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Peer to Peer Lending Gamechangers? Marc-Andre Pigeon Director, Financial Sector Policy Canadian Credit Union Association

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Page 1: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

Peer to Peer Lending Gamechangers?

Marc-Andre Pigeon Director, Financial Sector Policy

Canadian Credit Union Association

Page 2: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

Page 3: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

BUSINESS MODELS

Page 4: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

Loan request Loan

Provided minus fee

Financial Institution

Loan initially provided by a separate financial

institution Fundee

Crowdfunding Platform

Page 5: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

Page 6: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

IN CANADA?

Page 7: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

CANADA : CONSUMER LENDING

Page 8: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

CANADA : SME LENDING

Page 9: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

REALITY?

Page 10: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

For example…

Page 11: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

Page 12: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

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

Page 13: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

Strategic Options

Low Engagement

High Engagement

Ignore Crowdfunding Become Institutional Investors Partner with Existing Platforms

Develop New Platform

Page 14: Peer to Peer Money for Nothing? · • Annual limit of $10,000 (Ontario only) • Information • Annual financial statements • Use of proceeds information annually • No advertising,

What ideas or information from your session made you sit up?

What can we act on right away?

What needs to happen next?

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