the Platform of online lending (kruglenkoye, p2b platform), through which small and medium businesses are attracted to the loans, including from the public, and people can thus invest free money, work in Russia is already not the first year. The most famous of them – “Flow” (own Alfa-Bank and Fund FinTech Capital), Ozon.Invest (Ozon), the Start Track (Foundation for development initiatives), the “City of money” (holding General Invest), Penenza (JSC “Panenza”, owned by businessman Dmitry Mangino, Dmitry Ponomarev and Sergei Vasilyev). In December own platform “Sarcedo” has launched a savings Bank.
However, until recently, their activities were not regulated, the relationship of the parties to the loans relied solely on Civil code. Platform arbitrarily set the rules of the game for investors and borrowers (the conditions of access to transactions, amounts and terms of loans, payment procedure, etc.). Income platforms consists of the fee-for-service, and in some cases, the interest received from the participation in the financing of the borrowers.
Join in January, the law “On foreign investments using investment platforms” is finally set for them common requirements and principles of operation and set of the organizers of the borrowings under the supervision of the Central Bank.
news for companies
From 2015, the Central Bank is engaged only in monitoring of knowdledge. However, accurate data on its extent and the market participants, the regulator was not: still investmentfirma provided statements voluntarily. It is estimated that in 2018 the total amount of “public” crowdfunding (includes p2b-lending segment, where investors give money in exchange for non-financial reward) could amount to 15.2 billion rubles., of which RUB 14.9 billion, accounted for Kreuzlingen, told “Vedomosti” representative of the Central Bank. With the new year, the Central Bank must keep a register of platforms and their operators to pass his accounts. KakaI information will be contained in the reports, their frequency, will determine the normative act of the Central Bank, which is registered at the justice Ministry. The registry will be in place by July 2020.
the savings Bank has offered investors another alternative to deposits the Bank offers its clients to participate in the small business loans
By law, the Charter capital of the operator must be at least 5 million rubles Legal entities registered in the territories of States, not disclosing information on financial transactions may not own more than 10% of its capital.
Now operators are prohibited from combining their activity with broker, dealer, clearing, Depository, etc. By law, the operator in addition to providing services to the investor and the borrower will be able to attract investment, for example, in private development, told “Vedomosti” representative of the Central Bank. On the question of whether the operator itself to lend to borrowers, he essentially did not answer.
Through investmentfirma business got the right to borrow and to place securities, and the tokens (utilitarian digital rights transfer requirements things, copyright, works, etc.). The companies law permits to draw collectively on all platforms not more than RUB 1 billion per year. An exception is made for PAT, selling tokens for them limits do not apply.
the Money apart
the operator must be separated from the participants ‘ money. The loans will be issued and redeemed only through nominal through the platform, individual account funds of each investor it will lead the operator to intervene in the “common pot” he will only be able to collect Commission from the investor or borrower.
Operators will be required to identify investors and borrowers prior to admission to work.
Platforms will have to answer for the damages causedbest providing incomplete and misleading information (for example, investreality, the procedure of its adoption, the timing of transferring money to the users).
But to pay the outstanding liabilities of the borrowers to the platform operators do not have. The new law did not give investors a guarantee return of the loan granted. In the event of borrower default, investors would still have to recover debts from the defaulter through court and collectors or with the help of platforms.
“This type of investment carries significant risks of partial or full loss of the invested funds, the investor must carefully evaluate the business project to which it expects to invest”, — the representative of the Central Bank.
Attachments unqualified investors are now limited to the amount of 600 000 rubles per year cumulatively across all platforms. The bar is raised in order to make people understand the risks and have made a conscious decision, explains the representative of the Central Bank. To invest more, will have to obtain the status of qualified investor — it will belong to the platform.
Amount that the investor just keeps on nominal account, the law does not reglamentary, said the representative of the Central Bank: “on the nominal accounts of the investor can be more 600 000 rubles., for example, on the basis of income”. Individuals will have to do “to declare a” platform investments made at other sites. To monitor compliance with the limits of investments will have platform and in the case for them, she is obliged to redeem the investor’s rights or paper on the excess amount. But the exchange of information between the platforms, as well as responsibility for violators of the law are not spelled out. According to a member of the Supervisory Board “Stream” Yury Popov, a single database of investors, the market is not, and if an investor provides false information, the liability of the platform are actually removed.
As will the market
According to representatives polled by kraulingovy platforms to comply with the new standards will be easy. According to Popov them “Flow”, the platform now meets them. “We reconstruct the job with the introduction of mandatory reporting of the Central Bank, nominal accounts and limitations on the amounts of loans. Coders write the appropriate add-ins within the platform, it’s simple work”, — said the Deputy head Penenza Ivan Vasiliev.
“For market knowdledge with the pace of growth associated with the savings of citizens, legal regulation is necessary”, — said Vice-President of Ozon on digital financial services Nikita Sagutin. The creation of a unified registry will help clients navigate work and platform in the legal field, and will give you the tools to compare them, he says. “The market changes – if earlier we were chasing investors, taught, convinced, educated, and now investors will go themselves. The main struggle will be between the platforms for the quality of the borrower, to reduce the risks to the lender” — calculates Vasiliev.
the General Director of “City money” Armen Minosyan hopes that investors will cease to associate crowdingin with financial pyramids. Such as “Casbee”, which offered investors to invest in microloans to individuals and small businesses and promised 600% per annum, the damage from its activities, the Central Bank was estimated at 3 billion rubles.
the Interlocutors of “Vedomosti” noted that the legislature had not removed all questions p2b-lending. For example, according to the tax code, citizens have to pay 13% tax on investment income. Sites it was necessary to provide the status of a tax agent for this income of natural persons, this requires changes in the Tax code, reminds a press-service of Sberbank. Another question, should the platform be subject to VAT. “Because under the new law we render services, then 20% VAT we require. Banks in a similar business, VAT payers are not. I’m afraid taxes will stifle the market, which in the power of youth and so vulnerable” — going through Vasiliev.
the Law does not provide tax incentives for private investors, on the stock exchange, this issue requires further study, according to the managing partner of the law firm “Rafikov and partners” Rustam Rafikov.