Research On The Risk-based Regulation Of P2P Network Lending In China

Depend on the rapid development and popularization of Internet and the two-way demand of the folk financing and national financial management,the Internet financial has walked into the public view and quickly occupied a place in the financial market where the capital market is fighting for.Moreover,the concept of the Internet financial was written into the national development planning outline.In The Outline of the 13th Five-Year Plan for National Economic and Social Development,the first sector of chapter 16,which is to rich financial institutions system to accelerate the reform of financial system,refers to ’the developing of generalized preference and multiple formats of medium and small financial organization,regulating the development of Internet finance’.As a national development programmatic document,the outline is the basis for the government to implement economic adjustment,market supervision,social management and public service functions.Internet finance is written into the outline,embodies the national attention to the development of the Internet financial,and the infinite vision of the Internet financial.As an important part of the Internet financial,P2P network lending with the advantages of the low threshold and large coverage becomes the star of the Internet financial products.At the same time,the chaos such as illegal funding and running off with money suffer the criticism,a variety of financial risks have been presented.After a decade disorderly growth,P2P network lending is began to supervise.The data from network home loan recently indicate that by the end of June 2016 the increase rate of P2P in the first half year drops by 77.4%,and the defective platform of P2P also decrease by 27.0%.Hence,under the all-round supervision,the industry of P2P network lending is suffering from the brutal survival of the fittest which promotes the industry to work in a strict code.There are five parts illustrating the opinion.The first part introduces the definition,feature and operating modes of P2P.The second part mainly discusses the risks of P2P network lending:including the risk of illegal fund-raising,and the risk of financial security in the operation of P2P platform.The third part mainly expounds the present situation of P2P industry regulation in China:the "regulatory measures" defined the P2P network lending industry regulatory body,the distinction between the behavior of supervision and regulatory agencies,however there are still some defects that self-regulation is not mature.The fourth part of the use of comparative law overview of the United States,the United Kingdom on the P2P network lending regulation of the legislative experience and the revelation of China’s P2P network regulation:the United States to take a long regulatory and federal and state regulatory model.While the United Kingdom is the use of specialized regulatory model,relying on a strong industry self regulatory organizations play a huge role.The fifth part mainly discusses the improvement of P2P network lending legal supervision mechanism,expounds mainly from the establishment of access standards and risk control mechanisms,improve the safety of funds supervision,establish credit system and guide industry self-regulation in four aspects.