Private households seeking capital apply for loans offered by others, usually via Internet portals (lending and borrowing which occurs directly between individuals or peers without the intermediation of a traditional financial institution, usually based on the Internet). – In principle, no permission is required for such intermediation. However, as soon as banking transactions are carried out via the platform in question, a banking supervisory license is required. This is primarily seen in the fact that – certain providers satisfy such loan requests on a commercial basis (which is frequently the case) or – private customers invest the money raised in this way on a commercial basis. – On May 14, 2007, the German Federal Financial Supervisory Authority (BaFin) published a fact sheet entitled “Hinweise zur Erlaubnispflicht der Betreiber und Nutzer einer internetbasierten Kreditvermittlungsplattform nach dem KWG” (Information on the obligation to obtain a license for operators and users of an Internet-based credit brokerage platform under the German Banking Act). – See banking license, Bönhase, crowdfunding, eLolly, credit intermediation platform, shadow banking, social lending platform, underground banking. – Cf. BaFin Annual Report 2006, p. 198 (observation of this market by BaFin), BaFin Annual Report 2007, p. 208 f. (in principle, no licensing requirement).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/