Long-awaited began to come out, still hold the pipa half cover

Long-awaited began to come out, still hold the pipa half cover. The boots of Peer-to-peer industry regulation are slowly falling. According to media reports, Peer-to-peer network loans will be considered as a kind of credit business, the CBRC is responsible for supervision. At the end of last year, the wording of article 107th, known as the "shadow banking Basic Law", was "a joint study between the People's Bank and the relevant departments" on the regulation of Internet financial activities.

As of now, the CBRC has no formal position and no official documents have been made public. With the US Peer-to-peer platform submitting applications to the SEC (the Securities and Exchange Commission), some in the industry have been surprised by the fact that China will be placed under the supervision of the CBRC. However, the author thinks that it is the real logic and legal basis to put the peer-to-peer into the CBRC, rather than let the CSRC head as the US. The author calls on the regulatory level to adopt different regulatory standards for different exhibition modes, not "one-size-fits-all", and to incorporate the Peer-to-peer platform into the credit system as soon as possible.

First, the concept of securities in China and the United States is very different. Take us peer-to-peer regulation for example. In 2008, the SEC believed that Peer-to-peer platforms had a very short history, uncertain risks, and that there was no more targeted regulatory regime to control risk, so the peer-to-peer issue of vouchers was included in the portfolio. In addition, the U.S. Peer-to-peer Regulation in addition to the SEC, as well as G AO (U.S. government Responsibility Office), C FPB (Financial and Consumer Protection Agency), each focus on different aspects of regulation. This is the same as our idea of central bank, multisectoral and coordinated management.

In the US, the Peer-to-peer platform has filed an application for registration with the SEC because the SEC treats the proceeds from a Peer-to-peer platform as marketable securities. And America's understanding of securities has been broad since the financial crisis of the late 30, and all coupons are securities, unless they are considered as not securities. There are more than 20 kinds of common types of securities, and they are constantly updated and extended gradually.

The situation in China is slightly different. China's securities law of the second definition of securities: In the People's Republic of China, stocks, corporate bonds and other securities recognized by the State Council according to law. To understand securities on this basis, it is difficult to put peer-to-peer into the definition of securities identified by China's regulatory authorities. Because China's securities regulatory Commission focused mainly on the stock capital market, for Peer-to-peer even want to regulate, is now powerless.

Second, China's peer-to-peer model of southern Orange. In China, the industry generally divides the internet financial industry into three categories: payment (represented by a third party), borrowing (by Peer-to-peer, Ali Small loan) and equity financing (represented by the public). In view of this, mainstream public opinion has regarded Peer-to-peer as a kind of credit business.

Unlike America's purely platform-only peer-to-peer business model, many of the domestic Peer-to-peer platform directly capital preservation Pausi, in order to commit to the fixed return to absorb capital, establish a pool of funds, and their own to raise funds to the borrower, the source of profits from the income from the spreads, the lending target is not selected by investors, using the "Class of bank credit" Mode of operation, so the peer-to-peer into the CBRC, from a realistic perspective is not inappropriate.

In fact, the CBRC started to focus on Peer-to-peer industries earlier. August 23, 2011, the Office of the CBRC issued a "notice on the risk of everyone loans". This "notice" prompts the seven kinds of risk of peer-to-peer platform, prevent the lender to help the lenders to obtain funds from the bank for private borrowing, preventing the spread of private lending risk to the banking system, the overall tone is negative. At that time, Peer-to-peer platform is a new thing, the main purpose of the CBRC is to carry out risk hints to the banking system. Now that the "notice" issued nearly 2.5 time, the CBRC has been closely monitoring the peer-to-peer industry, and participate in the joint research on internet finance.

The CBRC's regulatory body is not confined to banks. The supervision of the Non-bank financial institutions, such as trust companies, Enterprise Group Finance Company, financial leasing company, auto finance company, money brokerage company and consumer finance company, is mainly borne by the CBRC. Therefore, the CBRC has accumulated mature experience in the supervision of Non-bank organizations engaged in credit business.

For the standard of Peer-to-peer industry practitioners, both the early arrival of supervision, but also afraid of supervision of a pipe will die. Practitioners in the industry, the final landing will enable the industry to access the basis, can effectively avoid the bad currency to expel the case of good currency. Once the CBRC issued specific industry management measures, given the minimum amount of registered capital and shareholder qualification, Peer-to-peer industry will be free from the long-standing criticism of the "Three without" status (no threshold, no standard, no supervision).

On the other hand, we also call on the regulatory layer to recognize the nature of the Peer-to-peer model, should not be in accordance with banks and adopt a "deposit reserve" payment type of a knife-cutting supervision, should be aimed at different modes of exhibition, the use of different regulatory standards, under the premise of the basic risk control, to Central bank officials in the two sessions of the two sides again to make a statement, according to the different risk spillover, the Internet finance to adopt different regulatory measures, the general principle is "to encourage innovation and development, standardize and improve supervision."

For example, some of the Peer-to-peer platform is not involved in the transaction of Third-party Fair platform, there are some to absorb customer funds, and then in the name of the platform to lenders lending platform. The above two types of institutions, the degree of risk spillover is not appropriate to adopt the same regulatory model, it is inappropriate to set the same entry threshold.

Last August, the State Council approved the establishment of an inter-ministerial joint meeting of Financial supervision and regulation, led by the People's Bank, comprising the CBRC, the SFC, the CIRC and the foreign administration. The author believes that the delineation of regulatory departments does not mean that the CBRC will be alone in the future. Some of the industry's long-term development is crucial to the supporting system, but also the People's Bank and other departments involved in the formulation. For example, the IC p filing system may be established by the Ministry of the Internet Finance of the exclusive ICP record, to prompt consumers.

Credit is an important infrastructure in the financial industry. The essence of Internet finance is still finance, and risk assessment still needs to follow the Basic Law of finance. At present, Peer-to-peer platform can not directly access the central bank credit system, resulting in the platform can not know the borrower long debt. I hope that the central bank system design and industry to explore the organic combination of Peer-to-peer platform early into the credit system.

It is also essential to establish an industry-uniform system of data statistics and information sharing. We should combine the characteristics of peer-to-peer industry, make a unified accounting account and report system, and form an industry unified information statistic system, and bring the Peer-to-peer business total, quantity and risk into the supervision horizon, and realize the industry sharing and release to the society in time.

The author thinks, the Peer-to-peer profession supervises, the management is good three aspects can: first, the information disclosure is transparent. Second, the fund flows safely. Third, the product structure is legal. The rest is given to the market to decide.

Objectively speaking, the bank and Peer-to-peer in customer resources will be a part of overlap and competition, but the relationship between the two is not 0 and game, and from operating mode and operating risk, the difference is also greater. I hope that if the formal incorporation of supervision, the CBRC will be a peer-to-peer platform as a financial services provider, the bank and the Non-bank institutions do not differ from each other, the small micro-enterprises and personal financing and even the entire multi-level financial system development will take great credit.