Regulatory Alerts2017-02-09
Added · Updated
Proposed Amendments to the Enforcement Decree of the Act on Registration of Credit Business and Protection of Finance Users
The Financial Services Commission proposes designating P2P operators performing matching as online loan information service providers (OLISPs) and their controlled moneylenders as online loan information service-connected moneylenders (OLISMs). OLISMs are required to register with the Financial Services Commission, and their loan receivables participating in P2P lending are exempted from the 1,000% asset-capital ratio limit only when the OLISM sells off its entire receivable holdings to P2P investors. The public comment period for these proposed amendments runs from February 9 to March 21, 2017.