Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information •...
Transcript of Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information •...
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Peer to Peer Lending Gamechangers?
Marc-Andre Pigeon Director, Financial Sector Policy
Canadian Credit Union Association
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BUSINESS MODELS
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Loan request Loan
Provided minus fee
Financial Institution
Loan initially provided by a separate financial
institution Fundee
Crowdfunding Platform
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IN CANADA?
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CANADA : CONSUMER LENDING
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CANADA : SME LENDING
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REALITY?
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For example…
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CSA POLICY 45-108
• Investor Limits • $2,500 per investment • Annual limit of $10,000 (Ontario only)
• Information
• Annual financial statements • Use of proceeds information annually • No advertising, only direct to portal via social
media / paper notices
• Portal as Gatekeeper • Review disclsoure in offering document and
other docs for completeness, accuracy and misleading statements
• If portal operates bulleting board, monitor postings and remove issuer statements inconsistent with offering document
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Strategic Options
Low Engagement
High Engagement
Ignore Crowdfunding Become Institutional Investors Partner with Existing Platforms
Develop New Platform
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What ideas or information from your session made you sit up?
What can we act on right away?
What needs to happen next?