Foreign Experience in the Development of Innovative Lending P2p
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Regulating On-Line Peer-To-Peer Lending in the Aftermath of Dodd-Frank: in Search of an Evolving Regulatory Regime for an Evolving Industry
DISCUSSION DRAFT Chaffee & Rapp Washington and Lee Law Review REGULATING ON-LINE PEER-TO-PEER LENDING IN THE AFTERMATH OF DODD-FRANK: IN SEARCH OF AN EVOLVING REGULATORY REGIME FOR AN EVOLVING INDUSTRY Eric C. Chaffee* Geoffrey C. Rapp** I. INTRODUCTION Like Congress’s prior attempt to legislate a post-bubble repair and prevention strategy for the American economy, the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley),1 the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has received a somewhat chilly response from legal academics.2 As was the case with Sarbanes-Oxley,3 however, even amid all of the proposals included for the sake of “doing something” rather than for a strong policy justification, a few nuggets of genuine value can be found. One of those, in the case of Dodd-Frank, is the opening effort to address the regulatory gap surrounding on-line peer-to- * Associate Professor of Law and Chair of the Project for Law and Business Ethics, University of Dayton School of Law; J.D., University of Pennsylvania (2002); B.A., The Ohio State University (1999). I would like to thank Christine Gall, Esq. for support and encouragement while drafting this essay. ** Harold A. Anderson Professor of Law and Values, University of Toledo College of Law; J.D. Yale Law School (2001), A.B. Harvard College (1998). Eric Johnson (Toledo ’12) provided excellent research in support of portions of this article. 1 Sarbanes-Oxley Act, Pub. L. No. 107-204, 116 Stat. 745 (2002) (codified at 15 U.S.C. -
East Africa Crowdfunding Landscape Study
REPORT | OCTOBER 2016 East Africa Crowdfunding Landscape Study REDUCING POVERTY THROUGH FINANCIAL SECTOR DEVELOPMENT Seven Things We Learned 1 2 3 4 East African East Africa’s Crowdfunding There’s appetite to crowdfunding platforms report risks and the do business and to markets are on promising regulatory learn more from the move. progress. environment. across East Africa. Crowdfunding platforms Since 2012 M-Changa In Kenya, for example, Over 65 participants at- (donation, rewards, debt has raised $900,000 Section 12A of the Capi- tended the Indaba & and equity) raised $37.2 through 46,000 tal Markets Act provides a Marketplace from all cor- million in 2015 in Kenya, donations to 6,129 safe space for innovations ners of the East African Rwanda, Tanzania and fundraisers. Pesa Zetu to grow before being sub- market. Uganda. By the end of Q1 and LelaFund are also ject to the full regulatory 2016, this figure reached opening access to their regime. $17.8 million – a 170% deals on the platform. year-on-year increase. 5 6 7 East Africa’s MSMEs ex- There are both commercial Global crowdfunding press a demand for alterna- and development oppor- markets are growing tive finance, but they’re not tunities for crowdfunding fast but also evolving. always investment-ready or platforms in East Africa. Finance raised by crowdfunding able to locate financiers. Crowdfunding platforms have the platforms worldwide increased from 45% of Kenyan start-ups sampled re- potential to mobilise and allocate $2.7 billion in 2012 to an estimated quire between $10,000 and $50,000 capital more cheaply and quickly $34 billion in 2015. -
Neobank Varo on Serving Customers' Needs As P2P Payments See A
AUGUST 2021 Neobank Varo on serving customers’ needs as P2P payments see Nigerian consumers traded $38 million worth of bitcoin on P2P platforms within the past month a rapid rise in usage — Page 12 (News and Trends) — Page 8 (Feature Story) How P2P payments are growing more popular for a range of use cases, and why interoperability will be needed to keep growth robust — Page 16 (Deep Dive) © 2021 PYMNTS.com All Rights Reserved 1 DisbursementsTracker® Table Of Contents WHATʼS INSIDE A look at recent disbursements developments, including why P2P payments are becoming more valuable 03 to consumers and businesses alike and how these solutions are poised to grow even more popular in the years ahead FEATURE STORY An interview with with Wesley Wright, chief commercial and product officer at neobank Varo, on the rapid 08 rise of P2P payments adoption among consumers of all ages and how leveraging internal P2P platforms and partnerships with third-party providers can help FIs cater to customer demand NEWS AND TRENDS The latest headlines from the disbursements space, including recent survey results showing that almost 12 80 percent of U.S. consumers used P2P payments last year and how the U.K. government can take a page from the U.S. in using instant payments to help SMBs stay afloat DEEP DIVE An in-depth look at how P2P payments are meeting the needs of a growing number of consumers, how 16 this shift has prompted consumers to expand how they leverage them and why network interoperability is key to helping the space grow in the future PROVIDER DIRECTORY 21 A look at top disbursement companies ABOUT 116 Information on PYMNTS.com and Ingo Money ACKNOWLEDGMENT The Disbursements Tracker® was produced in collaboration with Ingo Money, and PYMNTS is grateful for the companyʼs support and insight. -
