资本市场改革视阈下证券犯罪立法范式的反思与重构

The Reflection and Reconstruction of Securities Crime Legislative Paradigms under the Perspective of Capital Market Reform

证券犯罪刑事立法存在回应式立法和前瞻式立法两种类型。在资本市场全面深化改革的背景下,传统的回应式立法,在规制证券犯罪时存在刑法功能主义化的隐形风险、无法满足证券犯罪法益流变的需要、悖离证券犯罪治理的价值目标等体系缺陷。而前瞻式的立法思路可以有效弥补证券犯罪刑事立法的不足、充分发挥法益指导构成要件解释机能,同时与穿透式监管理论和实质刑法观的理念相契合。因此,我国证券犯罪刑事立法规制模式应当由回应式立法走向前瞻式立法。

There are two types of“response”legislation and“forward-looking”legislation in criminal legislation of securities crime.In the context of the comprehensive deepening reform of the capital market,the traditional“response”legislation has the invisible risk of criminal law functionalism when regulating securities crimes,the need to not meet the changes in the flow of securities crimes,and the value goals of the governance of securities crime governance System defects.The“forward-looking”legislative ideas can effectively make up for the lack of criminal legislation of securities criminal legislation,give full play to the explanation function of the constituent components of the legal and interest guidance,and at the same time,it is in line with the concept of“penetrating”supervision theory and the concept of substantive criminal law.Therefore,my country’s securities criminal legislation and regulation model should be legislated from“response”to“forward-looking”legislation.