私募投资基金涉罪的争点问题思考

Reflection on the Controversial Issues Concerning the Crime of Private Investment Funds

私募投资基金行业在快速发展的过程中,不仅暴露了不少违规经营、管理失范等问题,而且涉及相关刑事犯罪。私募投资基金涉罪,包括纯正的私募基金犯罪和不纯正的私募基金犯罪两类。从非法性要素看,私募机构未经登记备案而擅自募集基金有可能涉嫌非法集资,但也不能仅仅因为行为违反了私募基金管理有关规定就直接认定为构成非法集资犯罪,要构成非法集资犯罪必须同时违反关于非法集资的相关法律规定。从金融性要素看,“私募基金管理公司”不属于有关《刑法》条文规定中的“基金管理公司”范围。从募集性要素看,私募基金管理人采用代持、拼单或非法拆分等间接投资方式募集基金,突破合格投资者限制,涉嫌变相非法集资。私募基金涉罪的监管规制路径包括完善有关刑事立法、司法解释规定,重视企业合规管理。

In the rapid development of private investment fund industry,there are a lot of illegal operation,management irregularities and other problems,and some of them involved in related criminal crimes.Private investment funds involved in crime includes pure private fund crime and non-pure private fund crime.From the perspective of illegal elements,private equity institutions may be suspected of illegal fundraising without registration and filing,but they cannot be directly identified as illegal fundraising crimes just because their behavior violates the relevant provisions of private equity fund management.To constitute an illegal fundraising crime,it is necessary to simultaneously violate the relevant legal provisions on illegal fundraising.From the perspective of financial elements,“a private fund management company”does not belong to the scope of“a fund management company”in relevant criminal law provisions.From the perspective of fundraising elements,private fund managers raise funds through indirect investment methods such as holding on behalf,pooling orders or illegal splitting,breaking through the restrictions on qualified investors,and are suspected of illegal fundraising in disguise.The regulation of private funds involved in crime includes improving the relevant criminal legislation,judicial interpretation,and paying attention to the compliance management of enterprises.