On the evening of December 11, online loan House learned that the Office of the leading Group for the Banking Regulatory Commission's P2P Network Lending risk rectification workThe implementation Plan for Special rectification of Network Micro-loan Business risks of Micro-loan companies has been issued on December 8.(hereinafter referred to as the "rectification plan"), aims to pass special rectification, strict examination and approval of the qualification of online micro-loans, standardize the operation of online micro-loans, and severely crack down on and ban institutions that illegally operate online micro-loans.

Yu Baicheng, dean of the online loan Home Research Institute, believes that this "implementation plan for special rectification of network microloan business risks of microfinance companies" is a detailed document on November 21 "notice on immediate suspension of the establishment of online microfinance companies" and December 1 "notice on standardizing and rectifying" cash loan business. The plan makes a comprehensive deployment for the clean-up and rectification of the network microloan business of small loan companies. The specific requirements and the progress of regulation are clearly defined. The announcement is only a week away from the cash loan rectification notice, which is very efficient and reflects the importance regulators attach to the issue.

Compared with the previous two notices, the regulation plan has the following new contents to pay attention to:

The network micro-loan is clearly defined to highlight the loan in a specific scenario.

Network micro-loan means that Internet enterprises provide small loans to customers through the micro-loan companies controlled by the Internet, which can obtain borrowers through the Internet platform. the use of the Internet platform to accumulate customer management, network consumption and other specific scene information to assess credit risk, online to complete the loan business process and other characteristics.

In addition, in the scope of loan investigation, it is also required to check whether to issue network micro-loans with no specific scene support and no designated purpose. The implication is that loans with specific scenarios are allowed by regulation. However, there is no more detailed definition of the scene.

Put forward more stringent and specific requirements for the examination and approval of network micro-loan companies.

For example, the relevant institutions approved by the cities separately listed on the plan will be negotiated and verified by the regulatory departments of the provincial government microfinance companies and the regulatory authorities of the microfinance companies in the cities separately listed in the plan. In the aspect of re-examining the business qualification, it mainly examines whether the business qualification requirements of the initiating shareholder qualification, borrower source, Internet scenario, endogenous data foundation and digital risk control technology are strict and reasonable.

It is clear that the rectification and reform of online microfinance will be completed by the end of March next year.

Similar to the special rectification of Internet finance, it puts forward clear progress requirements for the rectification and reform of network microfinance, and classifies them according to compliance category, rectification category and ban category. For example, the survey will be completed by the end of January 2018, the classified disposal by the end of March 2018, and the summary report by the end of April 2018. According to the incomplete statistics of the online loan Research Center, a total of 213 online small loan licenses have been approved nationwide, and the regulatory and examination and approval authorities are relatively clear. It takes less than 4 months to complete the classification and rectification, which is relatively not too difficult.

Put forward detailed requirements for the sources of funds and partners, emphasizing the ownership of funds and the autonomy of lending.

This paper proposes to investigate whether the funds incorporated by the network small loan companies through shareholder borrowing are shareholders' own funds, and puts forward detailed requirements for financing through credit asset transfer, asset securitization and other ways. Whether to carry out loan business in cooperation with third-party institutions, whether to outsource core businesses such as credit review and risk control, whether to accept credit enhancement services provided by unsecured third-party institutions and disguised credit enhancement services such as underwriting promises, and whether third-party institutions charge interest fees from borrowers is intended to emphasize the autonomy of online small lending companies.

Internet loan House noted that this special crackdown mainly examines the legal compliance of micro-loan companies using the Internet to carry out micro-loan business, and crack down on non-online micro-loan business qualifications or even non-lending qualifications but operating online micro-loan institutions. Internet loan House noted that this rectification highlights the following 11 aspects:

1. Strictly manage the examination and approval authority.

The approved departments of small loan companies shall comply with the provisions of the relevant documents of the State Council. For the approved institutions that do not meet the relevant regulations, the business qualifications should be re-verified. The relevant institutions that have been approved by the cities separately listed on the plan shall be consulted and verified by the supervisory departments of the microfinance companies of the provincial government and the regulatory departments of the microfinance companies of the cities separately listed on the plan.

2. Re-examine the operation qualification of network micro-loan.

According to the characteristics of the network micro-loan business, according to the relevant documents of the State Council and the relevant local systems (if there is no relevant local regulatory system, it should be made up as soon as possible), mainly to examine whether the business qualification requirements of the initiating shareholders, borrowers' sources, Internet scenarios, endogenous data basis and digital risk control technology are strict and reasonable, and to check whether the approved institutions meet the relevant conditions.

