(Yicai Global) Oct. 18 -- The National Internet Finance Association of China (NIFAC) has published two amendments to collective standards on information disclosure for internet finance, adding 44 mandatory disclosure requirements in an effort to enhance the transparency in the sector, the association said on its official WeChat account yesterday.
The amendments increase the number of items requiring mandatory disclosure for peer-to-peer lending from 65 items to 109, and reduces items open to voluntary disclosure from 31 items to 17.
The new rules also require 27 disclosure indicators based on underlying information related to online lending institutions and their business details, including 23 mandatory disclosure indicators and 4 which are voluntary.
Under the new rules, leading internet institutions should publicize the amount of accumulated lending, overdue loans, loans provided as of the end of last month and other information within the first five working days of each month. They should also disclose their methods of information collection.