Peer-to-Peer Lending and Consumer Protection under the Proposal for a Revised Consumer Credit Directive: A Step in the Right Direction?

Description

On 30 July 2021, the European Commission presented the final proposal for a
reformed Consumer Credit Directive (the Proposal). As its scope of application
includes consumer peer-to-peer lending (P2PL), the Proposal aims to fill a significant regulatory gap left by the Regulation on European Crowdfunding Service Providers for Business and the 2008 Consumer Credit Directive (CCD old). The adoption of the Proposal in its current form is designed to address two major shortcoming of the current regime: (a) to improve legal clarity about the applicable legal regime for crowdfunding services for consumers, and (b) to provide for adequate consumer protection in this area. The presentation discussed the implications of the Proposal for the legal framework of consumer P2PL, focusing on the question of to what extent the Proposal provides an adequate solution to the aforementioned shortcomings of the CCD (old).

Period	5-Oct-2021
Held at	European Centre for Alternative Finance - Utrecht University, Netherlands
Degree of Recognition	International