Research On The Principles Of Criminal Regulations For Illegal Private Equity Funds

As a kind of financial activity of direct financing,expert financing and collective investment,private fund has been a kind of financial activity in which investors get investment income,managers get remuneration and enterprises get direct financial support.Because of its unique value of "three parties win-win",private equity fund has become a "black horse" in financial market,and has been developed rapidly in various countries.In recent years,China’s economy has been booming,and the role of private economy in the socialist market economy system is becoming more and more important.However,the problem of capital gap is becoming more and more prominent in the process of its development.In contrast,the diversification of social financial activities and the increasing wealth of residents,private equity fund plays a role in promoting the development of many large-scale private enterprises because of its connection to the supply and demand of social idle funds.At present,the development of private equity fund in China has a considerable amount of capital,and it occupies an unshakable position in the financial market.A new financial form has been developed from scratch,and after the savage growth,it will need to adjust the regulation urgently.However,the lag of law makes the time difference between legal renewal and private fund development.On the one hand,the early private fund activities are easily fall into the gray area of legal protection because of no normative basis;On the other hand,it also provides the opportunity for the illegal.When the regulation of the pre-existing law fails and private cases occur frequently,which causes huge economic losses to investors and society,criminal law,as the last means of social defense mechanism,has to respond.According to statistics,the number of criminal cases involving private fund has been increasing in recent years,involving criminal law,which is divided into several crimes,including the crime of destroying financial management order,financial fraud and property infringement.As an important tool of social governance mechanism,different departmental laws,especially criminal law and Administrative economic law,have a dynamic balance of the change.In order to prevent the excessive interference of criminal law and produce negative effects of restraining financial activities,and to solve the difficulties of criminal justice practice law application,the improvement of the pre-existing law should be promoted from the following three aspects: filling the blank of private equity law,improving the effectiveness of regulatory norms and the unified supervision standards of products.For illegal private funds,this paper holds that criminal law should be limited,cooperative and reasonable.First,limited intervention,for the illegal private fund in the pure order violation,criminal law should be calm;For the behavior beyond the scope of Administrative economic law evaluation,the evaluation of criminal law should also take the elements of crime as the bottom line,take the protection of legal interests as the guidance,and limit the object of criminal law regulation and evaluation to the serious infringement of financial legal interests.Secondly,with the intervention,the intervention of criminal law should be adjusted according to the development of the pre-existing law,and coordinated with the pre-existing law.For private illegal fund-raising,the judgment standard should be adjusted in combination with the supervision and regulation of private fund.Third,reasonable intervention,reflected in the system of criminal law sub rule of the lack of evaluation,we should use the criminal law charges flexibly through reasonable interpretation methods,for the managers abuse of management violation of the agreed investment behavior,to use the trust of the use of entrusted property crime to regulate.