全国人大财经委员会副主任委员吴晓灵的一次讲话，把P2P公司(Peer to Peer，即“人人贷”公司，指收集借款人、出借人信息，评估借款人的信用情况，然后对其进行配对，并收取中介服务费的信贷服务中介公司)宜信首创的线下债权转让模式推到了聚光灯下。

The National People's Congress deputy director of the finance committee members of a speech WuXiaoLing,The P2P company(Peer to Peer,namely"All credit"The company,Refers to collect the borrower/Lender information,Evaluate the credit status of the borrower,Then the pairing,And for the collection of the credit intermediary service agency)Appropriate letter pioneering offline creditor's rights transfer mode push into the spotlight.

　　“一些公司采用自然人给人贷款，并再将贷款(形成的债权)卖给自然人以吸收资金，承诺在一定期限内还本付息，这种模式，恰恰是最高法院对于非法集资的定义。”近日，吴晓灵表示。

"Some companies use natural person to loans,And then loan(Formation of creditor's rights)Sold to the natural person to absorb funds,Commitment in a certain period of repayment of capital and interest,This model,Is the Supreme Court for the definition of the illegal funds."recently,WuXiaoLing said.

　　这让很多关注P2P行业的人，联想到“宜信”首创的线下债权转让模式：将某一自然人作为第一出借人，由有闲置资金的第一出借人先放款给需要借款的用户，然后再把获得的债权打包成类固定收益的产品，并将其销售给投资理财客户。

It makes a lot of attention P2P industry,Association to"Appropriate letter"Pioneering offline creditor's rights transfer mode:Will be a natural person as the first lender,By a idle fund first lender to loan to the user needs to borrow,Then reinvest the creditor's rights are packed into class fixed income products,And its sales to investment banking customers.

　　而宜信最近退出了温州民间借贷登记中心，一些人也猜测，是因为宜信的线下债权转让模式触及“非法集资”红线。

And the appropriate letter recently retired from wenzhou folk lending registration center,Some people also guess,Because the appropriate letter of offline creditor's rights transfer mode touch"Illegal financing"Red line.

　　长期关注P2P行业的网贷之家创始人徐红伟告诉法治周末记者，P2P行业最初是网络贷款平台，借款人和投资人在互联网上达成交易，宜信创造了线下债权转让模式后，这一模式被很多公司效仿。目前，主要从事线下债权转让业务的公司多达五六百家，其数量几乎超过了主要从事线上网络贷款的平台数量。

Long-term focus on P2P industry and home of the loan, the founder of the rule of law XuGongWei told reporters at the weekend,P2P is a network industry first loan platform,Lenders and investors on the Internet a deal,Appropriate letter created offline creditor's rights transfer mode,The model by many companies to follow.At present,Mainly engaged in offline creditor's rights transfer business company of as many as five or six,The number is almost more than the main engaged in online network platform of loan amount.

　　那么，这种被追捧的经营模式，是否涉嫌非法集资？

so,This is the management mode of the chase after hold in both hands,Is suspected of illegal financing?

　　创新模式 Innovation mode

　　你缺钱，又不能从银行贷款，而他恰好有钱可出借，但你和他并不知道对方的资金情况。在这种信息不对称的情况下，P2P的最初形式——网络借贷平台应运而生。

You lack of money,And not from bank loans,And he just money to lend,But you and he did not know each other's capital.In this kind of information asymmetry of the case,The earliest form of P2P network, lending platform arises at the historic moment.

