Study On Market Access System Of Non-Deposit-Taking Lenders-A Perspective Of Comparative Law

On August 12th,2015,Legislative Affairs Office of State Council published Non-Deposit-Taking Lenders Act(draft)in order to promote a better credit market by normalizing non-deposit-taking lenders' behavior as well as protecting the legal rights of both debtors and creditors.It is the first systematic legislation to regulate non-deposit-taking lenders and their operations by Chinese government.Although,this act shows the start of the regulation,from my point of view,the standard of market access in this act is too high for the applicant to tally with.As a result,it's hard to involve the private capital to deal with the financial difficulty both small-sized enterprises and ordinary customers meet as well as to create a more dynamic financial system involving more market entities and service objects.Therefore,further modification on the standard of market access is needed.In this paper,firstly,I identify the meanings of "non-deposit-taking lenders" and"market access",and based on the concepts of these two phrases,the object to discuss in this paper,"market access of non-deposit-taking lenders" is introduced.After that,in chapter three,four and five,I introduce the market access systems of non-deposit-taking lenders in China and other regions as well as offer some suggests on the modifications of Chinese system based on the analysis of drawbacks of our system and the success of foreign systems.To be specific,in chapter 3,I conclude the rules on market access of non-deposit-taking lenders regulated in Non-Deposit-Taking Lenders Act(draft).In chapter 4,I do researches on the market access system of non-deposit-taking lenders in Singapore,Japan,Hong Kong,US and South Africa,as well as find out market access systems' influence on the development of non-deposit-taking lending industry and the whole financial industry based on the public database in these regions.In addition,I summarize the similarities and differences of various market access systems mentioned above,and try to analyze the reasons for such similarities and differences.As a result,I hope there will be something valuable for us to learn from.In chapter 5,I point out the drawbacks of the form requirements and substantive requirements to non-deposit-taking lenders based on the comparison with other similar regulations and the problems from practice as well as offer advice on the modifications of our market access system in non-deposit-taking lenders,based on the comparison with the similar system in other regions and our own national conditions,ranging from the form the form requirements to the substantive requirements.To be specific,the modifications include expanding the scope of non-deposit-taking lenders,lowering the requirement for the fund,enlarging the scope of practitioners who need to take examination,as well as perfecting the licensing system,And I do hope this kind of modification can make a better non-deposit-taking lending industry,which can not only protect the rights of non-deposit-taking lenders,but also benefit the development of financial market.