Reserch On The Criminal Regulation Of On-line Peer To Peer Lending

In the past five years,online P2P lending has been developing rapidly and contributed to the development of both small and medium sized enterprises.At the same time,the financial market has greatly improved.However,without effective supervision,the loan field is in chaos at present and many unlawful acts and crimes exist.From 2013 to 2015,issues arose as a result of the breakdown of lots of P2P.What’s more,the principals not only carried away the money but they were even charged with illegal fund-raising crime.More and more people have realized the serious consequences of P2P and should be regulated under criminal codes.On theother hand,it is said that P2P should be regarded as an innovation in financial.Therefore,after analyzing the statistics of relevant criminal cases in Guangdong province during last three years,I concluded,in the judicial practice,it’s necessary to differentiate correctly,the illegal finance from the informal credit;the crime of fraud in financing from the crime of illegal absorbing public savings.At last,some recommendations were made regarding those principles criminal law shall uphold and how to regulate behaviors.This paper is divided into four parts:The first part mainly illustrated the concept of P2P lending and introduced the situation of P2P in China nowadays,focused on discussing the types of P2P lending.The second part mainly states investigation of the situations and conditions of the criminal cases on p2p lending.It analyzed the statistics of relevant criminal cases in Guangdong province during last three years based on the nature and characteristics of these crimes,subjects,the amounts involved the number of the victims,the criteria of commitment and applicable penalty.The result of the investigation is that the number of criminal cases has increased year by year,most of them are illegal absorbing public savings and the crime of fraud in financing,criminals mainly come from the platform management,the amount of financing and the amounts of loss make a large proportion in the amounts,the number of victims are large,the amount of money involved and number of victims are the basic criteria for conviction,most of the defendants receive light punishment when convicted.The third part pointed out some primary issues on P2P in China based on the second part.To begin with,it is difficult to draw a line between illegal finance and the informal credit.Secondly,it is difficult to distinguish between crime of illegal absorbing public savings and crimes of fraud in financing.Thirdly,it briefly discussed unit crimes in P2P lending.The last part made analysis on how criminal law should be applied in P2P lending,based on the issue discussed in the third part.It suggests that we should continue and support financial innovation and keep modestly restraining spirit of the criminal law.Meanwhile,we need to reduce the crimes of illegal absorbing public savings,crimes of fraud in financing and crimes of illegal business operations.Furthermore,we could probably apply injunctions to punish those conducts which are more blameworthy.