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ASIC released its guidance on marketplace lending (aka peer-to-peer lending) yesterday to assist providers of marketplace lending products; it includes information about legal obligations for operators of peer-to-peer lending in Australia. Entities looking to provide marketplace lending are encouraged to use the information sheet to help them understand current regulatory requirements.
What is marketplace lending?
Marketplace lending in the context of ASIC’s guidance is an arrangement through which retail or wholesale investors invest money, seeking to make a return, which is in turn lent to borrowers.
Marketplace lending arrangements commonly involve the use of an online platform, such as a website, on which ... (read more)