Whether or not the fund-raising obiects are specific will affect the nature of the fund raising in private sector . One of the necessary components for illegal fund-raisingis raising funds from unspecific obiects . Although there are rules on illegal fund-raising , the rules are so vague and simple and have many defects such as the vague standard for friend-relative , the improper characterization of spreadi ng from mouth to mouth and so on . In the case of Wu Yin , these problems became the foci of the controversy , and further more , one cannot reach the correct conclusion by merely relyi ng on crimi nal law. To perfect the standard for unspecific obiects , the institution of "safe-harbor" in the U.S. securities lawis of significant reference value . In order to achieve this goal , we should amend the crimi nal law, clarify the standards , change the legal regulatory architecture and transformthe government's philosophy in regulation .