最有看点的互联网金融门户

最有看点的互联网金融门户
全新的互联网金融模式国际资讯监管与政策

全球P2P金融监管逐步走向成熟

虽然这听起来似乎有悖常理,但是全球许多P2P贷款公司都在游说国家提供额外的行业监管。这是因为,至少在发达经济体中,一个更加正式的监管过程会给这些P2P企业带来新的资金来源和市场,同时为企业及其管理提供额外的法律保护。

P2P行业即将迎来监管时代——许多国家已经出台了P2P监管规范,而其他一些国家也即将在2016年陆续敲定具体的规定执行方式。

对于P2P贷款的监管案例

中国P2P借贷市场在过去一两年爆发的及其大规模欺诈案件说明,一种新的金融商业模式的诞生必然会伴随风险。虽然开发P2P业务的创新金融科技企业家成功实现了贷款普及化,但还是总会有不择手段的人想要浑水摸鱼,趁火打劫。

解决的办法,当然是政府部门的监管。而且,规则的执行必须要高度透明,给予投资者和借款人充分的保护,创造出一个公平的竞争环境。

美国P2P部门监管

自2008年起,美国证券交易委员会就认定通过P2P贷款机构发行的票据是证券,必须在该机构进行登记。由此,美国政府正式开启对P2P行业的监管 。根据法规要求,P2P公司运营必须遵循一系列关于透明度和消费者保护的联邦和州证券法。不过今天我们在这里将主要关注针对P2P贷款机构和投资者不断改进的监管方案,而不是针对借款人的消费者保护措施。

美国证券交易委员会最终确定在2015年10月通过了《JOBS法案》,其中补充添加了许多P2P行业监管细则。不过总体看来,也有分析人士认为,监管负担带来的时间和费用,有可能阻碍了许多潜在的企业家启动新的众筹平台。

好消息是,《JOBS法案》还包含了一类新的P2P企业/众筹平台的规定。这类企业被称为“新兴成长型企业”,年收入必须不得高于十亿美元。《法案》对这些新兴成长型企业给予一些特殊优惠,比如减少证券招股说明书中通常所需的财务信息披露,没有对财务报告提供的内部控制审计师认证(“萨班斯 - 奥克斯利法案”所要求),可以选择新的或修订的会计程序(当完成时)。一个新兴的成长型公司还可以在信息保密的基础上向美国证券交易委员会提交其初次登记表,使发行人能够解决在向大众公开致歉,根据最初的美国证券交易委员会的工作人员的意见进行修改。

英国、西班牙、德国和立陶宛先后推出全新P2P监管条例

在过去一年里,英国、西班牙、德国和立陶宛先后推出了P2P监管新规,而其他几个欧元区国家很可能会在2016年效仿他们的做法。

由英国金融行为监管局(FCA)颁布的P2P借贷监管方案在全球范围内得到了广泛效仿。这份监管制度已经实行了好几年,现在,企业初始的合规成本正从10万欧元增加至100万欧元。

而内斯塔和剑桥大学的研究数据显示,2014年全英P2P平台的贷款额为13亿欧元,而2013年的仅为4.8亿欧元,累计增长了170%。

然而,P2P行业也是高度分散的。比如英国就有22个营业额大于450万欧元的平台(数据来源:AltFi)。金融行业顾问博维尔还指出,截至2015年第三季度,已经有超过100 个P2P公司申请了全FCA授权。

业内人士认为,在行业日益激烈竞争格局中,一定比例的公司会因为成本高昂而放弃他们的应用程序,这是不可避免的。

新的P2P规则即将在中国生效

中国的P2P行业在2015年迎来了井喷式增长。中国新闻网指出,去年一年中国P2P贷款总量超过 1500亿美元(约合9820亿人民币)这一增长速度接近400%,要知道,2014年中国P2P行业刚刚快速发展时,市场规模总量只有370亿美元(约合2500亿人民币)。

然而,那种不受控制的增长也有不好的一面。欺诈、腐败和管理不善在P2P市场非常猖獗,遭受损失的投资者更是成千上万。据悉,2015年有896家P2P公司关停,是2014年失败案例的三倍。

据P2P业内人士Online lending House统计,截至2015年年底,超过30%的中国P2P贷款人(3858人中的1263人)卷入了诸如法律纠纷、企业倒闭、无法取回本金或高级管理人员跑路等事件中。

P2P贷款公司易租宝在二月初的失败就是一个很好的启发性案例,这起高达76亿美元的“庞氏骗局”是中国政府决定在新一年针对P2P行业推出新的条例的关键因素。分析人士指出,该部门显然需要一段时间进行调控,但在当前的经济形势下,中国政府一直不愿意采取任何措施,去扼杀无法接触到银行信贷的中小企业的贷款来源。

其他中国专家认为,尽管该行业特有的欺诈行为,政府仍可能逐步实行新的P2P法规,避免“硬着陆”关乎中国经济的痛痒。

所有这些企业的欺诈行为让中国的P2P市场蒙上了一层阴影。不过新法规一旦最终确定并实施,P2P行业肯定还会继续增长,只不过增速可能有所下降。但硬币的另一面是许多中国投资者正在越来越多地参与投资海外的P2P企业。

监管是金融部门任何新业务成熟过程中的正常现象,P2P也不例外。很明显,P2P行业监管的“临界质量”在前几年已经达到,而该过程在今天刚刚全面展开。这是对于P2P行业中投资者和借款企业的好消息,一个强有力的监管基础是行业的长期健康发展的关键。

Although it might seem counterintuitive, P2P lending firms are actually lobbying for additional regulation in many countries around the globe. That is because, at least in developed economies, a more formal regulatory process will give these P2P enterprises access to new capital sources and markets, as well as provide the firms and their management with additional legal protections.