　　2006年至2007年，以“拍拍贷”、宜信为代表的首批网络借贷平台在中国出现。这些网络借贷平台主要的作用是信息枢纽，即需要资金者在平台上发布资金需求信息，列明借款原因、借款金额、预期年利率、借款期限，并且需要提供自己有足够还款能力的各种证据，这批人称为借款人，而资金富裕者在平台上发布资金可借出的信息，这批人被称为投资人。投资人和借款人在平台上沟通并达成交易。

From 2006 to 2007,to"Clap your credit"/Appropriate letter as a representative of the first network lending platform in China emerge.These networks lending platform main role is the information hub,That is to say, the money in the fund demand information release platform,Listed borrowing reason/Borrowing amount/Expected annual interest rate/Loan time limit,And the need to provide you have enough reimbursement ability of evidence,This group of people called the borrower,And money in rich person platform release funds loanable information,This group of people called investors.Investors and borrowers in the communication platform and a deal.

　　这种模式被业界称为“线上模式”。“拍拍贷”创始人顾少丰告诉法治周末记者，在这种模式下，P2P公司主要靠向借款人收取佣金盈利。与此同时，P2P公司则要负责研发风险控制系统，避免借款人提供虚假信息进行诈骗等。

This model is now called"Online mode"."Clap your credit"The founder of the rule of law GuShaoFeng told reporters at the weekend,In this mode,P2P company mainly by the borrower to commission earnings.meanwhile,P2P firms will be responsible for research and development risk control system,Avoid the borrower to provide false information, such as fraud.

　　但同时，利用线上模式借款人和投资人并不总能在相同的时间遇到彼此，比如有人急需借钱，但这时平台上却找不到合适的投资人。

But at the same time,Use the online mode and investors do not always at the same time meet each other,Such as someone need to borrow money,But the platform but couldn't find the right investors.

　　“宜信从实践出发，提出了债权转让模式，通过第一出借人的引入，快速满足借款人资金需求。”宜信公司相关负责人向法治周末记者表示。

"From the basis of the practice of appropriate,Puts forward the creditor's rights transfer mode,Through the introduction of the first lender,Fast to meet the fund demand."Appropriate letter to the relevant person in charge of the company law weekend reporters.

　　该负责人介绍，债权转让过程中，第一出借人将其持有的债权按其原有价值转让给债权受让方，在债权转让过程中并不获取任何利差收益。而公司如今的盈利来源主要是向借款人收取的佣金和向投资人收取的资金账户管理费，线下模式之所以要向投资人收取服务费用，是因为公司实际上是在帮助投资人理财。

The chief introduction,Creditor's rights transfer process,The first lender by the creditor's rights according to the original value transfer to the assignee creditor's rights,In the creditor's rights transfer process does not get any interest margin revenue.And the company now profit is the main source to the borrower charge commission to investors and the capital account management fees,The offline mode to investors charge service fees,Because the company is actually help investors in financial management.

　　“线下债权转让模式只是宜信公司的业务模式之一，我们也有线上模式的业务，但由于线下债权转让模式更加快捷，所以借款人选择该模式的较多，这种模式也由于其便捷性，而很快被业界效仿，从事类似的线下债权转让业务的公司纷纷涌现。”宜信公司相关负责人透露。

"Offline creditor's rights transfer mode is appropriate letter company one of the business model,We also cable on the business model,But as a result of offline creditor's rights transfer mode is more efficient,So the borrower choose the model more,This model also because of its convenience,And was soon to follow the industry,Engaged in similar offline creditor's rights transfer business companies have emerged."Appropriate letter company the relevant person in charge said.

　　法律底限 Legal bottom line

　　从某种程度上来说，P2P行业和线下债权转让模式是成长中的行业和经营模式。而吴晓灵近日的一番讲话，几乎给线下债权转让模式下的P2P公司扣上了非法集资的帽子。

To some extent,P2P industry and offline creditor's rights transfer mode is a growing industry and business model.And WuXiaoLing a recent speech,Almost to offline creditor's rights transfer mode of P2P company button on the illegal financing hat.

