What is the difference between illegal fund-raising and financing?

So how to distinguish between illegal fund-raising and legal financing? From the perspective of interpretation, illegal fund-raising mainly has four remarkable characteristics: \x0d\ One is illegality. Illegal fund-raising is an act of "absorbing funds from the public in violation of the national financial management regulations", which is different from the previous "without the approval of the relevant competent authorities" and highlights the illegality of illegal fund-raising behavior. \x0d\ Second, socializing. The crime of illegally absorbing public deposits requires absorbing the funds of the public, that is, the unspecified objects of society. It is not illegal or disguised to absorb public deposits by absorbing funds from relatives, friends or units to specific objects without publicity to the society. With regard to the crime of issuing stocks, companies and corporate bonds without authorization, due to its great influence on the national economy, finance and politics, the supervision is strict, which not only constitutes a crime of issuing to unspecified social objects, but also constitutes a crime of issuing more than 200 people to specific objects. \x0d\ Third, openness. Openness and sociality complement each other. It should be emphasized that the "publicity" referred to here is relative, and it is the publicity to unspecified objects, not to all the public. \x0d\ Fourth, inducements. As stipulated in the crime of illegally absorbing public deposits, it has the characteristics of promising returns, managing money and investing to lure victims. \x0d\ Mastering these four characteristics, we can basically distinguish between illegal fund-raising and legal financing. In addition, considering the current financial system, economic development and social stability, in order to implement the criminal policy of combining leniency with severity according to law, it is explained that illegal absorption or disguised absorption of public deposits is mainly used for normal production and business activities, and the absorbed funds can be repaid in time, which can be exempted from criminal punishment; If the circumstances are obviously minor, it shall not be treated as a crime.