Rearch On Access Laws And Regulations Of The Non-Deposit-Taking Lenders

The allocation of financial resources can not be efficiency in our country,because of the excessive concentration of financial resources,the monopoly right in financial market and the unreasonable financial structure.All of this can restrict competition of financial market. Obviously, the banking system in our country face the same question. The Non-Deposit-Taking(NDTL) Lenders are the new financial market body.It can meet the demand of the folk financing, can improve the competition in financial market, can prevent the systemic crisis of the civil finance.The financial regulatory reform is now at a critical turning point that how to play marke's function in allocation of resources at the same time to curb usury wind.In the research field of economics and law under the cross regulation,The regulation of access to NDTL with the goal of social regulation to correct market externality and social equity and also the goal of economic regulation to promote competition in the loan market. Under the guidance of the social regulation target, Information regulation tools, licensing regulation, incentive mechanism of tax and fee subsidy will be used in the creation of the design of the access legal system and new subjects to attract the private capital. Provide effective export and fill the folk financing demand gap for profit of private capital and prevention of private capital into the risk of the loan market. In the economic regulation objectives under the guidance of NDTL create carrying the system function to improve the financial structure and improve the efficiency of the competitive mechanism. To clarify the legal relationship between the non deposit lending institutions and the private financial and banking financial institutions, financial organization system under the reserch of the access laws and regulations of the NDTL, establishing the regulatory objectives and reflection on the predicament and shortage of NDTL access legulation regulations in China, combining the extraterritorial legal regulation of experience, put forward reform proposals from the concept of regulation to the perfection of the system. Specifically, this thesis consists of five chaptersChapter I. The basic theory of the legal regulation on the entry of NDTL. The legal definition of NDTL is refers to the legal subject which obtaining the lending business license from the regulatory authorities without absorb public deposits and take its own funds or into lending funds to operate the business of commercial, the legal characteristics of this organization are rentability, operating and “No Savings But Loans”. The legal system of NDTL is one of the basic systems for the state or government to intervene in NDTL to enter the loan market. It is a general term of legal norms for the state or government to permit NDTL to enter the lending market and the form, conditions and procedures of operating activities.NDTL access to legal regulation has its own theoretical basis. The author using the entry barrier of economics and the analysis of the market theory to explain that the entry of non deposit lending market should follow the economic law; using the financial fragility theory to explain the vulnerability and the market failure of NDTL, using the legal theory analysis shows that the normative role of the legal rules to the NDTL when the market failured, using the theory of government regulation failure to explain the power boundary of the government in the legislative process of the admission for NDTL.Chapter II. Analysis on the function of the legal regulation of the entry of NDTL. NDTL is a special subject of folk financial organizations in the establishment of the legal subject status of non deposit lending institutions, non deposit lending institutions legitimate business identity, help to promote private lending sunshine, a specific function of the reconstruction of folk financial regulation modeNDTL is a special subject in private lending. Establish the legal status of NDTL giving the legal business status of NDTL will promote the sunshine of private lending, to produce a specific system function for the development of private lending. For regulators, it will curb the negative effects of private lending operations, for the subject of private lending, the legal status and business qualifications to meet the needs of its development; the flexibility of the operation and supervision of the NDTL as well as the compatibility with the development stage of the folk loan principal more can play the function of absorbing private capital than financial institution.In addition, because of NDTL own contract governance structure and transaction information advantage, it can make up for the financing gap of SMEs, ease the financing problems of small and micro enterprises. From different angles, the theoretical theory demonstrates the defects by bank loans and financing needs of small and medium enterprises, In the development practice of NDTL, it fully confirms the coupling between the financing needs of SMEs and the financing needs of SMEs.The NDTL in the capital structure, the services have differences with the banks and some other large financial organization is it can provide differentiated services to lend for multi-level credit market in China, to disperse the credit concentration risk and formate a orderly retreat of the lending channel, It plays an important system function in promoting the construction of the multi level credit market and the competition of the loan market.In Chapter III, in order to make full function of the NDTL in grooming of private lending, reduce the clamping on its development because of the lack of current rules and regulatory, the author makes a more comprehensive and systematic research and explanation on the legal system of the existing of NDTL. Through the research can be found that, there are still many defects in the existing legal system of access for NDTL in China: 1. apart from the “The Guidance on the Pilot of Micro-Credit Company”, China has not yet established a legal system of main body of folk loan to access the loan market, can not play the grooming function of NDTL for the private lending; 2. The ability of local government supervision is insufficient, the regulatory efficiency of NDTL can not be guaranteed; 3. The lack of regulatory rules on the development direction of non financial institutions lenders positioning; 4.Excessive government intervention in the design of organizational form, business scope and registered capital, increased regulatory burden on NDTL, reduce the operating efficiency of NDTL and impeding the sustainable development of NDTL.On this basis, the author further explained that the complicated reasons, drawbacks, including the legal doctrine of deviation of the parents financial supervision system of the target value, corporate identity and the regulators lack the ability of discrimination. In this process, we must reform the existing regulatory system, in order to clear the private finance, and further open up our country's loan market.In Chapter IV, whether in developed countries (regions) or developing countries (regions), private lending activities are widespread. But countries (regions) based on their social and economic development, as well as traditional to determine the different legal system of access for NDTL. Britain put the NDTL into the scope of consumer credit, to take the access legislation regulation in a systematic way, the United States on the NDTL are divided into consumer lending and commercial lending to the legislative regulation of access, Japan on the private lending to conduct a systematic access to prudential regulation, Singapore on non deposit lending to the implementation of a negative list of access regulation model, Hongkong advocates the principle of contractual autonomy for the lending industry, implement the "wide aperture" access mode. In spite of the differences in the experience of access to the typical countries or regions, but in the concept of NDTL access regulation almost all take the concept of non Prudential supervision, focus on the grooming function of NDTL access system for the private lending, there are similar in the subject of access regulation, access regulation, access regulation conditions, access regulation procedures, it has the reference value and the enlightenment to the legislation consummation of our country's admittance regulation.In Chapter V, the author puts forward the proposal from the concept to the system, comprehensive supervision reform.Definition of supervision concept of NDTL, it can be include thesocial norms of economic law and the idea of balance and coordination, to defend the stabilization of our countries financial system and to achieve moderate supervision, in the supervision of the value target, we should pay attention to the coordination and interaction with financial security, financial efficiency, financial fair, use financial equity debugging financial security and financial efficiency in order to promote the balance between the value goal system. In the improvement of the subject of access regulation, adjust the regulatory pattern, regulatory functions of non deposit lending institutions as a whole by the CBRC, and the bureau of evey provinces shall be responsible for the supervision of market access, determine the appropriate regulatory principles and strengthen self-discipline of industry associations. In the design of access rules, change the pre-approval to formal review in the lending business permit, Establish the diversification of the main form of NDTL, reduce the registered capital of NDTL and improve the legal system of market withdrawal.