　　中国政法大学财税金融法研究所所长刘少军告诉法治周末记者，判断线下债权转让模式是否是非法集资的一个重要标准是：第一出借人借给借款人的钱，是其自有资金，还是集资而来的资金；如果是自有资金，问题就不大；如果是集资来的资金，则就涉嫌非法集资。

China university of political science &law fiscal finance law institute director LiuShaoJun told reporters at the weekend the rule of law,Judge offline creditor's rights transfer mode is illegal financing is an important standard is:The first lender to lend the money,Is its own funds,Or financing of capital;If it is their own funds,Problem is not;If capital is the money,It is suspected of illegal financing.

　　就此问题，宜信公司相关负责人在接受法治周末记者采访时表示，第一出借人借给借款人的钱是其自有资金，整个线下债权转让模式的流程是，先由借款人向第一出借人借款，形成债权后，第一出借人再将债权按其价值转让，并非是公司先吸纳资金再进行放贷。

question,The relevant person in charge of the company should believe in the acceptance of the rule of law weekend reporter to interview said,The lender to the borrower money is its own funds,The whole line creditor's rights transfer mode is the flow,First by the borrower to the lender borrowing,Formed after the creditor's rights,The first lender to the creditor's rights according to the value transfer,The first is not absorbing funds to lend again.

　　“所以宜信在服务过程中没有吸纳出借人资金的行为，在服务过程中也只向客户收取合理的服务费用，没有从中获取任何利差，而且在债权转让过程中并不承诺保本保息。”宜信公司认为自身一直在法律法规允许的框架范围内开展服务，线下债权转让模式并不涉嫌非法集资。

"So the appropriate letter in the service process not absorb lender capital behavior,In the service process to the client only charge a reasonable service charges,Didn't get any interest margin,And the creditor's rights transfer process is not committed to break-even guaranteed."Appropriate believe that their company has been in the laws and regulations permit within the scope of the framework of in service,Offline creditor's rights transfer mode is not suspected of illegal financing.

　　刘少军认为，如果如宜信公司所说严格地按照前述程序经营线下债权转让模式，是合法的，因为个人之间是允许放贷的，而且合同法也允许债权进行转让。

LiuShaoJun think,If such as appropriate letter said the company strictly according to the program management offline creditor's rights transfer mode,Is legal,Because each person is to allow the lending,And contract law also allows creditor's rights transfer.

　　不过宜信公司相关负责人认为，吴晓灵的表态，从某种意义上也是在给这个行业进行风险提示，避免线下债权转让模式在被效仿过程中走样。

But should believe that the relevant person in charge of the company,WuXiaoLing statement,In a sense is in to the industry risk tip,Avoid offline creditor's rights transfer mode in the modeled process out of shape.

　　道德风险 Moral risk

　　问及其他公司在经营债权转让模式时是否已经有所走样，才引发吴晓灵的此番评论，宜信公司相关负责人表示对此不便评论。

Asked about other companies in the business creditor's rights transfer mode whether have been out of shape,To cause WuXiaoLing this comment,Appropriate letter company officials say the inconvenience comments.

　　网贷之家创始人徐红伟向法治周末记者透露：“线下债权转让模式在被效仿的过程中，已经有些许走样。有些公司，先以高息把钱贷给借款人，然后以较低的利息将债权转让给投资者，从中收取利差。”

Net credit home to the rule of law, the founder of the XuGongWei weekend reporter said:"Offline creditor's rights transfer mode in the process of modeled,Have a little out of shape.Some companies,To dear money loans to borrowers,Then at lower interest rates would creditor's rights transfer to investors,Collecting interest margin."

　　徐红伟最初只是一个在网络借贷平台上出借资金的投资人，在投资过程中觉得资金可能存在各种风险，才和几个投资者一起，创办了网贷之家，一方面提供网络贷款平台的综合信息，另一方面也是投资人们的维权中心。

XuGongWei originally just a in the network lending platform lending fund investors,In the process of investment funds think there may be various risks,Some investors to together,Established and home of the credit,On the one hand provides comprehensive information network platform for loans,On the other hand is also investment people's rights protection center.