Dn-153040 Filed Pursuant to Rule 424(B)(3
Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-147019 $500,000,000 Borrower Payment Dependent Notes This is a public offering to lender members of Prosper Marketplace, Inc., or Prosper, of up to $500,000,000 in principal amount of Borrower Payment Dependent Notes, or “Notes.” We will issue the Notes in a series, with each series of Notes dependent for payment on payments we receive on a specific borrower loan described in a listing posted on our peer-to-peer online credit auction platform, which we refer to as our “platform.” All listings on our platform are posted by individual consumer borrower members of Prosper requesting individual consumer loans, which we refer to as “borrower loans.” Important terms of the Notes include the following, each of which is described in detail in this prospectus: Our obligation to make payments on a Note will be limited to an amount equal to the lender member’s pro rata share of amounts we receive with respect to the corresponding borrower loan for that Note, net of any servicing fees. We do not guarantee payment of the Notes or the corresponding borrower loans. The Notes are special, limited obligations of Prosper only and are not obligations of the borrowers under the corresponding borrower loans. The Notes will bear interest from the date of issuance, have a fixed rate, be payable monthly and have an initial maturity of three years from issuance, which we may change from time to time. A lender member’s recourse will be extremely limited in the event that borrower information is inaccurate for any reason. -
The Virgin UK Index Tracking Trust
The Virgin UK Index Tracking Trust Final Report and Financial Statements For the year ended 15 March 2021 2 The Virgin UK Index Tracking Trust Contents Manager's report 3 Management and professional services 3 Manager's investment report 4 Comparative tables 11 Portfolio statement 12 Top purchases and sales of investments 30 Securities Financing Transactions (SFTs) 32 Statement of total return 36 Statement of change in net assets attributable to unitholders 37 Balance sheet 38 Notes to the financial statements 39 Distribution tables 53 Statement of the Manager’s responsibilities 54 Independent auditor’s report to the unitholders of the Virgin UK Index Tracking Trust 55 Manager’s remuneration 58 Statement of the Trustee’s responsibilities in respect of the Scheme and Report of the Trustee to the Unitholders of the Virgin UK Index Tracking Trust 59 The Virgin UK Index Tracking Trust 3 Management and professional services For the year ended 15 March 2021 Manager (the ‘Manager’) Virgin Money Unit Trust Managers Limited Jubilee House Directors: S. Bruce (appointed 29 September 2020) Gosforth J. Byrne (appointed 24 May 2021) Newcastle upon Tyne H. Chater NE3 4PL S. Fennessy (resigned 29 September 2020) F. Murphy (appointed 19 October 2020) M. Phibbs J. Scott (resigned 4 December 2020) I. Smith (resigned 19 October 2020) D. Taylor (appointed 29 September 2020) N. L. Tu (resigned 24 May 2021) S. Wemyss (appointed 8 December 2020) Telephone 03456 10 20 30* Authorised and regulated by the Financial Conduct Authority. Investment adviser Aberdeen Asset Managers Limited 10 Queen’s Terrace Aberdeen Aberdeenshire AB10 1XL Authorised and regulated by the Financial Conduct Authority. -
Marketplace Lending: Opportunities and Challenges for Private Investment Funds Disclaimer
Marketplace Lending: Opportunities and Challenges for Private Investment Funds Disclaimer This information and any presentation accompanying it (the “Content”) has been prepared by Schulte Roth & Zabel LLP (“SRZ”) for general informational purposes only. It is not intended as and should not be regarded or relied upon as legal advice or opinion, or as a substitute for the advice of counsel. You should not rely on, take any action or fail to take any action based upon the Content. As between SRZ and you, SRZ at all times owns and retains all right, title and interest in and to the Content. You may only use and copy the Content, or portions of the Content, for your personal, non-commercial use, provided that you place all copyright and any other notices applicable to such Content in a form and place that you believe complies with the requirements of the United States’ Copyright and all other applicable law. Except as granted in the foregoing limited license with respect to the Content, you may not otherwise use, make available or disclose the Content, or portions of the Content, or mention SRZ in connection with the Content, or portions of the Content, in any review, report, public announcement, transmission, presentation, distribution, republication or other similar communication, whether in whole or in part, without the express prior written consent of SRZ in each instance. This information or your use or reliance upon the Content does not establish a lawyer-client relationship between you and SRZ. If you would like more information or specific advice of matters of interest to you please contact us directly. -
