非法集资中的不特定对象标准探析 ——-证券私募视角的全新解读

集资对象是否特定影响民间集资行为的性质认定,非法集资的构成要件之一便是向不特定 对象集资。我国法律在这方面虽有规定,但所设定的标准简单抽象而难以把握,并且在实践中产生了亲 友标准模糊、口口相传行为定性不清等问题。在吴英非法集资案中,集资对象是否特定成了争议的焦点, 而且单纯依靠刑法已难以得出准确的结论。美国在证券私募融资领域建构了“安全港”法律制度,这一制 度在完善我国非法集资中的不特定对象认定标准方面具有重要的借鉴价值。我国可通过修正现有的刑 事法律规范,明确不特定对象的内在含义,改变现有的融资法律规制格局,转变政府的金融监管哲学,从 根本上解决不特定对象认定困难的司法难题。

On the Standard for Unspecific Objects in Illegal Fund-Raising: A New Explanation from the Perspective of Private Placement

Whether or not the fund-raising objects are specific will affect the nature of the fund raising in private sector.One of the necessary components for illegal fund-raising is raising funds from unspecific objects.Although there are rules on illegal fund-raising,the rules are so vague and simple and have many defects such as the vague standard for friend-relative,the improper characterization of spreading from mouth to mouth and so on.In the case of Wu Yin,these problems became the foci of the controversy,and...