Research On The Legal Issues Of Fraudulent Issuance Of Stocks In The Securities Law

Stock issuing market is the logical starting point of the stock market.Transparence,fairness and equity is the cornerstone of a healthy stable and developmental capital market.Fraudulent issuance of shares has seriously damaged the property rights of investors and regulatory authority of CSRC.Our country has constructed a legal system to regulate fraudulent issuance of shares from the "Securities Law" to "criminal law".But we still need to arrange the punishment of fraudulent issuance of shares distinguishly and hierarchically,clear the difference between fraudulent issuance of shares and illegal disclosure of information,clarify the legal responsibility of parties involved.In the light of the administrative penalty cases in practice,this article puts forward some suggestions on the relevant law of fraudulent issuance of shares,and makes a modest contribution to the supervision of the securities market in china.This article is divided into five parts.Part one: the legal definition of fraudulent issuance of shares.This part introduces the classify of stock issuing,China’s stock issuing system reform process,the definition and encroachment on the object of fraudulent issuance of shares.In this paper,fraudulent issuance of shares includes public offering and non-public offering of stock.Fraudulent issuance of shares seriously disrupt the order of the securities market,damaged the property rights of investors and regulatory authority of CSRC.The second part: the current problems in the legislation of fraudulent issuance of shares in our country(with the combination of administrative penalty cases).This part introduces the development course of legislation of fraudulent issuance of shares in China,analyses the penalty cases about fraudulent issuance of shares from 2013 to the first half of 2017,points out the problem in the legislation of fraudulent issuance of shares in our country,such as unreasonable penalties and different punishment results.The third part: the legislation of fraudulent issuance of shares in various countries(regions).This part studied the legislative history and legislative status of the fraudulent issuance of shares in United States,Britain,Japan,Taiwan and Hong Kong.The major countries in the world today amend the financial law frequently and have improved administrative penalty of fraudulent issuance of shares in different degrees,providing a reference for the construction of China’s legal system of fraudulent issuance of shares.The fourth part: the existing problems in the application of the securities law in the course of fraudulent issuance of shares.This part includes six aspects: fraudulent issuance of shares is the act of "crime" or "committed";the contradiction between penalty and huge profit;Fraudulent issuance of shares and illegal disclosure of information is indistinguishable;the limitation of fraudulent issuance of shares;whether the non-public offering apply the law of fraudulent issuance of shares;the responsibility of all parties in fraudulent issuance of shares.The fifth part: the perfection and suggestion of the relevant legal system of fraud issuance.The author thinks that the first of all,distinguish the difference between public offering,non-public offering and information disclosure;second,make clear the responsibility of all parties in fraudulent issuance of shares.The author analyzes the disadvantages of the current legal system,suggests that the 1999 "Securities Law" approach can be used for reference,arranges the punishment of fraudulent issuance of shares distinguishly and hierarchically,clears the difference between fraudulent issuance of shares and illegal disclosure of information,clarifies the legal responsibility of parties involved.