일본에서의 P2P lending 비즈니스와 법적 규제에 대한 고찰 = A Study on P2P lending Business and Legal Regulations in Japan

다국어 초록 (Multilingual Abstract)

In the P2P lending process in Japan, it is difficult for an individual who is a fund provider to register for lending, so a company recruiting funds from an investor registers a financial products business under the Financial Instruments Transaction Act, and the fund raising is anonymous partnership contract (Article 535 of Japanese Commercial Code) In the form of equity investment. By using the anonymous union contract, investors can be prevented from registering lenders. In addition to anonymous union contracts, there are also obligations to give in writing and in various forms before the conclusion of contracts, but they are solved on the internet. The supervisory authority is obliged to anonymize the borrowers because there is a possibility that the borrower illegally withdraws when the borrower is overdue or a loan loss occurs. Due to the anonymity of the P2P lending, the investor is forced to invest in the P2P lending business without knowing the specific information of the final borrower. There is a criticism of anonymization in the absence of countermeasures against the possibility of entry of such malicious business operators because the number of operators entering the P2P lending industry is increasing, because it is difficult for the investor to be protected if the operator uses malicious anonymity. Even if investing in P2P lending is possible, there is a possibility of loss of investment principal. However, we need a balanced view on the purpose of adopting P2P lending system and the viewpoint of investor protection. Though P2P lending is attracting attention as a new form of investment, it is difficult to promote the system and expand the market if the protection of investors is over emphasized in the situation that the recognition is not yet sufficient. Considering that P2P lending investments are different from general financial product investments, it is not desirable to equate them with the protection of investors in ordinary financial products, and it is necessary to eliminate concerns about the possibility of loss. Of course, investors are mainly small-scale investors, but they are investment products, so it is desirable to establish a mature investment culture through appropriate investor education.

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