场外配资证券监管与刑事追责的界分与衔接

The Boundary and Connection between Financial Regulation and Criminal Accountability on Securities Credit by Banks or Persons other than Brokers or Dealers

我国关于场外配资的证券监管思路日益清晰、监管措施亦日趋明确。自《证券法》于2019年12月修改之后,场外配资的刑事追责司法案例集中爆发,金融监管与刑事问责的界限和衔接问题突出。中央加快健全证券执法司法体制要求理顺证券监管执法与刑事执法的关系。证券监管以维护证券市场公平和保护投资者等为价值目标,以有效监管和实质重于形式为基本原则;刑事问责以保障人权和保护法益为宗旨,罪刑法定和谦抑是基本原则。在不同的价值目标指引下,适用不同基本原则,不能将证券监管部门认定的场外配资非法经营行政违法直接认定为非法经营罪,只有在符合“国家规定”的构成要件时才能认定为犯罪。证券监管机构与司法部门应当建立沟通协调机制,明确金融业务的具体种类和性质,其中一类部门执法之后,另一类执法部门注意及时“跟进”或“补位”。

In China,the idea of securities regulation on securities credit by banks or persons other than brokers or dealers is becoming clearer and clearer,and the regulatory measures are becoming more and more specific.Since the Securities Law was amended in December 2019,judicial cases of criminal liability for securities credit have broken out,and the boundary and connection between financial supervision and criminal accountability are prominent.The central government needs to speed up the improvement of the judicial system of securities law enforcement and straighten out the relationship between“securities regulation and law enforcement”and“criminal law enforcement”.Securities regulation takes financial security and financial consumer protection as the value goals,and effective supervision and substance over form as the basic principles.Criminal accountability aims at protecting human rights and protecting legal interests,and legality and modesty are the basic principles.Under the guidance of different value goals and the application of different basic principles,securities credit violating the administrative law cannot be directly recognized as a crime.It can only be recognized as a crime if it meets the requirements of criminal law.Securities regulatory agencies and judicial departments should establish a mechanism of communication and coordination to clarify the specific types and nature of financial products or services.After one department enforces the law,the other law enforcement department should pay attention to timely"following up"or"filling the gaps".