Research On The Crime Of Illegally Absorbing Public Deposits By Private Equity Investment Funds

As a form of direct finance,private equity investment fund not only creates value for investors and serves the development of economic entities,but also becomes a high incidence area of new financial crimes in the post-p2 p era.From the perspective of the fund's operation process,the raising stage is the most concentrated stage of its criminal problems.From the perspective of criminal law application,the crime of illegally absorbing public deposits is the number one criminal red line,which can be divided into two categories.One is the crime of false private equity investment funds that illegally raise funds under the pretext of using private equity.One is the private equity investment fund crimes that were originally carried out under the laws and regulations,and then evolved from illegal activities during the fundraising and operation process.There are a number of reasons why the raising end of private equity investment fund is suspected of illegally absorbing public deposits.First,from the perspective of the fund,special legislative vacancies,internal and external supervision vacancies,and fund products themselves also have many flaws.In addition,there are fund managers who fail to fulfill their due fiduciary duties to standardize the operation of funds,fund investors invest blindly and cannot rationally screen for basic risks.Second,from the point of view of the crime,there are problems such as uncertain legal interests of the crime,low threshold for incrimination and application of the expansion of the crime.With the continuous deepening of China's financial reform and financial innovation,such crimes have intensified in recent years.Waiting for the amendment of this crime is not enough to solve the problems and risks exposed by the private equity industry.Therefore,how to develop an effective criminal compliance party for the private equity investment fund industry is the best choice.The author proposes four basic ways to regulate the operation of the fund to avoid criminalization according to the four characteristics of this crime: "illegality,openness,sociality,and lure" on the level of objective lawlessness.First,fund managers should always pay attention to and strictly abide by the provisions of the front-end law,and strengthen the binding effect of front-end laws and regulations on them.Second,fund managers should grasp the essential attributes of private placements and strictly prohibit publicity to the public to avoid private placements becoming public placements.Third,fund managers should strictly review the qualifications of private equity investors and do a good risk assessment.Fourth,fund managers should promptly perform their information disclosure obligations,disclose risks in a timely manner,and prohibit investors from making commitments to preserve capital and income.In addition,based on these four paths,the author has put forward some operable compliance measures.First,improve China's private equity investment fund supervision system,so that strict supervision outside the industry forces self-discipline supervision within the fund.Second,implement the concept of "criminal integration" and use the "penetration verification" method to identify qualified private equity investors.Third,strengthen the responsibilities of fund managers and investors themselves to achieve risk self-discipline.In summary,this article responds to this severe social problem from the perspective of criminal compliance management,and aims to contribute to the standard management of the fund from the legal level,thereby promoting in-depth research on the prevention and control of criminal legal risks of private equity funds,With a view to making this industry develop better.