Regulation is coming to the P2P sector like it or not, as numerous countries around the globe have recently begun regulating P2P lenders and several others are finalizing regulations for implementation in 2016.

The Case for Regulation of P2P Lending

As the large-scale fraud relating to P2P lending seen in China over the last year or two makes clear, the birth of a new financial business model can be dangerous. Although the innovative fintech entrepreneurs who developed P2P businesses are to be lauded for creating platforms that makes loans available to a notably wider group of firms and individuals (and boosting economic activity), unscrupulous people always rush in to take advantage of others.

The solution, of course, is government regulation of the sector, and enforcement of rules that require transparency, protect investors and borrowers, and create a level playing field for all P2P lenders.

Regulation of P2P Sector in the US

P2P lending has been formally regulated in the US, since 2008, when the SEC stepped in to insist that the notes issued by P2P lenders were securities and must be registered with the agency. This means that these firms are now subject to a wide range of federal and state securities laws that mandate transparency and a variety of consumer protections. This article, however, focuses on the evolving regulatory schemes for P2P lenders and their investors rather than consumer protections for borrowers.

The SEC finalized the crowdfunding provisions of the 2012 JOBS Act in October 2015, which places a number of additional regulatory burdens across the P2P sector. Taken as a whole, some analysts have suggested that the time and expense involved in meeting the regulatory burden is likely to discourage many potential entrepreneurs from launching new crowdfunding platforms.

The good news is that the JOBS Act also contains provisions for a new class of P2P firms/crowdfunding platforms called “emerging growth companies” (must have revenues below $1 billion annually). These emerging growth companies are given several breaks, such as reducing the financial disclosures that are typically required in a securities prospectus, not having to provide an auditor attestation of internal controls over financial reporting (as required by Sarbanes-Oxley), and the choice of new or revised accounting procedures (when finalized). An emerging growth company also is also allowed to submit its initial registration statement to the SEC on a confidential basis so the issuer can address initial SEC staff comments before any filings become public.

UK, Spain, Germany, and Lithuania All Implementing New P2P Regs

The last year has seen half a dozen European countries introduce new regulations focused on the P2P sector. In specific, the UK, Spain, Germany and Lithuania all implemented new rules in 2015, and several other Euro-area countries are likely to follow suit in 2016.

The P2P lending regulatory program promulgated by the UK’s Financial Conduct Authority is being widely modeled worldwide. The FCA’s regulatory scheme has been in place a couple of years now, and firms are reporting from £100,000 to £1 million in initial compliance costs.

Of note, close to £1.3 billion in loans were originated on P2P platforms in the UK in 2014, a 170% boost from £480 million in 2013, based on data from Nesta and Cambridge University.

However, the P2P sector is highly fragmented, as there are 22 platforms in the UK with origination volumes of greater than £4.5 million (AltFi Data). Financial industry consultant Bovill also notes that over 100 P2P firms have applied for full FCA authorization as of the third quarter of 2015.

Industry insiders suggest it is inevitable that a certain percentage of these firms will give up on their application given the high costs and the increasing competition in the sector.

New P2P Rules Coming into Force in China

The P2P lending sector in China skyrocketed in 2015. China News points out that P2P lending for the year surpassed $150 billion (982 billion yuan). That works out to a nearly 400% growth rate compared to the $37 billion (250 billion yuan) Chinese P2P platforms originated in 2014.

However, that kind of out-of-control growth also has a down side. Fraud, corruption and mismanagement are rampant in the sector, and many thousands of investors have lost money in failed Chinese P2P firms. To give you some idea of the scale of the problem, 896 P2P firms closed down in 2015, three times as many failures as in 2014.

According to P2P industry source Online Lending House, as of the end of 2015, over 30% of Chinese P2P lenders (1,263 out of 3,858) were involved in notable legal disputes, had halted operations, frozen withdrawals or had senior management who had disappeared.

The failure of P2P lender Ezubao in early February is an instructive case in point, and this $7.6 billion “ponzi scheme” was a key factor in the Chinese government’s decision to roll out new regulations for the P2P sector at the first of the year. Analysts point out that the sector has clearly needed regulation for some time, but the Chinese government has been loath to take any steps to choke off credit to SMEs who are unable to access bank loans in the current economic climate.

Other China experts argue that despite the endemic fraud in the sector, the government is still likely to implement the new P2P regulations gradually, as averting a “hard landing” for the Chinese economy is their primary concern.

All of this fraud among Chinese P2P firms has cast a pall over the sector, and growth is all but certain to slow down as the new regulations are finalized and implemented. The other side of the coin, however, is that many Chinese investors are now increasingly looking to participate in P2P ventures outside China.

Regulation is a normal part of the maturation process for any new business in the financial sector, and P2P is no exception. It’s obvious that “critical mass” for regulation of the P2P industry was reached a couple of years ago, and that process is just reaching full bloom today. This is good news for firms in the sector, investors and borrowers, as a strong regulatory foundation is crucial for the long-term health of the industry.


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