Research On The Regulation Of The Model Of Transfer Of Creditor's Right In P2P Lending

Generally there are two kinds of P2 P Lending models,mediational model,under which the contract of loan is constructed between the borrower and the investor,and the transfer of creditors' right model,under which the original contract of loan is signed between the borrower and a third party and then the third party transfers the right to the investor.I explain the process of the transfer of creditors' right model by introducing how Yixin,Shicaidai and Shitou build such a model.There are three key parts of the transfer of creditors' right model.The first is the Lender,whose purpose of lending money is to transfer such a right to the investor.The role of Lender is widely played by the employee,manager of the P2 P lending platform and some institutions with which the platform has built cooperation relationship.The second is dividing the right in terms and/or in volume.The third is the guarantee the platform has promised to the investor.I emphasize the role of the transfer of creditors' right model at the end of the first chapter to explain why I think such a model should be permitted.As to the Lender,there is a risk of executing loans without the government's permission.As to the transfer of creditors' right by dividing the term,there is a risk of illegal absorbing deposit of the public.I see the transfer of creditors' right model as direct financing.Compared to American P2 P lending,there is almost no difference in the process of transfer.SEC has included P2 P lending into its regulation as a kind of securities.My suggestions are built on the analysis of the risk and the financing character of transfer of creditors' right in P2 P lendingabove.The transfer of the right by dividing the term should be forbidden while the transfer of the right by dividing volume may be permitted.Taking the cost of registering with the government or seeking permission by the government,such a process should be exempted if the number of debt and the investors is within a range set in advance.However,the obligation of information disclosure of the P2 P lending platform to the investors should never be exempted,which is the key of the regulation of the transfer of creditor's right in P2 P Lending.