Big news! P2P is prohibited from selling financial products and funds, and a negative list system is implemented

     The overall idea of ​​the P2P management method is to implement a negative list system. At the same time, the local financial office will be responsible for risk prevention and disposal in accordance with the principle of "who approves, who supervises". This means that P2P will not issue licenses, but will adopt a management method similar to that of the Small Loan Association to promote self-examination and rectification in the industry.

Reporters learned yesterday that the P2P management measures are in the internal review stage and will be open to public comments this month.

It is reported that the overall idea of ​​the P2P management method is to implement a negative list system, and at the same time, follow the principle of "who approves, who supervises" and let the local financial office be responsible for risk prevention and disposal. This means that P2P will not issue licenses, but will adopt a management method similar to that of the small loan association to promote industry self-examination, self-correction, and rectification.

The negative list includes the industry's default regulatory principles, such as P2P's prohibition of self-financing and self-insurance, principal and interest guarantees, false advertising, and the prohibition of splitting the term of financing projects. P2P will also be prohibited from selling financial management, asset management, funds, insurance or trust products; it is prohibited from engaging in equity crowdfunding and other businesses; and it is even prohibited from engaging in stock allocation business. This means that P2P companies engaged in mixed operations will face challenges.

The long-awaited P2P management method has basically taken shape. Reporters learned yesterday that the P2P management method, which was led by the China Banking Regulatory Commission, is in the internal review stage and will be publicly solicited for comments this month. Unlike the previously circulated version, the "method" will not set a registration deposit threshold for P2P companies, nor will it issue licenses. At the same time, the "method" requires P2P to select qualified banking financial institutions as fund depositories. Relevant data shows that 64 P2P platforms "ran away" in November.

The Inclusive Finance Department of the China Banking Regulatory Commission recently stated publicly that the P2P regulatory rules are still in the stage of improvement and revision, and may be publicly solicited for opinions by the end of the year. Specifically, they will include loan registration, fund custody, products, platform information disclosure, etc., and will also clarify the P2P positioning, business boundaries and other contents.

Ban on selling wealth management and stock financing businesses; mixed operations face challenges

It is understood that the overall idea of ​​the "Measures for the Supervision of Business Activities of Online Lending Information Intermediaries" (hereinafter referred to as the "Measures") is to implement a negative list system, strictly prohibiting more than a dozen businesses while also giving space to innovative businesses that comply with laws and regulations. At the same time, following the principle of "who approves, who supervises", the local financial office is responsible for risk prevention and disposal. This means that P2P will not issue licenses, but will adopt a management method similar to that of the Small Loan Association to promote industry self-examination, self-correction, and rectification.

At the same time, the Measures will not set a registration capital threshold for P2P companies, nor will there be any leverage restrictions. Previously, the market expected that P2P would set a capital threshold of 30 million to 50 million yuan and a 10-fold leverage limit.

The "negative list" includes: P2P will not be allowed to conduct self-financing and self-insurance; it is not allowed to directly or indirectly collect funds; it is not allowed to promise to guarantee principal and interest; it is not allowed to promote projects to non-real-name users; it is not allowed to conduct false propaganda; it is not allowed to issue loans; it is not allowed to split the term of financing projects. These are the default regulatory principles in the industry.

At the same time, P2P will not be allowed to sell financial management, asset management, funds, insurance or trust products; it will not be allowed to engage in equity crowdfunding and other businesses; it will not be allowed to carry out stock allocation business. This means that those P2P companies with mixed operations will face challenges.

In terms of debt transfer, the Measures do not explicitly prohibit debt transfer and asset securitization, nor do they prohibit the separation of financing project income rights from underlying assets. Renren Jucai CEO Xu Jianwen told reporters: "The current news shows that the ideas of the Measures are broader than expected."

The method requires that funds must be deposited in a bank

It is understood that the Measures require P2P to select qualified banking financial institutions as fund custodians. This means that the original third-party payment custodian model is also not recognized, and funds must be transferred from the reserve account opened by the third-party payment in the bank to the platform's account opened in the bank.

17 banks have launched P2P platform funding cooperation business. However, according to Wangdaizhijia data, only more than 40 P2P platforms have signed deposit and custody agreements with banks, accounting for only 1.5% of the total 2,612 platforms in normal operation.

Some industry insiders predict that some platforms may be unable to conduct business due to their inability to provide custody and deposit of funds; if third-party payment is also excluded, a large number of platforms in the industry may go bankrupt.