On The Improvement Of The Crime Of Fraud Of Issuing Stocks And Bonds Under The Background Of Registration-based IPO System Reform

The crime of fraudulent issuance of stocks and bonds was formally included in the Criminal Code in 1997.Over the past 20 years,the Securities Law has been revised many times.The stock issuance Registration-based IPO system has been piloted on the Shanghai Stock Exchange.China's securities issuance review system is changing from an approval system to a registration system,and the registration system brings decentralization of audit power,simplification of the review process and improvement of resource allocation efficiency,and also increases the credit risk of the securities market.China is at the critical stage of the reform of the securities issuance review system from the approval system to the registration system.To establish a complete supporting legal system,the Criminal Law is an indispensable part.Perfecting this crime can protect the order and safety of the securities market in the context of registration system reform,and respond to issues such as the increase in credit risk of securities issuance brought about by the registration system.At the same time,it can also be used as a breakthrough.Actively build a securities criminal law system that is adapted to the registered securities issuance review system.This article is composed of three parts:foreword,body and conclusion.The preface mainly draws the research object of this article,that is,the crime of fraudulent issuance of stocks and bonds,and briefly introduces the background of the Registration-based IPO system reform and the risk of fraudulent issuance of stocks and bonds under this background.In this way,the theory of risk criminal law is linked to reveal the shortcomings of the current criminal law of our country in response to the reform of the registration system of the securities issuance review system and the importance of perfecting the crime.The main body is divided into four chapters.The first chapter summarizes the process,content and characteristics of China's securities issuance review mechanism,especially the registration system,and points out that the risk criminal law has unique advantages in dealing with and controlling social risks,and this unique The advantages can be used in the credit risk control of the registered securities issuance review system;Chapter ? analyzes the controversy and shortcomings of the crime in theory and practice,and protects the crime's legal interests,the definition and chapters of stocks and bonds Analyze and respond to the disputes on the establishment and other aspects,and point out that the shortcomings of the crime are concentrated in three aspects:the scope of the subject is too narrow,the provisions of the form of the attempted crime are unclear,and the free sentence set in the penalty is too short;It elaborated the perfect approach of the crime,analyzed the relationship between the Criminal Law and the Securities Law and the relationship between fraudulent issuance and similar behavior in the process of fraudulent issuance regulation,and proposed that the crime was set up to regulate the fraudulent issuance Positioning is the last step in the fraudulent issuance of stocks and bonds Analyze the theoretical basis of information disclosure and supervise confidence disclosure,and point out that information disclosure is fully and fully the core value of combating fraudulent issuance of stocks and bonds.Analyze the principles of the criminal law in dealing with risks,and point out that the crime should adhere to the principle of precaution and the principle of the perpetrator afterwards;Chapter IV discusses the suggestions for the improvement of the crime against the deficiencies in the current criminal law,pointing out that additional The sponsor,financial audit report and legal opinion are the objects of the crime.The sponsor,accounting firm and law firm are included in the main body of the crime,and the attempted criminal is clarified and punished in the form of judicial interpretation,Improve the penalty regulations of the crime through layered free sentence setting and promotion of free sentence.The conclusion part summarizes and summarizes the main points of this text.