Peer-To-Peer Lending Corporate Excellence Insights
August 2018 CORPORATE EXCELLENCE INSIGHTS We are a specialized provider of systematic Quality Investment Solutions and one of the few providers of Quality equity investment strategies worldwide. Corporate Excellence Insight is our monthly publication that includes a brief update on markets and our thoughts about major trends that are impacting the investment management industry. MARKET UPDATE: STRONG CORPORATE GROWTH Strong global economic and corporate profit growth outweighed the escalating trade tensions in July. Economic data surprised on the upside in the US, picked up in Japan while stabilized in Europe. Strong Q2 corporate results reaffirmed the estimates for double digit profit growth in 2018. $3.5bn 48.5 x11 U.S. WEEKLY JOBLESS CLAIMS HIT FIAT’S VALUE WAS MULTIPLIED WORLD'S FIRST BIG 5G DEAL MORE THAN 48-AND-A-HALF-YEAR LOW 11 TIMES THROUGH 14 YEARS T-Mobile US named Nokia to supply it The number of Americans filing for Sergio Marchionne, the executive who with next-generation 5G network gear, unemployment benefits dropped to a more rescued Fiat and Chrysler from bankruptcy marking the world’s largest 5G deal so far than 48-1/2-year low in July as the labor after taking the wheel of the Italian and concrete evidence of a new wireless market strengthens further, however trade carmaker in 2004 and multiplied Fiat’s upgrade cycle taking root. tensions are casting a shadow over the value 11 times through 14 years, has died economy’s outlook. aged 66. MONTHLY TOPIC PEER-TO-PEER LENDING Central banks in Europe and the United States got into the rate increasing stance, but the levels are still low and the pace of rate increase is very moderate. -
Crowdlending in Asia: Landscape and Investor Characteristics
Crowdlending in Asia: Landscape and Investor Characteristics November 2020 2 Table of Contents Overview 3 Methodology Overview 4 Methodology Statement 4 Crowdlending in Asia 5 Text Analytics and Insights 7 Crowdlending Investor Characteristics 15 Survey Analysis and Insights 16 Crowdlending in Asia: Landscape and Investor Characteristics | Findings and Insights | Findings and insights 3 Overview Multiple issues arise with the emergence of crowdlending; these pertain to regulation, risk management and investors’ behaviour. Compared to the non-investment crowdfunding model, crowdlending is the dominant model in the world. As of 2019, crowdlending accounted for more than 95% of the funds raised worldwide, with Asian countries – particularly China – in the lead. In early 2020, China had the largest volume of money-raising transactions from crowdfunding totalling more than 200 billion USD. However, given the industry’s potential growth in Asian countries, multiple issues with crowdfunding practices need to be resolved. Media coverage on crowdlending is increasingly widespread, as seen from how it has become a buzzword within the last few years. Media attention on crowdlending can help us understand media awareness, media framing, and public understanding of the topic. Further, there is a lack of information on distinct characteristics and decision making of crowdfunding investors in the field of investor behaviour. We analysed the news coverage on crowdlending in Asia spanning a ten-year period from 2009 to 2019. We also surveyed crowdlending investors to understand their behaviours when interacting with crowdlending platforms. Our analyses provide insights into the challenges and opportunities of the crowdlending industry in Asia. They also reveal crowdlending investors’ behaviour. -
Investigating the Application of Banking Regulation to Online Peer-To-Peer Lending Platforms in South Africa to Counter Systemic Risk
Investigating the application of banking regulation to online peer-to-peer lending platforms in South Africa to counter systemic risk Tamarin Angela Floyd Student number 16391871 A research project submitted to the Gordon Institute of Business Science, University of Pretoria, in partial fulfilment of the requirements for the degree of Master of Business Administration. 6 November 2017 i © University of Pretoria ABSTRACT The behaviour and activities of online peer-to-peer lending platforms have evolved in different ways across jurisdictions, not fitting neatly within existing financial regulatory frameworks. Together with the growth momentum of the industry and the cases where losses were suffered, this culminated in a call to regulate peer-to-peer lending platforms adequately. The research presents an analysis of online peer-to-peer lending platforms through the lens of banking theory, questioning whether peer-to-peer platforms are behaving like banks and whether they pose systemic risk. These research questions feed into the ultimate research problem: whether online peer-to-peer lending platforms should be regulated like banks with respect to liquidity and capital requirements. Liquidity and capital requirements were designed to stem systemic risk in financial systems and have been praised as effective tools. Qualitative exploratory research was undertaken with 18 experts in the field. Key findings included that the presence of systemic risk is contingent on the operating structure and legal implications of the peer-to-peer platform. In certain cases, systemic risk could be present and as such liquidity and capital requirements should apply. The scope of the research was restricted to the South African financial system due to the unique nuances of its regulatory framework. -
