Study On The Legal Issues Of Credit Rating Of The Peer-to-peer Lending

With the deepening development of online loan,P2 P online loan rating(thereinafter reffered as "online loan rating" for short,but sometimes according to the need to use the full name)is playing an increasingly important role in the online loan industry.As a bridge of connecting financial consumers and online loan platforms,online loan rating can provide investment reference and market warning for financial consumers and act as the“gatekeeper” of online loan industry.However,when making great contribution to the online loan market,the online loan rating also shows a state of disorderly development.From the "First Case of Online Loan Rating" in 2015,dagong international rating storm,to the delinquent of Touzhijia in 2018,dagong international was suspended rating business and a series of events,all show that there are a variety kinds of chaos in the current online loan rating industry.At the same time,there are many legal problems in the online loan industry,such as unfair competition,financial consumer protection,compliance,regulatory arbitrage and other chaos,which reflects the failure of online loan rating.Correcting rating failure,realizing the reshaping of the network function of credit rating,should be based on the net lending industry in our country the status quo,through the network to explore the cause of credit rating failure,and gain experience from foreign.And at the same time,from the aspect of regulation,supervision,liability and rating agencies to make suggestions respectively,in order to promote the development of the online loan rating industry.In this paper,we put the online loan rating as the entry point,discussed the problems and countermeasures.Overall,this paper contains four parts.To begin with,the first part of this article is the basic cognition of P2 P online loan rating.In studying the legal problems of a certain thing,we should first make an objective and accurate definition of the thing itself,which is the logical starting point of the research.This part firstly analyzes the differences between online loan platforms at home and abroad,and then points out that online loan rating is a unique phenomenon in the development of Internet finance in China.On this basis,this paper explains the online loan rating from the perspectives of the generation,definition and function of the online loan rating,and points out that the online loan rating,as an information resource,has strong public welfare and negative externality.The second part is the legal problems of P2 P online loan rating.This part analyzes the legal problems of the online loan rating in China in four aspects,including unfair competition,financial consumer protection,rating compliance issues and regulatory arbitrage.By analyzing,we can find that the legal problems in online loan rating,actually reflectsthe failure of rating,which is disadvantage of financial consumer protection,operation of network platform and the loan to the detriment of other agencies.This part also points out that we should overcome the blindness of online loan rating,hysteresis,and promoteonline loan rating from emergency need to the long-term development.The third part is the cause of the legal problems of online loan rating.Aiming at the legal problems existing in the online loan rating,this part analyzes the causes of the legal problems in the online loan rating from the external regulation and internal constraint of the online loan rating itself.In terms of external regulation,the lack of normative laws,regulatory limitations and the absence of liability system at present provide space for online loan rating agencies to conduct regulatory arbitrage,such as false rating and rating trading.In terms of internal constraints,there are the lacking of sufficient credibility,unscientific rating system,conflicts of interest and improper information disclosure,which is difficult for online loan rating to truly reflect the situation of online loan platforms.The fourth part is the regulation path of online loan rating.In our country,the online loan rating regulation comes from two objective bases: the first one is the increasing demand for online loan rating;the second one is the online loan rating industry chaos frequently.Aiming at the legal problems and causes of online loan rating,this part suggests that we should firstly innovate the regulation theory of P2 P online rating,namely,sticking to the concept of paying equal attention to safety and efficiency;and advocating the adoption of "meta-regulation" mode.On this basis,we put forward regulation suggestions from four aspects: regulation,supervision system,liability system and improvement of rating agencies themselves.To be specific,soft law regulation of the industry should be introduced to clarify the legal nature and regulatory subjects of online loan rating.We should establish the threshold to the market access for Internet loan ratings,strengthen the supervision of conflicts of interest in Internet loan ratings,and improve the disclosure system of Internet loan ratings.And we should establish the civil liability system of abuse of rating,implement the insurance system of civil liability of rating,improve the public interest litigation system,and limit the civil liability of online loan rating agenciesappropriately.At the same time,it is suggested that the seller's market oriented online loan rating system should be established,improve the quality of rating personnel,and propose a scientific and unified rating system.