3. Equity management.

Check whether the shareholders of micro-loan companies have good social reputation, integrity records, tax records and financial status, and whether they meet the provisions of laws and regulations and regulatory requirements. The use of penetrating regulatory means to check whether shareholders invest in shares with entrusted funds, debt funds and other non-self-owned funds, and whether they entrust others or accept entrustment to hold shares in micro-loan companies.

4. On-balance sheet financing.

Investigate whether microfinance companies are mainly engaged in lending with their own funds. Whether to raise funds illegally, absorb or absorb public deposits in a disguised form. Whether to integrate funds through online lending information intermediaries. Check whether the funds incorporated through shareholder borrowing are shareholders' own funds.

5. Asset securitization and other financing.

If financing is made by means of credit asset transfer, asset securitization, etc., check whether it conforms to the relevant provisions, whether the examination and approval (filing) procedures are complete, whether the company's credit assets are sold, transferred and transferred in a disguised form through the Internet, various local trading venues or offline negotiations, and whether the ultimate investor is a qualified investor, and whether the underlying assets used for trading are legal and compliant credit assets. Securitization products or other products shall not be sold directly or in disguise on the basis of "cash loans", "campus loans", "down payment loans" and other assets. The proportion of funds incorporated in the name of credit asset transfer and asset securitization shall be implemented in accordance with the relevant requirements of the Cash loan notice.

6. Comprehensive real interest rate.

The ratio of all borrowing costs charged to the borrower in the form of interest rates and various fees to the principal of the loan is calculated as a comprehensive effective interest rate and converted into an annualized form. To investigate whether the comprehensive real interest rate is in line with the provisions of the Supreme people's Court on the interest rate of private lending. Whether there are behaviors such as deducting interest, formality fee, management fee, security deposit or setting high overdue interest, with deposit, penalty interest, etc., from the principal of the loan. Whether the key information such as the real interest rate, loan amount, loan term, repayment method and overdue treatment are fully and fully disclosed to the borrower in advance and prompt the relevant risks.

7. Loan management and collection behavior.

Investigate whether to establish a relatively perfect network micro-loan risk control system, that is, fully consider the possible impact of factors such as lack of credit records, long loans, fraud and other factors on loan quality. the whole process risk control system from borrower identification to loan principal and interest recovery. Whether to fully evaluate and continuously pay attention to the borrower's credit status, solvency, loan purpose, etc., and prudently determine the comprehensive real interest rate, loan quota, loan term, loan use limit, repayment method, etc. Whether to induce borrowers to borrow more than they can afford and fall into the debt trap. Whether to collect loans by means of violence, intimidation, insult, slander and harassment by oneself or entrusting a third party.

8. the scope of the loan.

Check whether microfinance companies issue loans outside the business area or scope approved by their regulatory authorities. Whether to issue network micro-loans with no specific scene support and no designated purpose. Whether to take effective measures to prevent borrowers' behaviors such as "raising loans with loans" and "long loans". Whether to issue "campus loan" and "down payment loan". Whether to grant loans for speculative operations such as stocks and futures.

9. Business cooperation.

Check whether the micro-loan company cooperates with the Internet platform that has not completed the website filing procedures or obtained the corresponding telecommunications business license to issue network micro-loans. Whether to jointly fund and issue loans with institutions that do not have the qualification for lending business, and whether to provide funds for institutions that do not have the qualification for lending business. Whether those who cooperate with third-party institutions to carry out loan business outsource core business such as credit review and risk control, whether they accept credit enhancement services provided by unsecured third-party institutions and disguised credit enhancement services such as underwriting promises, and whether third-party institutions charge interest fees from borrowers.

10. Information security.

Check whether the micro-loan company has established a network information security management system, whether to properly keep customer data and transaction information, and to protect customer privacy. Whether to steal or abuse customer privacy information, illegally buy or sell or disclose customer information in the name of "big data".

11. Illegal operation.

Investigate whether there are unapproved or unqualified institutions operating online micro-loan business, or making payments in various other names but essentially operating online micro-loan business. Make full use of the reporting platform and other channels to find clues related to the illegal operation of online micro-loan business in a timely manner, and give full play to the role of social supervision.

