大资管视阈下私募融资的刑法边界——以公安侦查为切入点  

Boundary of Criminal Law of Private Financing from the Perspective of Capital Management——Taking Criminal Investigation as a Breaking Point

作　　者：潘绅 Pan Shen(Changning Branch of Shanghai Municipal Public Security Bureau,Shanghai 200336,China)

机构地区：[1]上海市公安局长宁分局

出　　处：《上海公安学院学报》2019年第6期5-13,共9页Journal of Shanghai Police College

摘　　要：2014年,货币政策的调控收紧与宽松惯性下企业的扩张需求产生对冲,加上监管规定的相对滞后,以非法吸收公众存款与集资诈骗为代表的集资类犯罪大量爆发。2016年,资管文件不断推陈出新,金融监管力度加强,行政监管、刑事打击日趋严厉,《关于规范金融机构资产管理业务的指导意见》的出台,让"大资管"的概念初具雏形。私募投资基金作为大资管时代背景下的集资模式,2013年6月才被《证券投资基金法》纳入监管框架范围,因其发行不需要证监会行政许可审批,没有像其他金融产品一样有严格的准入制度,而又凭借"备案"的理由,往往成为掩盖非吸行为的"外衣"。如何在刑事法律责任和非刑事法律责任或者说民刑交叉层面对私募形式的融资行为做一个合理界定,是理论界需要探讨的课题。In 2014,with tight monetary policy contradicting enterprise expansion demands formed in the easing policy inertia and supervision and regulation lagging behind,a large of fund raising crimes in the form of illegal public fund raising and fund-raising fraud occurred.In 2016,with new documents related with Capital management frequently made,financial supervision further reinforced,administrative supervision and criminal combat becoming severe day after day,“the Guidance on Regulating Asset Management in Financial Institutions”was enacted and the capital management conception was initially formed.In June,2013,private equity fund which was formed as a fund raising mode in the background of capital management era was included in the range of the supervision of 4<the Security Investment Fund Law.Because the issue does not need the examination and approval of the Securities Supervision Committee,there is no strict access system like other financial products and“record keeping”is often used as a disguise of illegal fund raising.How to reasonably define the fund raising behavior in terms of criminal legal responsibilities or non-criminal legal responsibilities or overlaps between criminal law and civil law is a subject which theorists need to probe into.

关 键 词：资管 融资 私募 民刑交叉 

分 类 号：D631[政治法律—政治学]