On March 23, Beijing's online loan filing was waiting for a kick-off meeting. In response to the news that the online loan filing has been delayed, the director responded, "There is no talk of an extension."
In addition, on March 22, the Chinese government procurement website released the procurement requirements for the Beijing Municipal Bureau of Finance's 2018 Internet Financial Risk Management Funding Project.
The procurement requirements document mentions that, considering the number of Internet financial institutions practicing in Beijing and the professionalism and complexity of the Internet financial business, in order to pragmatically improve the results of the preliminary work of the special rectification of Internet financial risks and ensure that the follow-up work can be carried out in a timely and orderly manner and with quality and quantity, the Beijing Municipal Bureau of Financial Work intends to engage 10 law firms to participate in the on-site acceptance work of about 170 Internet financial institutions and 10 accounting firms to participate in the on-site acceptance work of about 160 Internet financial institutions to issue professional opinions on the P2P rectification and compliance. And according to statistics from the Home of Net Lending, there are 755 online lending platforms registered in Beijing. As of February 28, 2018, the number of operating platforms was 372, with 8 suspended and problematic platforms during the month. This could mean that at least more than half of the normally operating platforms are not making good progress in their rectification, have failed to be included in the acceptance list, or have moved out of Beijing.
It is also worth mentioning that the procurement requirements document highlights that the maximum price for the acceptance of an Internet financial institution by a law firm for special legal services is $14,100, and the maximum price for the acceptance of an Internet financial institution by an accounting firm for special accounting services is $34,778. Payment is proposed to be thirty percent of the project cost upon signing of the contract and seventy percent of the project cost upon completion of the work. This means that there is no longer the chaos of "buying" legal opinions and special audit reports at exorbitant prices in Beijing.
The procurement requirements document states that "the Beijing Municipal Bureau of Financial Work intends to engage 10 law firms and 10 accounting firms to participate in the on-site acceptance work, giving full play to the professional advantages of law firms and accounting firms in contractual funding and other compliance reviews, and issuing professional opinions on P2P rectification compliance". In this regard, an industry insider told Netflix that this refers to the government procurement of law firms and accounting firms used to issue opinions to the FCA for filing.
Some market participants analyzed the first batch of filings in Beijing or only 170 according to this. In response, the authorities said they had no idea and that it was a rumor.
Source: P2P Blackboard General
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