The main contents include: Peer-to-Peer lending information intermediaries shall not be responsible for their own profits and losses, and shall not provide guarantees or guarantee principal and interest for lenders. It is not allowed to split financing projects, sell financial products such as bank wealth management, brokerage asset management, funds, insurance or trust products, or engage in equity crowdfunding or in-kind crowdfunding. Shall not absorb public deposits; Do not establish an asset pool; The specific amount of online lending institutions should be mainly small. Allow online lending institutions to introduce third-party institutional guarantees or conduct business cooperation with insurance companies. Negative list management shall be implemented for online loan business activities, and the transfer of creditor's rights in the form of asset securitization shall not be carried out. Online lending institutions should fully disclose the information of borrowers and financing projects.
Li Junfeng, director of the inclusive finance Department of the China Banking Regulatory Commission, said that the CBRC is responsible for the supervision of online lending institutions, including formulating unified and standardized development policies and measures and supervision and management systems, and is responsible for the supervision of daily business activities of online lending institutions; The local financial supervision department is responsible for the institutional supervision of online lending institutions within its jurisdiction, including filing management and risk prevention and disposal. In addition, P2P explicitly does not allow offline promotion.
By the end of June, the loan balance of online lending institutions operating normally in China was 621300 million yuan; There are 1778 problem platforms, accounting for 43. 1% of the total number of institutions.
In addition, Li Junfeng said that if a single loan limit is defined, the loan limit of a single natural person on one platform is 200,000, and the loan limit on multiple platforms is 6,543.8+00,000. The borrowing limit of a single institution on one platform is 6.5438+0 million, and the borrowing limit of multiple platforms is 5 million.
In addition, Li Junfeng said that publicity, interpretation and training of the Measures should be strengthened. Further strengthen the construction of infrastructure and self-regulatory organizations in the peer-to-peer lending industry. According to the current regulatory arrangements, after the promulgation of the Measures, it is necessary to do a good job in industry statistics, information collection and off-site regulatory information collection in interbank lending, and further guide industry self-regulatory organizations to strengthen the industry self-discipline construction of interbank lending institutions.
The following are the main contents of the Interim Measures for the Management of Business Activities of Personal-to-Personal Lending Information Intermediaries:
Promote person-to-person loans (hereinafter referred to as? Online loan? The healthy development of the industry will guide it to better meet the needs of small and micro enterprises. The investment and financing needs of innovative enterprises and individuals in agriculture, rural areas and farmers are based on the three regulatory objectives of maintaining the stability of Internet finance, protecting consumers' rights and interests and improving the efficiency of Internet finance. According to the general requirements and basic principles set out in the Guiding Opinions on Promoting the Healthy Development of Internet Finance (hereinafter referred to as the Guiding Opinions) issued by the Central Committee of the Communist Party of China, the State Council, the People's Bank of China and other ten ministries and commissions, the China Banking Regulatory Commission, together with the Ministry of Industry and Information Technology, the Ministry of Public Security and the State Internet Information Office, studied and drafted the Interim Measures for the Management of Business Activities of Information Intermediaries in Personal-to-Personal Lending The "Measures" publicly solicited opinions from the public, solicited opinions from 3 1 provincial (autonomous regions and municipalities) financial supervision departments, relevant state ministries and commissions and third-party evaluation agencies, fully absorbed and considered the opinions of all parties, and revised and improved them. The "Measures" have been reported to the State Council and are now promulgated and implemented in the form of regulations of four ministries and commissions. The Measures consists of eight chapters and 47 articles, the main contents of which are as follows:
First, it defines the connotation of peer-to-peer lending, clarifies the scope of application and the basic principles of peer-to-peer lending activities, and reaffirms the legal status of practitioners as information intermediaries. Online lending institutions use the Internet as the main channel to provide information collection, information release, credit evaluation, information exchange, loan matching and other services for both borrowers and lenders. With the characteristics of high efficiency, convenience, close to customers' needs and low cost, online lending institutions have played an active role in improving the financial system, filling the financing gap of small and micro enterprises, meeting the investment needs of private capital and promoting the development of inclusive finance. The Measures stipulate that business in peer-to-peer lending should follow the principles of legality, honesty, voluntariness and fairness, and support and protect the legitimate rights and interests of lenders and related parties, as well as legitimate business and innovation activities in peer-to-peer lending.
