2009年7月，张某经人介绍以人民币30万元价格收购非上市公司香港某能源投资集团，收购后并没有对该公司进行运营，而是对外宣称：该公司实力雄厚，总资产达13亿港币，拟定于2010年3月借壳在上海证券交易所上市，届时投资者将获得高额回报。后该公司并未借壳，也未向证监会递交任何手续，更没有获得上市批准。2010年5月，张某与沈阳市某产权经纪公司的薛某、王某商定，香港某能源投资集团授权其为辽宁省销售该公司股票的特许经销商，以每股1.7元价格向其提供股票，沈阳市某产权经纪公司对外以每股4.5元价格销售。因多名投资者举报，证监会介入调查，后期转入刑事侦查。

July 2009，Zhang mou of being introduced to RMB 300000 yuan price acquisitions to private companies a Hong Kong energy investment group，After the takeover of the company and no operation，But declared：The company strength，The total assets of 1.3 billion Hong Kong dollars，In March 2010 worked through shell listed on Shanghai stock exchange，When investors will get high returns。The company did not borrow after shell，Also not submitted to the CSRC any formalities，No more get listed for approval。May 2010，Zhang and a property brokerage company shenyang XueMou、Wang mou agreed，A Hong Kong energy investment group the liaoning province authorized for sale of the company stock franchise dealers，To 1.7 yuan a share price to provide stock，Shenyang a property brokerage company to 4.5 yuan a share price of foreign sales。For more than investors in the url，Securities regulatory commission investigating，Late into the criminal investigation。

　　本案涉及擅自发行股票罪的司法认定及刑事案件立案标准。首先，根据我国刑法第一百七十九条规定，擅自发行股票罪是指：未经国家有关主管部门批准，擅自发行股票，数额巨大、后果严重或者有其他严重情节的行为。

The case involves whoever issues stocks of sin and criminal judicial cognizance standard file。first，According to the provisions of article one hundred and seventy-nine of the criminal law in our country，Whoever issues stocks is to point to sin：Without the approval of the competent departments of the state，Shares without authorization，Amount is huge、The consequences are serious, or if there are other serious circumstances behavior。

　　其次，“未经主管部门批准”在实务中分为四种情形：一是未向主管部门申请，就擅自发行股票。某些公司是自知不符合上市条件而擅自发行股票。也有公司虽符合上市条件，但手续不全而一边准备一边发行；二是已向主管部门申请，但尚未获批或在审批过程中；三是主管部门虽批准，但后发现公司隐瞒不符合上市条件的问题，决定予以撤销，但发行人继续发行股票的行为；四是主管部门予以批准，但发行人未按批准的总额发行，而是超额超量发行，发行人超额超量发行股票，也属于擅自发行股票行为。

second，“Without the approval of the competent departments”In practice are divided into four kinds of situations：One is not to the department for，And unauthorized share issue。Some companies is to know yourself not conditions for listing shares without authorization。Although the company also have conditions for listing，But not all procedures and side ready to side issue；2 it is already to department for，But not yet approved or in the approval process；Three is department approval though，But that is not in conformity with the listed company hide of the conditions of the problem，Decided to cancel the，But the issuer continue to issue stock behavior；Four is the competent authority for approval，But according to the total amount of the issuer not approval of the issue，But the excess excessive issue，The excess stock issued by the issuer，Also belong to the issuance of stocks behavior without authorization。

　　第三，擅自发行股票罪刑事案件的立案标准。根据最高人民检察院、公安部《关于公安机关管辖的刑事案件立案追诉标准的规定（二）》第三十四条，涉嫌下列情形之一的，应予立案追诉：（一）发行数额在50万元以上的；（二）虽未达到上述数额标准，但擅自发行导致30人以上的投资者购买了股票的；（三）不能及时清偿或者清退的；（四）其他后果严重或者其他严重情节的情形。同时，根据最高人民法院《关于审理非法集资刑事案件具体应用法律若干问题的解释》，未经国家有关主管部门批准，向社会不特定对象发行、以转让股权等方式变相发行股票或者公司、企业债券，或者向特定对象发行、变相发行股票或者公司、企业债券累计超过200人，应当认定为擅自发行股票或者公司、企业债券。

The third，Whoever issues stocks sin of criminal case filed standards。According to the supreme people's procuratorate、The ministry of《About the public security organ under the jurisdiction of criminal cases filed prosecution criterion rules（two）》Article 34，In one of the following situations，Prosecution shall be filed：（a）Issued in 500000 yuan of above amount；（two）Though not achieve the above amount standards，But whoever issues in which 30 more investors buy shares；（three）Unable to discharge or repel；（four）Other consequences are serious, or other serious circumstances of the case。At the same time，According to the supreme people's court《On the trial of criminal cases illegally accepting the concrete application of law in the explanation of some issues》，Without the approval of the competent departments of the state，No particular object to the social issue、To transfer equity issuance of stocks or the way in disguised form、Enterprise bonds，Or to particular objects issue、Shares in disguised form or company、Enterprise bonds accumulative total more than 200，Without authorization shall be regarded as issuance of stocks or company、Enterprise bonds。

　　第四，本案薛某、王某倒卖股票的行为也构成犯罪。对中介机构非法代理买卖非上市公司股票，涉嫌犯罪的，应当根据刑法第二百二十五条之规定，以非法经营罪追究刑事责任；非上市公司和中介机构共谋擅自发行，构成犯罪的，以擅自发行股票罪的共犯论处。

The fourth，This case XueMou、Wang mou scalping of stock behavior also constitute a crime。Acting sale of intermediary agencies illegal private company stock，Suspected of a crime，Shall, according to the provisions of article two hundred and twenty-five of the criminal law，Illegal business operations to sin, be investigated for criminal responsibility；The private company and intermediary agencies collusion issued without authorization，Constitute a crime，To issue shares of sin without an accomplice。

　　最后，法院认定，张某因擅自发行股票罪判处有期徒刑3年，罚金人民币20万元。胡某、王某的行为构成非法经营罪，判处有期徒刑2年，罚金人民币7万元。

finally，Court ascertained that the，Zhang mou for whoever issues stocks sin sentenced to imprisonment for three years，A fine of RMB 200000 yuan。HuMou、Wang mou's behavior constitutes illegal business of sin，Jailed for two years，A fine of RMB 70000 yuan。

　　（作者单位：北京市大成律师事务所）

（The author unit：Beijing dacheng law firm）