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Measures for the Administration of Online Lending Information Agencies Formally Issued
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Chinese
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Category：Legislative Updates
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Keywords：online lending; agencies; third party
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Source：Pkulaw
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Publish Date：09-22-2016
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The China Banking Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the Cyberspace Administration of China issued the Interim Measures for the Administration of the Activities of Online Lending Information Agencies. The Measures comprehensively provide for the legal status, supervision system, business rules, risk control, and information disclosure, among others, of online lending agencies.
According to the Measures, a client's funds will be under the custody of a third-party banking financial institution; the balance of borrowing by one individual via the same online lending platform may not exceed CNY 200,000, while the maximum balance of borrowing by one legal person or other organization via the same online lending platform is CNY 1 million.
The Measures require registration of lenders and borrowers using their legal names, and allow a transitional period of 12 months.
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