An Experiment on Preferences and Microfinance Lending
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Chen, Josie I.; Foster, Andrew D.; Putterman, Louis G. Working Paper Identity, trust and altruism: An experiment on preferences and microfinance lending Working Paper, No. 2017-3 Provided in Cooperation with: Department of Economics, Brown University Suggested Citation: Chen, Josie I.; Foster, Andrew D.; Putterman, Louis G. (2017) : Identity, trust and altruism: An experiment on preferences and microfinance lending, Working Paper, No. 2017-3, Brown University, Department of Economics, Providence, RI This Version is available at: http://hdl.handle.net/10419/202592 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Identity, Trust and Altruism: An Experiment on Preferences and Microfinance Lending Josie I Chen1, Andrew Foster2, and Louis Putterman3# 1 Department of Economics, National Taipei University, No.151, Daxue Rd., Sanxia Dist., New Taipei City 23741, Taiwan (R.O.C.). -
Pushing Boundaries: the 2015 UK Alternative Finance Industry Report
PUSHING BOUNDARIES THE 2015 UK ALTERNATIVE FINANCE INDUSTRY REPORT February 2016 Bryan Zhang, Peter Baeck, Tania Ziegler, Jonathan Bone and Kieran Garvey In partnership with with the support of CONTENTS Forewords 04 Introduction 10 About this study 12 The Size and Growth of the UK Online Alternative 13 Finance Market Market Size and Growth by Alternative Financing 14 Models Increasing Share of the Market for Business Funding 19 Market Trends in Alternative Finance 22 Expanding Base of Funders and Fundraisers 23 Market Entrants and Partnership strategies 25 Seeking Growth Through Awareness, Increased 26 Marketing and Forging Partnerships 27 Institutionalisation of the Market Cross-Border Transactions and Internationalisation 30 The Geography and Industries & Sectors of 31 Alternative Finance Industry Perspectives on Regulation, Tax Incentives 33 and Risks Size and Growth of the Different Online 38 Alternative Finance Models Peer-to-Peer Business Lending 39 Peer-to-Peer Business Lending (Real Estate) 40 Peer-to-Peer Consumer Lending 41 Invoice Trading 42 Equity-based Crowdfunding 43 Equity-based Crowdfunding (Real Estate) 44 Reward-based Crowdfunding 45 Community Shares 46 Donation-based Crowdfunding 46 Pension-led Funding 47 Debt-based Securities 47 Conclusion 48 Acknowledgements 50 Endnotes 51 3 ABOUT THE AUTHORS BRYAN ZHANG Bryan Zhang is a Director of the Cambridge Centre for Alternative Finance and a Research Fellow at the Cambridge Judge Business School. He has co-authored !ve industry reports on alternative !nance. PETER BAECK Peter Baeck is a researcher at Nesta, where he focuses on crowdfunding, peer-to-peer lending and the role of digital technologies in public and social innovation. -
“P2P Lending As an Alternative to Bank Lending in Ukraine”
“P2P lending as an alternative to bank lending in Ukraine” AUTHORS Alexander Lavryk Alexander Lavryk (2016). P2P lending as an alternative to bank lending in ARTICLE INFO Ukraine . Banks and Bank Systems, 11(4), 20-30. doi:10.21511/bbs.11(4).2016.02 DOI http://dx.doi.org/10.21511/bbs.11(4).2016.02 RELEASED ON Friday, 09 December 2016 JOURNAL "Banks and Bank Systems" FOUNDER LLC “Consulting Publishing Company “Business Perspectives” NUMBER OF REFERENCES NUMBER OF FIGURES NUMBER OF TABLES 0 0 0 © The author(s) 2021. This publication is an open access article. businessperspectives.org Banks and Bank Systems, Volume 11, Issue 4, 2016 Alexander Lavryk (Ukraine) P2P lending as an alternative to bank lending in Ukraine Abstract The goal of the article is to consider peer-to-peer lending and its interaction with bank lending that creates an aggregate hybrid lending. The article’s objective is the research of development of P2P lending on the financial market and beyond, which is particularly relevant today. This goal is achieved by using the methods of evaluation and comparative analysis of different principles, which makes it possible to structure the general scientific understanding of P2P lending with the help of statistical methods. The study of the dynamics and structure of peer-to-peer lending in various coun- tries for the period 2005-2016 led to the conclusion that in Ukraine, there is a decline in the share of bank lending in favor of peer-to-peer lending in the total amount of loans with an increasing role of non-bank and hybrid forms of len- ding in ensuring economic growth.