003010 requires P2P online lending platforms to complete compliance inspections before the end of December.

Now there is only more than a month left for the platform, and the progress of compliance inspections in various regions has obviously widened.

At present, institutional self-examination has basically ended, Beijing, Zhejiang, and Shanghai have entered the administrative verification stage, and 12 provinces and cities including Guangdong and Shandong are also intensively carrying out self-discipline inspections.

In general, the highlight of this compliance inspection is mainly reflected in the flexible management of platforms with strong compliance intentions.

The main problem is that the market does not have a clear understanding of different exit forms, problematic platforms submit compliance inspections, and excessive publicity.

1. Progress of compliance inspections in various regions 1. Three provinces and cities have been included in administrative inspections.

As of November 20, administrative verification has been launched in three regions: Beijing, Zhejiang, and Shanghai.

2. The platform moves away.

According to incomplete statistics from the Wangdaizhijia Research Center, as of now, 11 provinces and cities across the country have issued exit guidelines.

In general, exit guidelines in various places are characterized by intensive promulgation, association leadership, and broad application.

(1) Intensive introduction: concentrated in the second half of the year.

In June 2018, there was an intensive outbreak of problematic P2P online lending platforms. In July, it reached the peak number of Xunlei problematic platforms in a single month in the past four years, highlighting industry risks.

In order to guide and regulate the healthy exit of P2P online lending platforms and protect the legitimate rights and interests of lenders, borrowers, P2P online lending platforms and other online lending business participants, Jiangxi, Guangdong, Dalian, Putian, Shanghai, Anhui, Guangzhou, Zhejiang, and Beijing

11 provinces and cities including Shenzhen, Jinan and Shenzhen have issued platform exit guidelines.

Among them, Jinan issued exit guidelines in November 2017, and other provinces and cities issued exit guidelines after July 2018.

(2) Association-led: self-discipline and normative orientation.

The issuing organizations for the exit guidelines for P2P online lending platforms are mainly local Internet associations or related institutions, which play a normative and self-regulatory role in regulating the exit of association member institutions.

Please refer to the guidelines for withdrawal of non-member institutions.

Although the association can also report platforms with abnormal procedures and bad influence to the regulatory authorities, the nature of the association as a self-regulatory organization determines that its binding force on the platform is limited.

For example, the Guangdong Mutual Finance Association allows the platform to also refer to the exit guidelines of the municipal mutual finance association where it is registered; in addition, if the national and provincial financial regulatory authorities or the China Mutual Finance Association issue relevant guidelines, they should refer to their guidelines.

However, there is currently no relevant exit guideline issued by this level of supervision or association. Among the 11 provinces and cities, only the exit guideline issuing agency of Hanjiang District, Putian City is the District Mutual Finance Rectification Office.

(3) Widely used: covering active and passive export platforms.

Generally speaking, the exit guidelines apply to platforms that actively exit and passively exit the P2P online lending industry.

Among them, voluntary exit from the P2P online lending industry mainly refers to benign exit from the platform, such as legal bankruptcy, legal liquidation, transformation, etc.

Passive withdrawals from the online lending industry include platforms that were forced to terminate their online lending business due to the outbreak of risk events, as well as platforms that were ordered to exit by regulatory authorities.

In October 2018, Hangzhou officially implemented the exit guidelines.

Currently, four platforms have issued exit announcements in response to regulatory requirements.

two.

Key points of compliance inspection 1. Time flexibility Time flexibility indicates the tolerance of compliance inspection to the platform submission time limit.

For example, Beijing and Guangdong have a “principle” time and a “latest” time for submitting self-inspection reports, which gives self-inspection platforms more time to prepare for compliance inspections.

In addition, Guiyang maintains time flexibility in actual inspection work.

The "Notice on Carrying out Compliance Inspections of P2P Online Lending Institutions" issued by the Guizhou Internet Finance Association on September 19 requires that the deadline for collecting self-inspection reports for self-regulatory inspections shall be in accordance with the "Notice on Carrying out Self-regulatory Inspections of P2P Online Lending Institutions in Guizhou Province"

According to the requirements of the "Notice", self-regulatory inspections of P2P online lending platforms are conducted by the local mutual financial associations to which they belong.

Among them, the China Mutual Finance Association implements comprehensive self-regulatory inspections on online lending members, and the Anhui Mutual Finance Association allows non-member platforms to apply to join the association.

Moreover, the Anhui Mutual Finance Association requires the platform to submit membership application materials, and can also submit self-examination reports and other materials.

The new membership method not only provides non-member platforms with the opportunity to participate in compliance inspections, but also synchronizes with other members during the inspection process, which shows that the association is very inclusive in terms of compliance inspection access to P2P online lending platforms.

3. Establish a communication mechanism.

4. Adjustment of access qualifications On August 24, the Beijing Mutual Finance Rectification Office issued the "Notice on Carrying out Compliance Inspections of P2P Online Lending Institutions", requiring platform conditions to be "established and engaged in peer-to-peer lending before August 24, 2016"

Institutions that are engaged in lending business and are still operating normally have received the "Notice on Starting the Self-examination of P2P Online Lending Institutions Registered in Beijing" issued by the Beijing Mutual Finance Rectification Office.

On September 20, the Beijing Mutual Finance Association issued the "Notice on Rectification of Factual Determination of Online Lending Information Intermediaries" requiring that platforms that have not received the rectification notice can also apply for self-regulatory inspection.

Only platforms that have received rectification notices can upload self-inspection reports and other materials through Financial Management Connect. Platforms that have not received rectification notices need to fill in a compliance inspection application form before they can apply for compliance inspections.

5. Clear identification criteria.