Chinese regulators released a draft of new rules for Chinese p2p lending platforms today. According to several reports, the China Banking Regulatory Commission (CBRC) is seeking public comment on the new rules through January 27th. The Chinese market has been largely unregulated up until this point and platforms failing have been in the spotlight in recent weeks. Part of this is attributable to how many p2p companies exist in the industry in China, which is estimated to be several thousand.
Below is a summary of some of the major items included in the proposed rules. [Read more…]