The second is to establish an online loan supervision system, clarify the responsibilities of all relevant subjects in online loan supervision, promote all parties to perform their duties according to law, strengthen communication and cooperation, form a joint force of supervision, and enhance the effectiveness of supervision. According to the guidance? Supervision according to law, moderate supervision, classified supervision, collaborative supervision and innovative supervision? Principles and the relevant provisions of the central and local financial supervision responsibilities, in accordance with? Double responsibility? In principle, the Measures clarify that the CBRC and its dispatched offices are responsible for the conduct supervision of business activities in peer-to-peer lending and the formulation of the supervision system for business activities in peer-to-peer lending; The local financial supervision department is responsible for the institutional supervision of online loans within its jurisdiction, and its specific supervision functions include filing management, normative guidance, risk prevention and disposal. The "Measures" also clarified the regulatory responsibilities of the relevant business departments such as the Ministry of Industry and Information Technology, the Ministry of Public Security, and the National Internet Information Office, as well as the legal responsibilities of relevant subjects.
The third is to clarify the rules of online lending business, adhere to the bottom line thinking, and strengthen the supervision of afterwards behavior. According to the guidance? Encourage innovation, guard against risks, seek advantages and avoid disadvantages, and develop healthily? The general requirement is to provide sufficient development and innovation space for online lending institutions, further release market vitality, and guide them to return to the essence of information intermediary, small-scale decentralization, service entity and inclusive finance. The Measures demarcate the business boundary in the form of a negative list, clearly stating that it is not allowed to absorb public deposits, pool funds, and provide any form of guarantee for lenders themselves. It has increased the behavior of creditor's rights transfer that can't be engaged, and the high-risk areas that can't provide financing information intermediary services. It aims at resolutely withdrawing from the market for illegal fund-raising under the banner of online lending, and cracking down on it according to relevant laws and working mechanisms, purifying the market environment and protecting the legitimate rights and interests of investors.
The fourth is to put forward specific requirements for business management and risk control. The Measures implement the relevant requirements of the Guiding Opinions, and require banking financial institutions to implement a third-party depository system for client funds to prevent moral hazard on the platform, ensure the safety of client funds, and strictly observe the risk bottom line. At the same time, in order to prevent the risk of credit concentration, according to the opinions of relevant departments, realize the connection between the Measures and the relevant provisions of criminal law on illegal fund-raising, guide online lending institutions to follow the principle of small-scale decentralization, avoid the confusion of criminal law enforcement, and standardize the chaos in the industry, the Measures clearly stipulate the upper limit of the loan balance of the same borrower in the same online lending institution and different online lending institutions.
Fifth, pay attention to strengthening the protection of consumers' rights and interests, clarify the requirements of lenders for risk disclosure and dispute resolution, and clarify the conditions that lenders should have. The Measures set the obligations of both lenders and borrowers, the conditions for qualified lenders, clearly assess the risk tolerance of lenders and implement hierarchical management, protect the lenders' right to know and make decisions through measures such as risk disclosure, and ensure the legality and safety of customer information collection, processing and use. The Measures also clarify the channels and ways to resolve disputes, complaints and reports, ensure that disputes, complaints and reports are resolved in a timely and effective manner, and protect the legitimate rights and interests of consumers.
Sixth, strengthen the supervision of information disclosure, give play to the role of market self-discipline, and create a transparent, open and fair online loan business environment. The Measures stipulate the information disclosure responsibilities that online lending institutions should perform, fully disclose the information of borrowers and financing projects, regularly disclose the management information of online lending platforms, and review and publish the information disclosure to ensure that the disclosed information is true, accurate, complete and timely. The "Measures" adhere to the idea of market self-discipline, supplemented by administrative supervision, clarify the responsibilities and obligations of third-party organizations such as industry self-discipline organizations, fund depository institutions and auditors, and give full play to the role of self-discipline in the online loan market, industry self-discipline and social supervision.
In order to avoid the great impact of the promulgation of the Measures on the industry, the Measures made a transition period of 12 months. During the transition period, measures such as self-examination, self-correction, rectification and classified disposal were taken to further purify the market environment and promote the standardized development of institutions.
The formulation and promulgation of the Measures always adhere to the purpose of serving the real economy, adhere to the risk bottom line thinking, adhere to both development and standardization, and pay equal attention to protecting investors' rights and interests and raising public risk awareness, providing an institutional basis for the standardized development of the online lending industry. In the next step, according to the relevant provisions of the Measures, relevant supporting measures will be introduced one after another to build a homogeneous online loan industry system to ensure the healthy and sustainable development of the online loan industry.
