Go to the profile of Misha Yang
Misha Yang
I expanded my goal (from FinTech regulation) to providing a quasi-real-time access to the ambitious start-up world in China after moving to the Silicon Valley.

On P2P lending: it’s official, 200K cap on one site and 1 million cap in the aggregate

On August 24, the CBRC, the Ministry of Public Security, the Cyberspace Administration of China and the Ministry of Industry and Information Technology issued the Provisional measures on operations of online lending platforms.

The Measures

  1. specifies the legal status of online lending platform as a professional intermediary platform distributing online lending information
  2. requires registration with local financial regulatory agency within 10 days after acquiring license; local financial regulators will rate and classify the platforms (the standard for rating and classification is still under discussion)
  3. clarifies authorized scope of business and risk management requirement
  4. defines rights and obligations of lenders and borrowers
  5. requires information disclosure
  6. establishes jurisdictions of multiple regulators

See http://www.xinhuanet.com/finance/zhuanti/aggc/zt58.htm for a special report on this subject

A top tier Chinese law firm published its analysis on the new rules, available at http://mp.weixin.qq.com/s?__biz=MjM5ODM3MzU4Mg==&mid=2653060766&idx=1&sn=5297ab128f0bda176994db629b6af318&scene=0#wechat_redirect

FintechP2p LendingChinaRegulation
  • Go to the profile of Misha Yang

    Misha Yang

    I expanded my goal (from FinTech regulation) to providing a quasi-real-time access to the ambitious start-up world in China after moving to the Silicon Valley.