China Internet Finance Association is preparing to establish a self-discipline committee for internet loans.

On April 2nd, the China Internet Finance Association announced that, following approval by the Fifth Meeting of the Second Council, it will establish a "Internet Loan Self-discipline Committee" to undertake the responsibility of self-regulation management. In accordance with the needs of establishing the committee, the Association's Secretariat is currently leading the establishment of a preparatory group for the committee, inviting some institutions engaged in internet lending businesses to participate and focus on preparing for the development of internet lending businesses. The main responsibilities of the preparatory group include: researching and formulating self-discipline conventions and related self-regulatory norms for institutions engaged in internet lending businesses; conducting daily supervision and inspection of institutions' compliance with laws and regulations, regulatory policies, and self-regulatory norms during the preparatory period; researching and formulating criteria for nominating and dismissing committee members, accepting applications to join the committee, and preparing a list of committee members; developing relevant measures to lead the industry in high-quality development and promote a positive industry image, urging institutions to implement them; and conducting policy interpretation, investigative research, exchanges and cooperation, advisory guidance, and training and education during the preparatory period.