Regarding the Interim Measures for the Management of Business Activities of Personal-to-Personal Lending Information Intermediaries, please let the government departments tell you your questions.
1. What do peer-to-peer lending, peer-to-peer lending and peer-to-peer lending information intermediaries in the Measures refer to respectively?
A: The Measures implement the relevant requirements of the Guiding Opinions and stipulate peer-to-peer lending (hereinafter referred to as? Online loan? ) refers to direct lending between individuals through the Internet platform, that is, P2P personal peer-to-peer lending, which belongs to the category of private lending and is governed by the Contract Law, General Principles of Civil Law and other laws and regulations as well as relevant judicial interpretation norms in the Supreme People's Court. The online loan business takes the Internet as the main channel, providing information collection, information release, credit evaluation, information exchange, loan matching and other services for both borrowers and borrowers, so as to realize direct lending. Online loan information intermediary (hereinafter referred to as? Online lending institutions? ) refers to a legally established financial information service intermediary institution specializing in peer-to-peer lending business. Its essence is information intermediary rather than credit intermediary. Therefore, it is forbidden to absorb public deposits, collect funds and provide any form of guarantee for lenders.
At present, many online lending institutions have deviated from the essence of information intermediary, promising to guarantee credit enhancement and mismatch the fund pool. , has been alienated from information intermediary to credit intermediary. Therefore, the Measures will focus on regulating such behaviors in order to purify the market environment, protect the rights and interests of financial consumers, and make online lending institutions return to the essence of information intermediary.
Second, what are the characteristics of online lending and the significance of developing online lending?
A: peer-to-peer lending uses Internet information technology, which is not limited by time and space. It enables fund providers and fund demanders to directly connect on the platform for investment and financing activities, broadens the target groups and scope of financial services, helps to provide accessible and convenient inclusive finance services for most social classes and groups, and further realizes the low cost, high efficiency and popularization of small-scale investment and financing activities. Stabilize growth, adjust structure, promote development and benefit people's livelihood? It means a lot.
In addition, online lending institutions and traditional financial institutions complement and promote each other, and have played an active role in improving the financial system, improving financial efficiency, filling the financing gap of small and micro enterprises, alleviating the financing difficulties of small and micro enterprises, and meeting the needs of private investment.
3. What are the basic situation and main problems of online loan industry in China?
A: As an important part of Internet finance, online lending has developed in recent years. Fast, partial, chaotic? The phenomenon that the scale of the industry grows too fast, the business innovation deviates from the track, and the risk chaos sometimes occurs: First, the scale growth momentum is too fast. In the past two years, the online lending industry has shown a rapid growth trend in both the number of institutions and the scale of business. According to incomplete statistics, by the end of June 20 16, there were 2,349 online lending institutions operating normally in China, with a loan balance of 621261000 billion yuan, respectively increasing by 49,654.38+compared with the end of June 20 14. Second, business innovation is derailed. At present, most online lending institutions have deviated from the nature of information intermediary, serving small enterprises and relying on the Internet, and alienated into credit intermediaries, resulting in behaviors such as self-financing, illegal lending, fund pool establishment, term splitting, and a large number of offline marketing. Third, risk chaos often occurs. In the online lending industry, problem institutions are accumulating and risk events occur from time to time. According to incomplete statistics, by the end of June 20 1778, there were 1778 problem platforms in China, accounting for 43. 1% of the total number of institutions in China. These problems are partly limited by capital strength and self-management ability, and appear when a large number of loans default and operations are unsustainable. Roll the money? 、? Run away? In other cases, some institutions sell different forms of investment products, avoiding the subscription threshold of related financial products and the requirements of investors' appropriateness, and at the same time evading supervision, which intensifies the spread of risks. Some institutions even engage in self-financing and Ponzi schemes through false bidding, fund pools and high returns, and touch the bottom line of illegal fund-raising.
