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29 February 2016
Client Alert | China | Banking & Finance
BACKGROUND
On 28 December 2015, the China Banking Regulatory Commission (“CBRC”) released a draft version of the Interim Administrative Measures for the Business Activities of Peer-to-Peer Lending Information Intermediaries (the “Measures”) for public comments. The main purpose of the Measures is to regulate the growing online lending sector, which so far operates in a legal grey area.
A “peer-to-peer (“P2P”) lending information intermediary activity” is defined as the provision of lending information services (e.g. loan facilitation, credit rating, etc.) to lenders and borrowers via online platforms in China.
This Client Alert highlights the key points of the draft Measures and their potential impact on P2P lending activities in China. As the Measures are still in the public comment stage, none of the provisions discussed herein have been implemented or are in effect. However, some local authorities have suspended approval of any new company intending to engage in P2P lending activities as they wait for the issuance of the finalised Measures.
Under the current draft Measures, there will be an 18-month grace period once the Measures go into effect for existing companies already engaging in P2P lending activities to comply with the new rules.
Please click on the file below to download the full Client Alert.
