A Study On The Perfecting Of Information Disclosure System Of Peer-to-Peer Lending Platform

The regulations about information disclosure system of peer-to-peer lending platform are a little sweeping in "Interim Measures for the Administration of the Business Activities of online lending Information Intermediary Institutions",lacking of practical operability.And there are detailed regulations in the self-discipline of National Internet Finance Association of China,but lacking of enforcement.In practice,each platform operates with a good deal of autonomy,showing a chaotic condition that the contents and scope of information disclosure are really different from each other.It also exacerbates the risk of a platform,and increases the possibility of the emergence of a problematic platform,resulting in serious damage to investors.Therefore,the existing information disclosure system of peer-to-peer lending platform needs to be improved soon.This article will begin with defining the legal nature of platform,and making a balance among investor,borrower and platform.Then it will absorb the appropriate experience from the United States critically,and put forward some suggestions for the information disclosure system of China' s peer-to-peer lending platform to make it much better.It will propose that the supervisor draw up a specialized and systematic regulation about information disclosure which has strong operability for peer-to-peer lending platform.Specifically,platform,sponsor and controlling shareholder of the practitioner,and its directors,supervisors and senior managers should be the obligors.And the regulation should set comprehensive,authenticity,accuracy,timeliness,sustainability as principle.According to the business scale,the capacity of risk prevention of the platform,the regulation should set different standards of good management.On the basis of the details of information disclosure from self-discipline,the regulation can request that platform should be a good manager to assure repayment and disclose related information timely,and also can encourage the platform to disclose some predictive information to help investors to make better decisions.At the same time,the regulation should guide the platform to disclose normatively,and take the Information recording system from the International Organization of Securities Commissions as an example,to establish related system in our country.As to legal liability,it is proposed to establish a system of responsibility sharing between platform and borrower under different circumstances,also implement the joint and several liability of "directors,supervisors and senior managers".Then,about the regulatory mechanism,on the basis of the existing regulatory framework,it is proposed to establish the pre-filing system of information disclosure,the rating system for users and the citizen reporting system to deal with the variability of the information on the platform.In addition,the regulation should clarify the relationship between government and market,and let the National Internet Finance Association of China to play a good role in implementing the regulation.