4. What are the general principles of the supervision of the online loan industry determined by the Measures?
A: According to the Guiding Opinions? Encourage innovation, guard against risks, seek advantages and avoid disadvantages, and develop healthily? General requirements and? Legal and moderate classification, coordinated innovation? The "Measures" determine the general principles of the supervision of the online loan industry: First, emphasize the essential attributes of institutions and strengthen the post-event supervision of behaviors. Online lending institutions are essentially information intermediaries, not credit intermediaries, but their online lending business is financial information intermediary business, involving financial intermediation and related risk management. The supervision of online lending business focuses on the formulation and improvement of basic business rules, rather than the approval of institutions and businesses. Efforts should be made to strengthen the supervision of after-the-fact behavior and protect the legitimate rights and interests of relevant parties. The second is to adhere to the bottom line regulatory thinking and implement negative list management. Define the boundary of online loan business through negative list, clarify 13 prohibited behaviors that online loan institutions cannot engage in, and support and protect online loan business and innovative activities that comply with laws and regulations; Resolutely crack down on and ban illegal financial activities such as illegal fund-raising in the name of online loans; Strengthen information disclosure, improve risk monitoring, and keep the bottom line that regional systemic risks do not occur. The third is to innovate the way of industry supervision and implement division of labor and cooperation supervision. As a new internet financial format, online lending has the characteristics of cross-regional and cross-domain, and the traditional regulatory model can not meet the regulatory needs of the online lending industry. Therefore, it is necessary to give full play to the role of the relevant state administrative departments and local people's governments in online lending business, give full play to the advantages of all parties, strengthen communication and cooperation under the premise of clear division of labor, and form an effective regulatory force.
Verb (abbreviation of verb) What is the basic management system and responsibilities of all parties in the online loan industry established by the Measures?
A: The Guiding Opinions defines online lending institutions as information intermediaries and classifies online lending as private lending. According to the relevant provisions defining the division of responsibilities between central and local financial supervision, it is clear that for the supervision of non-deposit financial activities, the central financial supervision department should formulate unified business rules and supervision rules to supervise and guide the financial supervision of local people's governments, and the provincial people's governments should set up supervision institutions to undertake corresponding risk disposal responsibilities, strengthen the guidance and regulation of private lending, and prevent and resolve local financial risks. In view of the characteristics of cross-regional operation and large risk spillover in the online lending industry, according to the regulatory thinking of parallel behavior supervision and institutional supervision, what is the basis of the Measures? Double responsibility? It is clear that the CBRC and its dispatched offices, as the central financial supervision department, are responsible for supervising the behavior of online lending institutions, including formulating unified policies and measures to standardize the development and supervision and management system, and are responsible for supervising the daily business activities of online lending institutions; It is clear that the local financial supervision department is responsible for the institutional supervision of the online lending institutions within its jurisdiction, including the normative guidance, filing management, risk prevention and disposal of the online lending institutions within its jurisdiction. In addition, the online loan industry, as a new format, involves the responsibilities of multiple departments and should adhere to collaborative supervision. The "Measures" clarify that the main responsibility of the Ministry of Industry and Information Technology is to supervise the telecommunications business involved in the specific business of online lending institutions; The main responsibility of the Ministry of Public Security is to take the lead in internet security supervision of the business activities of online lending institutions and crack down on financial crimes involved in P2P lending; The main responsibility of the National Internet Information Office is to supervise financial information services, Internet information content and other businesses.
6. What are the main management measures for online loan business in the Measures?
A: First, implement negative list management for business activities. Considering that online lending institutions are in the stage of exploration and innovation, the business model remains to be seen. Therefore, the Measures adopts a negative list management model for its business scope, and clarifies 13 prohibited behaviors, including not absorbing public deposits, not setting up a pool of funds, not providing guarantees or promising to protect capital and interest, not selling financial products, and not transferring creditor's rights in the form of asset-like securitization. In terms of policy arrangements, online lending institutions are allowed to introduce third-party institutional guarantees or carry out related business cooperation with insurance companies. The second is to implement third-party depository of client funds. In order to prevent online lending institutions from setting up a fund pool and fraud, embezzlement and misappropriation of customer funds, and enhance market confidence, the Measures stipulate that customer funds and self-owned funds of online lending institutions should be managed separately, and banking financial institutions should implement third-party depository and supervision of customer funds. Fund depository institutions and online lending institutions should clearly stipulate the responsibility boundaries of all parties to facilitate risk identification and risk control, and realize due diligence and exemption. The third is to limit the risk of loan concentration. In order to better protect the rights and interests of lenders, reduce the moral hazard of online lending institutions, and link up with the judicial interpretation and filing standards related to illegally absorbing public deposits, the Measures stipulate that the specific amount of online loans is mainly small.
7. What are the provisions of the Measures on the specific behaviors of lenders and borrowers?
A: The Measures focus on the protection of consumers' rights and interests, and pay attention to the protection of lenders and borrowers, especially lenders. The fourth chapter provides detailed provisions on loan decision-making, risk disclosure and evaluation, information of both borrowers and lenders, fund protection, dispute resolution and other issues in the form of special chapters to ensure that the legitimate rights and interests of both borrowers and lenders are not harmed.
