The Limitation on the Securities Business in the Crime of Illegal Business Operations and the Exoneration
There is a tendency of broad construction of securities business in the crime of illegal business operations in the judicial practice of China.In order to make clear the content and scope of such securities business,the key lies in the following:the first one is to clarify the legal interest in the crime of illegal business operations involving securities business,and to limit securities business with the further help of substantive judgment on the basis of formal judgment;the second one is to conduct the judgment of double illegality by taking criminal illegality as the core and pay attention to the restriction and limitation of criminal law on the judgment of administrative illegality.When examining whether it falls within the scope of securities business covered by the crime of illegal business operations,it is necessary to grasp four key points:whether the corresponding business is in the direct or disguised mode of securitization,whether it is securities business involving a large number of individuals,whether it is core securities business,and whether the upstream and downstream acts constitute other securities-related crimes.From the perspective of exoneration,the crime of illegal business operations concerning securities business can be established under the following circumstances:providing intermediary service of information for P2P lending that does not take the form of securities;providing intermediary service for equity transaction of non-listed companies,which is unable to meet the requirements of subdividing shares and selling them to the unspecific public in the form of stock at the same time;engaging in securities business in non-core areas such as securities investment consulting and financial advising;the relevant subjects in the upstream and downstream links are engaged in legal securities business.
Crime of Illegal Business OperationsSecurities BusinessBusiness ObjectAct of Business OperationExoneration Mechanism
万方数据
维普
