Research On The Regulation Of P2P Lending Platform Operation

In recent years,the P2 P lending platform as a kind of new financial model is booming in our country.Its rapid development requires more legal regulations.Because compared with the traditional financing tools,it involves more complicated legal relations,such as: the loan relation,intermediary brokerage relation,guarantee and insurance relations.Compared with foreign P2 P platform of for-profit and non-profit operation mode,our online lending platform not only bears the intermediary role but also participates in the transactions in the ways of pure online mode,guarantee mode and credit assignment mode.That makes the legal relations more complicated.The corresponding level of risk-control and regulations of the preset also need to be multidimensionally constructed.Through searching in the Beida Fabao judicial cases database in the keywords“P2P net loan”,there are 213 cases involving online lending platform up to March 20,2017.The analysis result shows that the judicial actuality confirms the P2 P lending platform as a special financial services needs to build special regulatory framework.The P2 P lending platform operation in our country faces the following three types of risks: credit risk,liquidity risk and illegal fund-raising risk.But at present,the regulation of P2 P lending platform from the industry self-discipline,judicial organ and administrative department can not prevent and regulate the risks fully.Although the industry association,the Supreme Court,CBRC and other relevant departments has published guidelines,the regulation only sets up macro direction or risk warning in the corresponding areas lacking of enforceability.In comparison,foreign online lending platform have more experience and stronger ability of risk control.The British government takes the P2 PFA as the main regulator and the FCA as ancillary regulator.Different from the British supervision model,The United States supervision of the P2 P is separate regulator,state and federal regulating together.Our country should establish the corresponding supervision mechanism according to the nature of the P2 P lending and adjust the regulation policy in the constant practice.Because our capital markets have a demand on financial model asthe net loan and investors lack for risk consciousness.So regulation of P2 P lending develops in two different paths.One for Private net loan emphasizes the protection of investors and the other for micro-credit emphasizes the market efficiency.At the same time,strengthen the regulations system and improve the level of risk-control ability.Specifically,our country should avoid credit risks by completing the regulations of credit information system and applying the credit rating system;avoid liquidity risk by improving the market access and exit mechanisms and establishing the risk reserve system and avoid illegal fund-raising risk by establishing multiple regulatory mechanism,information disclosure mechanism,segregation fund mechanism and punishing false propaganda.