the case.Specifically,it is necessary to first limit the crime of illegally absorbing public deposits,analyze the case,and clarify the applicable subject and specific criminal behavior of the crime.Secondly,it provides a reasonable and substantive explanation for the "unauthorized establishment" in the crime of setting up a financial institution without authorization.Exploring the behavior that really causes the result of legal damage,rather than simply penalizing it for punishment.Finally,we must balance the relationship between guilty and guilty of illegal business crimes and narrow the scope of pocket clauses.In addition to the direct restrictions on the criminal law system,it also requires the support of civil and commercial matters and administrative laws and regulations.Learn from the advanced legislation of foreign civil and commercial affairs and administrative laws and regulations,and improve the legal system of legal regulation of equity crowdfunding in China.Ultimately,the purpose of safeguarding the legitimate interests of investors and the orderly development of the national financial order is achieved.