　　徐红伟告诉记者，投资人对线下债权转让模式的最大担忧是道德风险的出现。

XuGongWei told reporters,Investors to offline creditor's rights transfer model of the biggest worry is the emergence of moral hazard.

　　“比如，债权转让模式中的第一出借人向我们转让的债权是否是真实存在的。如果债权不真实，那这就成了一个骗局。现在并没有强有力的监管部门，要求开展线下债权转让模式的P2P公司提供债权是否真实的信息。”徐红伟说。

"Such as,Creditor's rights transfer mode to us the first lender of creditor's rights is real.If the claim is not true,It became a scam.Now and there is no strong supervision department,Request offline creditor's rights transfer model of P2P companies provide claims is true information."XuGongWei said.

　　法治周末记者就此问题采访宜信公司相关负责人时，他表示，宜信给投资人定期发送的债权列表上，清楚地写明钱借给了谁，以及钱的用途是什么。如果投资人要求获得更多的信息，宜信也会促成。

The rule of law weekend reporter interview questions should be the relevant person in charge of the company when the letter,He said,Appropriate letter regularly send investors creditor's right on the list,Clearly the money to lend the who,And the money what is it used for.If investors for more information,Appropriate letter will also contribute to.

　　但徐红伟仍担心，当这一模式被越来越多的人复制，会有人在利益面前迷失。他希望在各种各样的P2P公司涌现，在这个行业已经初现规模的情况下，能有监管部门站出来，对行业的发展进行引导，避免资金诈骗等恶性事件发生。

But XuGongWei still worry,When the model is more and more people copy,Will someone in front of interests lost.He hope that in all kinds of P2P company emerging,In this industry has early large scale,Can have the supervision department stand out,The development of the industry to guide,Avoid money fraud and malignant events.

　　监管真空 Regulatory vacuum

　　徐红伟对行业监管的期望，恰恰反映了这个行业目前所处的监管环境——几乎无人监管。

XuGongWei to industry regulatory expectations,Just reflects the industry at present in the regulatory environment, almost no one supervision.

　　银监会去年发布的《关于人人贷有关风险提示的通知》也提及，由于目前国内相关立法尚不完备，对其监管的职责界限不清，“人人贷”的性质也缺乏明确的法律、法规界定。

CBRC issued last year[About all relevant credit risk warning notice]Also mentioned,Due to the current domestic legislation is not complete,The supervision duty limits is not clear,"All credit"And the nature of the lack of specific laws/Regulations define.

　　徐红伟告诉法治周末记者，目前任何一个个人或企业，都能注册一个网站，作为网络借贷平台运营。看起来，工商局、工信部、银监会都可以对P2P公司进行监管，但事实上，却没有一个明确的部门“接收”此类公司。比如，当P2P公司去工商登记时，填写经营范围就成了难题，因为并没有这一类的法定登记类目。

The rule of law XuGongWei told reporters at the weekend,At present any individual or enterprise,Can register a web site,As a network lending platform operation.looks,Industrial and commercial bureau/Letter department work/The CBRC to P2P company regulation,But in fact,But not a specific department"receiving"Such company.Such as,When P2P company to the industry and commerce registration,Fill in the scope of business will become a problem,Because did not this kind of legal registration category.

　　在这种情况下，P2P公司出现了“野蛮生长”之势。据徐红伟透露，由于线上交易的数据是可以监控的，去年利用P2P公司在线上达成的交易金额只有20亿元左右，今年这一金额预计可达200亿元。

In this case,P2P company appeared"Savage growth"trend.According to XuGongWei revealed,Due to the transaction data can be monitored,Last year the company using P2P online transactions amount is only 2 billion yuan,This year the amount can be expected to reach 20 billion yuan.

　　一面是交易额大增，一面是无人监管，这其中的风险可想而知。

One side is a turnover,One side is no supervision,The risk cans be imagined.

