On August 8, 2023, Mr. Lv Zhixuan, Senior Partner of King&Capital Law Firm, Head of King&Capital's Government Business Department and Director of the Research Center for Fintech and Data Security, was invited by the Local Financial Supervision Administration of Xinjiang Uygur Autonomous Region and Xinjiang Department of Education to conduct a special training seminar on "Prevention of Illegal Campus Loans and Illegal Collecting of Funds and Control of Financial Risks" for the education system of Xinjiang. -Preventing Illegal Campus Loans and Illegal Fund Raising Training Seminar". More than 100 people from Xinjiang education system participated in this training.
Lv Zhixuan
Senior Partner of King&Capital Law Firm
Head of King&Capital's Government Business Department and Director of Financial Technology and Data Security Research Center
Over the years, standardized documents have been issued to rectify and prohibit illegal fund-raising activities, and the crackdown has been strengthened, but illegal fund-raising has been repeatedly banned, with new patterns and more and more legalized shapes, spreading everywhere with the help of the development of the Internet and financial innovations, and some areas have become the hardest hit by illegal fund-raising. Illegal fund-raising has not only seriously interfered with the normal economic and financial order, but also triggered financial risks, social instability, and numerous social security problems, and even resulted in a large number of social security problems. Illegal fund-raising not only seriously interferes with the normal economic and financial order, but also causes financial risks, social instability and a large number of social security problems, and even local social security unrest. Illegal fund-raisers have squandered, wasted, transferred or illegally appropriated the funds, which makes it very difficult for participants in illegal fund-raising to recover the funds, and they have suffered significant economic losses or even lost all their money. Illegal fund-raising not only brings great harm to the whole society, at the same time, some illegal campus lending institutions try to evade regulation, constantly changing patterns, changing vests, seize the student's simple-mindedness, social inexperience, lack of financial knowledge and other characteristics, under the name of job training, job placement, financial aid, and other names, as well as the incorrect consumer guidance, luring students to loans, so that the students fell into the trap of campus lending. This has caused great harm to students and their families, and even extreme situations.
In this regard, the Xinjiang Uygur Autonomous Region Local Financial Supervision Bureau and Xinjiang Department of Education, in order to systematically carry out campus safety education to prevent illegal fund-raising on campus loans, invited Lv Zhixuan lawyers for "illegal fund-raising prevention and control of financial risks" - to prevent campus loans and illegal fund-raising on-site special training.
Mr. Lv Zhixuan started from the overview of illegal fund-raising, characteristics, social hazards, manifestations and principles of penalties, as well as the characteristics of illegal fund-raising under the new situation, and listed a lot of cases of campus loans and other new types of illegal fund-raising cases (such as the supply chain, blockchain, ICO, P2P, crowdfunding, meta-universe field) of the characteristics of illegal fund-raising crimes. It also puts forward suggestions and countermeasures to the illegal fund-raising problems presented in the financial field.
It is proposed that in the face of new forms of illegal fund-raising, it is necessary to firstly strengthen the construction of financial infrastructure and cultivate a good integrity environment; secondly, it is necessary to establish a bottom-up system of prevention and control of illegal fund-raising and strengthen the training and learning of relevant personnel of administrative and law-enforcement departments and financial institutions, so as to improve their ability to recognize and deal with cases of illegal fund-raising, and to timely and accurately combat the crime of illegal fund-raising; at the same time, it is necessary to further improve the financial institution's At the same time, it is necessary to further improve the internal control mechanism of financial institutions, enhance the effectiveness of systematic risk prevention and crime prevention, and adhere to the principle of penetrating supervision that emphasizes substance over form; lastly, it is necessary to strengthen investors' awareness of risk and law, promote financial consumer protection, and strengthen the publicity and training on the prevention of illegal fund-raising in campus lending in the field of education.
During the two-hour training seminar, Mr. Lv Zhixuan focused on the prevention of illegal fund-raising and financial risk prevention and control, and explained the concepts of illegal fund-raising and the new forms of illegal fund-raising in the financial field from the definition of illegal fund-raising, characteristics, manifestations, hazards and principles of penalties in five aspects. Combined with his own practice cases, Mr. Lv Zhixuan analyzed and discussed the cases of illegal fund-raising together to provide reference for the prevention of illegal fund-raising and financial risks in Xinjiang education system, which was well received by the trainers. This offline training was attended by more than one hundred people. The content of this training seminar is complete and full, Lv Zhixuan lawyers with their professional business ability, diversified practical perspective and vivid style of explanation, for the Xinjiang education system has brought a wonderful training course.
