基于P2P金融模式变异法律性质之论证构建其监管模式

Based on the Legal Nature of the Variation of Business Model to Set Up the P2P Financial Supervision Mode

对任何金融中介进行适当金融监管的先决条件是识别和确认金融模式的性质和特征。在英国设计的P2P金融典型商业模式经过若干年发展之后,交易模式发生了变异,主要表现为债权转让模式和拆标模式。分析这两种变异模式的交易规则和交易类型,实质是P2P平台对借贷双方的交易进行了转让与重组,本质是个人债务的证券化。美国证券交易委员会适用Howey检验因素推定P2P金融法律性质为"非上市证券",从而将其纳入传统证券监管体系。英国金融行为监管局将P2P金融法律属性定性为"非上市债券",从而将其与股权众筹统一融入不易变现证券监管体系。在变异后的P2P金融法律关系中,平台、借款人与出借人三方构成非上市债券发行关系,P2P金融法律性质为"非上市债券",应以此为基础构建P2P金融监管模式。

A condition precedent to appropriate regulation of any financial intermediation is to identify and recognize the distinctive features of relevant intermediaries. After several years,the model of P2 P finance,designed in the UK,becomes the mode of creditor＇s rights transfer and the mode of split up loan. Analyzing the trading rules and transactions of these two variants,the essence of these two modes is the securitization of personal debt. The US SEC applies the Howey test factor to the presumption that the nature of P2 P lending is＂unlisted securities＂,and incorporated into the traditional securities regulatory system. The P2 P lending is characterized as ＂unlisted debt securities＂by British FCA,and is integrated with crowdfunding based on investment into the non-readily realizable securities regulatory system. Platform,the borrower and the lending people composite unlisted bond issue relationship after the mutation,so the legal nature of P2 P finance is ＂unlisted bond＂. The construction of P2 P financial supervision mode should be set up on the basis of that nature.