Research On The Supervision Of Information Disclosure Of Peer-to-Peer Lending

Information disclosure supervision system is the core and cornerstone of modern financial supervision.It has great significance in maintaining the order of financial market,protecting the public's right to know and the legitimate rights and interests of investors,promoting transaction efficiency and rational allocation of resources.In the field of Peer-to-peer lending,information disclosure supervision has gradually become an effective tool for financial supervision to achieve the regulatory objectives of investor protection.However,the existing research on Peer-to-peer lending focuses on the supervision logic,principles,objectives,measures and so on.There are few studies on the micro-level of the supervision of information disclosure obligation.Platform's obligation of information disclosure in practice are not true,accurate,incomplete and timely.In addition,the lack of legal liability system for information disclosure in this field has seriously damaged the legitimate interests of investors.Based on the above background,this paper makes a comparative analysis of the regulatory modes and contents of information disclosure between British and American regulators,from which we can draw inspiration and lessons,and then puts forward specific regulatory measures on information disclosure obligations of Peer-to-peer lending.China Banking Regulatory Commission(CBRC)and its dispatched agencies and local financial regulatory authorities are the main regulators of information disclosure of P2 P lending platform in China.As a financial information intermediary,P2 P platform mainly provides intermediary services for lenders and borrowers,such as information collection,information publication,credit matching and credit evaluation.Therefore,China's regulatory authorities have adopted a record-keeping regulatory model with information disclosure as the core for the P2 P lending.On August 24,2017,the CBRC issued “the Guidelines on Information Disclosure”.There are basic information of online lending institutions,operational information,basic information of borrowing projects,major risk information and other information of online lending institutions in the law.The "information asymmetry theory" and "transaction cost theory" in economics show that,because of the information asymmetry between the lender and the platform and the high information cost of the lender,the lender often makes harmful decisions in the absence of information,which is not conducive to the improvement of transaction efficiency.Therefore,it is necessary to establish a regulatory system for information disclosure,to provide sufficient and accurate information to the lenders at the disadvantage of information,by using the national power to impose the obligation of information disclosure on the platforms,so as to balance the economic interests of both sides.On the supervision mode of information disclosure,China's regulatory authorities adopt the idea of "market self-discipline as the main and administrative supervision as the supplement".However,in fact,there is no unified national self-regulatory Association for P2 P industry in China,and the influence of local self-regulatory organizations for P2 P industry is relatively weak,and the role of self-regulatory norms is still limited.At the same time,the chaotic situation of P2 P market also explains the lack of legal liability for information disclosure and the weakness of enforcement mechanism in China's P2 P industry.Regulators in the United Kingdom and the United States began to supervise the information disclosure of P2 P online lending platforms early.The United States adopted the securities regulatory model,while the United Kingdom adopted the lending crowd-funding regulatory model.In the UK,FAC regards the legal nature of P2 P lending as "unlisted bonds",incorporates it into the category of "non-realized securities",creates a new regulatory system,and promulgates the first global P2 P industry act<Regulations on Public Financing through the Internet and Issuance of Unliquidated Securities through Other Media(PS14/4)>.This Act makes up for the legal gap.At the same time,the P2 PFA,aiming to promote,promote,develop,safeguard and support the interests of members,promotes the establishment of effective industry norms.However,in the United States,the SEC considers that the borrowing bills issued by the P2 P platform constitute the "securities" in the sense of American Securities Law,thus bringing them into the scope of traditional securities regulation.It adopts a management framework of multi-department supervision and joint state and federal supervision.Each regulatory body relies on existing laws to regulate the P2 P lending business.The rule of self-regulation in the British regulatory system are of pioneering value.It has played a very good role in guiding and standardizing the operation of P2 P enterprises in compliance with the law,improving internal management and assisting government regulation.These are worth learning from our regulatory authorities.To this end,in improving the regulatory model of information disclosure of P2 P platform,first,China should strengthen the self-regulatory management of industry associations,play a role of self-regulatory norms,formulate self-regulatory regulations for P2 P online lending industry,and assume the responsibility of moral supervision and risk warning by industry associations.Secondly,we should introduce and establish a legal liability system for information disclosure.In the order of application of legal responsibility,administrative responsibility should be the center,while criminal responsibility and civil responsibility should be assumed on the premise of administrative responsibility.On the assumption of legal liability,we should establish an accountability mechanism for information disclosure,apply criminal liability prudently and apply civil liability correctly.On the supervision content of information disclosure,due to the lack of a unified information disclosure paradigm and information disclosure liability,many P2 P online lending platforms are not standardized in their information disclosure behavior.Some platforms appear to have been disclosed while in essence,the disclosure content has no reference significance for investors.In practice,most P2 P online lending platforms have common problems in disclosing operation data such as overdue rate,bad debt rate,related loan information,fund storage information,borrower's credit report and major risk information.Only a handful of platforms can fully meet the standards of information disclosure.There are also great differences in the content of information disclosure supervision between British and American regulatory authorities on P2 P platforms.Considering the balance of regulatory costs and benefits,the FCA sets three operational objectives: financial consumer protection,integrity and competitive protection.Besides,FCA has further adopted a principle-based regulatory approach to avoid specifying specific forms and contents of information disclosure.The law requires that the ten information disclosed by P2 P platform is also based on the macro-level perspective,and the content of disclosure is information that has a significant impact on investors' decision-making,such as actual default rate,expected default rate,borrower credit assessment,loan risk assessment,etc.However,in the United States,the SEC adheres to the traditional logic of securities regulation and believes that securities registration and detailed and continuous information disclosure are the entry threshold for the P2 P industry,so it requires P2 P enterprises to disclose loan-related information in detail.However,under strict supervision,the American P2 P industry has embarked on the road of "intensive" development,especially the start and growth of the new platform is particularly difficult.From the practice of information disclosure regulation on P2 P platform in Britain and the United States,we can conclude that moderate and necessary financial supervision is the guarantee for the standardized development of P2 P lending industry.Regulators should adhere to the principle of "moderate supervision",balance the cost and benefit of supervision,maximize the effectiveness of limited regulatory resources,and reserve certain space and flexibility for the P2 P industry.On the other hand,the supervision of information disclosure on P2 P platform should also change from pure quantity-oriented to quality-oriented.That is,the quantity of information disclosure should not be emphasized too much,but the public investors can understand the information disclosed by simplifying and popularizing the content of information disclosure.