In addition, according to the arrangement of the "renovation Plan", the Office of the leading Group for the Special rectification of P2P Network Lending risk is responsible for the overall deployment of the special rectification work of network microcredit risks and the coordination and handling of major issues, formulate a special implementation plan, organize and study the new problems encountered in the special rectification work, and go to various places to supervise the special rectification work in due course.

Under the unified leadership of the leading group for the implementation of the rectification plan in all provinces (autonomous regions, municipalities, and cities separately listed on the plan), and in accordance with the requirements of "who approves, supervises, and bears responsibility", the regulatory departments of microfinance companies in all provinces (autonomous regions, municipalities, and cities separately listed on the plan) are specifically responsible for this special rectification work, and carry out investigation, classified disposal and other work according to progress. Make a summary and report on the special rectification work on time, and put forward suggestions for the construction of a long-term mechanism.

According to the requirements of the renovation Plan, the special rectification of network small loans can be divided into the following three steps:

1. Find out the stage of investigation

Conduct a survey on the operation of network micro-loans in this area, and report the investigation to the office of the leading group for the special rectification of P2P network loan risks by the end of January 2018.

2. Classified disposal stage

Based on the results of investigation, on the basis of laws and regulations and relevant regulatory requirements, and according to the nature of violations of laws and regulations, the seriousness of circumstances, the degree of risk and the degree of social harm, all kinds of institutions are classified and disposed of. This work will be completed by the end of March 2018.

The specific classification and disposal methods are as follows:

Compliance institutions: for institutions that have obtained the operation qualification of network micro-loan, the operation qualification of network micro-loan shall be re-examined in accordance with the requirements of special rectification, the included compliance institutions that are confirmed to meet the qualification requirements and conduct business in accordance with the law will continue to carry out effective supervision and urge them to regulate their operation.

Rectification and reform institutions: first, for those who have obtained the operation qualification of network micro-loan and found that it does not meet the requirements of operation qualification after re-examination, the operation qualification of network micro-loan shall be revoked, it is strictly forbidden for such institutions to carry out loan business outside the administrative areas under the jurisdiction of their approved departments, and the rectification and reform plan shall be put forward by the machine, and the regulatory authorities shall supervise and implement it. Second, after re-examination, it is confirmed that it meets the qualification requirements for the operation of network small loans, but if it does not meet the special rectification requirements and relevant provisions in the aspects of equity management, integrated funds, comprehensive real interest rate, loan management, loan collection, loan scope, business cooperation, and information security, it shall be ordered to make rectification within a time limit. Those who pass the acceptance after rectification and reform shall continue to carry out effective supervision, urge them to standardize their operation, and take corresponding supervision measures according to the seriousness of the circumstances. Those who fail to pass the inspection and acceptance after rectification and reform shall be revoked and disposed of according to law, and those suspected of illegal fund-raising shall be investigated and dealt with in accordance with the working mechanism of illegal fund-raising.

Banned institutions: institutions that engage in network micro-loan business without approval or without loan qualification shall be severely cracked down and banned in accordance with the law, and they shall be ordered to stop running network micro-loan business, and those suspected of committing crimes shall be transferred to the relevant judicial organs.

Summary stage

In addition, the renovation Plan requires that, after special rectification, a summary of the regulation of the region (including long-term regulatory recommendations) should be submitted to the office of the leading Group for the Special rectification of P2P Network Lending risks, which will be completed by the end of April 2018.

The summary of the regulation submitted shall include:

The summary report of regulation compiled according to the compilation instructions, the long-term supervision recommendations, the summary table of special regulation in this region, and the operation table of network micro-loans of micro-loan companies filled out by compliance institutions and qualified institutions.

Finally, the improvement Plan also requires that long-term regulatory recommendations include, but are not limited to, the following:

For nationwide online microfinance institutions, cross-regional online and offline microfinance companies, and microfinance companies operating online loans within provincial administrative regions. Respectively put forward the definition, regulatory system, access conditions (registered capital, shareholder qualifications, etc.), financing ratio (on and off the balance sheet), risk control mechanism, information disclosure, consumer rights and interests protection measures and other regulatory suggestions. In accordance with the requirements of the Cash loan notice, microfinance companies that have approved the establishment and suspension of business approval shall put forward suggestions for evaluation and disposal one by one.

The full text of the "implementation Plan for Special rectification of Network Micro-loan Business risks of Micro-loan companies" is attached:

Source: online loan home