The Measures also regulate the behavior of lenders and borrowers, and clearly stipulate that lenders and borrowers participating in peer-to-peer lending should register with their real names; The borrower shall provide accurate information, ensure that the financing project is true and legal, and use the funds in accordance with the agreement. It is strictly forbidden for the borrower to resort to deceit and repeat financing. The Measures also require lenders to have experience in investing in non-guaranteed financial products, be familiar with the Internet, provide true, accurate and complete identity information, have legal sources of lending funds, have risk awareness and affordability, and bear the loss of principal and interest arising from lending. These provisions are essentially qualified investor clauses, and their purpose is to better guard against irrational investment, guide investors to bear their own risks and further protect the legitimate rights and interests of lenders in the early stage of industry development.
8. What role does the third-party depository system of banking financial institutions play in the development of industry norms?
A: According to the relevant provisions of the Guiding Opinions, online lending institutions should choose qualified banking financial institutions as third-party fund depository institutions to manage and supervise the clients' funds and realize the separate account management of the clients' funds and the online lending institutions' own funds. The implementation of the third-party depository system for client funds will effectively prevent online lending institutions from setting up a fund pool and the risks of fraud, embezzlement and misappropriation of client funds, which is conducive to the safety and isolation of funds and is of great significance to standardizing the healthy development of the industry. Banking financial institutions shall perform the duties of transaction fund transfer, fund accounting and supervision in accordance with the contract, manage and store the funds of online lending institutions and customers respectively, ensure that the flow of funds conforms to the true wishes of lenders, and effectively prevent risks. In the next step, the CBRC will formulate specific measures for the third-party depository of online loan customers' funds, and clarify the responsibilities of banking financial institutions in the supervision and management of funds in peer-to-peer lending and the conditions of depository banks, so as to better meet the current market demand for fund depository in the online loan industry.
9. What is the significance of information disclosure system to the whole industry?
A: It is of great significance to strengthen the information disclosure requirements for online lending institutions and improve the relevant information disclosure system for improving the industry image, enhancing the credibility of online lending institutions, improving post-event supervision in the industry, preventing industry risks and protecting the interests of both lenders and borrowers.
According to the reflection of the industry and some regulatory authorities, it is not feasible to make detailed provisions on information disclosure in the Measures, and the setting of some indicators needs practice in the industry. Therefore, at present, the Measures only stipulate information disclosure in principle, and the CBRC intends to clearly stipulate the corresponding indicators of the industry in the subsequent relevant rules, including bad debt rate, overdue rate and compensation amount, in combination with the general practice of the industry and regulatory needs.
X. What impact does the Measures have on the online loan industry after its promulgation? What is the next major task of the CBRC?
A: The "Measures" fully solicited the opinions of all sectors of society through public consultation and targeted consultation with relevant departments, as well as legal evaluation and third-party evaluation of relevant departments. Feedback from all parties is generally in line with expectations. We have also revised and improved the Measures several times according to relevant opinions, which not only fully considered the current situation of outstanding industry risks and urgent need for standardization and rectification, but also respected the actual situation of the industry, paid attention to grasping the balance between the bottom line of industry risks and sustainable development, and protected and supported compliance and legal operation.
As the basic institutional arrangement for the operation and supervision of the industry, the Measures clarify the supervision system and mechanism of peer-to-peer lending, the responsibilities of relevant subjects, the business rules and risk management requirements of peer-to-peer lending, the obligations of both lenders and borrowers, information disclosure and third-party depository of funds. , comprehensively and systematically regulate online lending institutions and their business behaviors, make clear the direction for the development of the industry, and further guide online lending institutions to return to the inclusive finance essence of information intermediary and small-scale dispersion. At the same time, the offline operation of online lending institutions will be curbed, and online lending institutions will gradually return to the essence of Internet finance, use new technologies such as big data and cloud computing, and rely on the Internet platform to carry out related business, rectify illegal behaviors in the online lending industry, prevent and resolve online lending risks, raise public awareness of laws and risks, guide and promote the online lending industry to get on the right track as soon as possible, and form a sustainable development model.
After the "Measures" are officially released, the CBRC will pay close attention to the reactions of all parties and industry trends, and issue supporting systems such as third-party deposit of online loan customers' funds, filing of online loan institutions and information disclosure of online loan institutions as soon as possible to improve the supervision system of online loan industry.