Research On The Legal Issues Of China's P2P Network Lending Platform

P2P lending platform originated from Britain.Opened in March 2005,Zopa platform is a sign of its birth.Registered borrowers on the platform can submit loan applications,its borrowing needs will be released to the platform after the passage of the identity audit and evaluation of the platform.Investors can view the list of borrowing,choose the subject of interest to the borrower and then obtain return on investment according to the contract.Platform wil charge some service fees and management fees from borrowers and lenders as operating expenses.Welcomed by the market after the introduction of the lending pattern,it was widely copied and rapidly popularized in the world scope.Although its overall market size is not big,but the strong vitality and continuous innovation ability which it shows is to be reckoned with.Since the establishment of "ppdai" in 2007 which is the first P2P lending platform of the our country,P2P industry has developed rapidly and their size also increase sharply.As of 1 January 2015,operating platform number has reached 1627 and historical cumulative turnover has surpassed 418.6 billion yuan.At the same time problems and risks exposed during the period have received more and more attention.This paper aims at studying legal regulatory issues of our country P2P lending platform in an objective,rigorous attitude,and proposing appropriate countermeasures in order to promote the development and standardization of the P2P lending service industry in our country and make better use of its value of inclusive finance.The full text will be divided into four parts besides preface and conclusion:Section One introduces the concept of P2P lending platform,characteristics,function and its general situation of the development in our country,including the overall operation situation,main business model and existing legal risk.This part mainly analyzes the four legal risks existing in the platform operation at present:Alleged illegal financing and the risk of money laundering;Evolution of usury,even the high rolling of sin;The financial consumers’ legal rights and interests protection has many loopholes;Providing licensed financial services in disguise.Section Two discusses regulatory status of P2P lending platform in China and makes an analysis of the problems in it,mainly including umdefined legal position of lending platform,absence of legal supervision system,immature industry self-regulation and unperfect domestic credit system.Section Three introduces the supervision and management measurements taken and laws and regulations applied in P2P lending by foreign countries,especially the USA and the UK.This section also summarizes the characteristics of supervision in P2P lending in developed countries represented by the USA and the UK in order to explore legal supervision system of P2P lending platform which is suitable for the situation of our country.On the basis of the previous analysis of our national condition and using measurements taken by western developed countries represented by the USA and the UK for reference,section Four summarizes suggestions on legal supervision system of P2P lending platform in China from the four following aspects:regulatory object,regulatory concept,supervising subject and supervision measures.