场外配资的刑法规制研究

Research on the Criminal Regulation of Over-the-counter Financing

实践中场外配资主要有系统分仓、出借账户、客户账户和虚盘配资四种行为模式,根据具体行为特征、结合《证券法》关于“证券业务”的规定,可以具体解构出两个违法行为:非法经营证券经纪业务的行为和非法经营证券融资业务的行为。因此,场外配资可能被纳入《刑法》非法经营罪的规制范畴。从场外配资的行政违法性、法益实质侵害性及实践基础来看,2019年修订的《证券法》生效后,将符合法定构成要件的场外配资行为以非法经营罪认定是有必要性的。但要依照受规制的场外配资必须是经营行为等犯罪构成要求,并结合两种场外配资行为受规制的不同时间界限在具体认定中综合考虑。

In practice,over-the-counter financing mainly includes four different types of behavior patterns:sub-warehouse system,lending account,customer account,and virtual system over-the-counter financing.According to their specific behavior characteristics,combined with the regulations of the new Securities Law on"securities business",we can specifically deconstruct two illegal acts:the act of illegally operating securities brokerage business and the act of illegally operating securities financing business.Therefore,over-the-counter financing may fall into the scope of regulation of the crime of illegally operating securities business in the third paragraph of Article 225 of the Criminal Law.From the perspective of the administrative illegality,the substantive infringement of legal interests,and the practical basis of criminalizing the over-the-counter financing under the current situation,after the new Securities Law comes into force,it is necessary to determine the crime of illegal business operations that meets the statutory requirements.However,in the specific identification process,it is necessary to prudentially identify that the regulated over-the-counter financing must be business activities,and it’s also necessary to comprehensively analyze the time periods when different types of over-the-counter financing are supposed to be regulated.