　　但银监会在《关于人人贷有关风险提示的通知》中，也仅仅是提示各级银行做好与“人人贷”公司的防火墙，避免风险蔓延至银行系统，而未指出该行业应如何监管。

But the banking regulatory commission (CBRC)[About all relevant credit risk warning notice]in,Is only hint at all levels do well with the bank"All credit"The company's firewall,Avoid risk spread to the banking system,But not pointed out that the industry should how to regulate.

　　“从理论上来说，P2P公司经营的是借贷业务，应该主要由银监会牵头解决。”刘少军说，可能是因为参与“人人贷”业务的人数相对较少，涉及金额又不大，银监会目前只是关注而已，但这一行业应当高度关注，因为其风险控制如果做不好，可能会引发社会问题。

"In theory,P2P company is lending business,Should be mainly by the banking regulatory commission (CBRC) lead to solve."LiuShaoJun said,May be because of participation"All credit"The number of business relatively less,The amount involved is again,The CBRC at present only pay attention to it,But the industry should be high attention,Because of its risk control if do not,May cause social problems.

　　值得庆幸的是，“拍拍贷”创始人顾少丰告诉记者，目前各个机构已经在对该行业进行调研。而且据记者了解，“拍拍贷”已经获得上海市工商局特批，获得了“金融信息服务”经营资质，未来类似的公司在工商登记时，至少可以选择金融信息服务这一经营范围。

Those who be worth to rejoice is,"Clap your credit"Founder GuShaoFeng told reporters,At present various institutions have been in this industry for research.And according to reporter understanding,"Clap your credit"Has won the Shanghai industrial and commercial bureau special batch,Won the"Financial information service"Business qualification,The future similar companies in the industry and commerce registration,At least can choose financial information services of the business scope.

　　不过，“拍拍贷”顾少丰还是希望“放贷人条例”能尽快出台，给予P2P公司一个合法的身份。

but,"Clap your credit"GuShaoFeng or hope"FangDaiRen regulations"Can come as soon as possible,Give P2P company a legal status.

　　“我们也希望监管部门能够对行业的发展情况自己调研，并根据行业发展的实际情况制定相关法律和政策，引导行业发展，不要因为该行业可能存在风险，就将其一棍子打死。”徐红伟说。

"We also hope that the supervision department of the development of the industry to his research,And according to the actual situation of the development of the industry formulated relevant laws and policies,Guide the industry development,Don't because the industry possible risk,Will one stick killed."XuGongWei said.

　　■链接： S link:

　　《最高人民法院关于审理非法集资刑事案件具体应用法律若干问题的解释》

[The supreme people's court on the trial of the criminal case illegally accepting the concrete application of law in the explanation]

　　违反国家金融管理法律规定，向社会公众(包括单位和个人)吸收资金的行为，同时具备下列四个条件的，除刑法另有规定的以外，应当认定为刑法第一百七十六条规定的“非法吸收公众存款或者变相吸收公众存款”：

Financial management in violation of state laws and regulations,To social public(Including units and individuals)The behavior of the absorption funds,At the same time meet the following four conditions,In addition to the provisions of the criminal law than otherwise,Shall be regarded as prescribed in article one hundred and seventy-six of the criminal law"Illegal absorbing public deposits or in a disguised manner to absorb public deposits":

　　(一)未经有关部门依法批准或者借用合法经营的形式吸收资金；

(a)Without the approval of the relevant departments according to law or use the form of legal business in money;

　　(二)通过媒体、推介会、传单、手机短信等途径向社会公开宣传；

(two)Through the media/seminar/leaflet/The way such as mobile phone short message to the public propaganda;

　　(三)承诺在一定期限内以货币、实物、股权等方式还本付息或者给付回报；

(three)Commitment in a certain period of time to money/physical/Equity means such as repayment of capital and interest or payment of the return;

　　(四)向社会公众即社会不特定对象吸收资金。

(four)To the society that is social specific object absorption funds.