November 14, 2016 / 2:57 PM / in 4 years

Marketplace loan investors need borrower information: SEC

U.S. Securities and Exchange Commission Chair Mary Jo White is interviewed at the Reuters Financial Regulation Summit in Washington, US May 17, 2016. REUTERS/Gary Cameron

WASHINGTON (Reuters) - Investors in marketplace loans, where borrowers and funders are matched in online platforms, need to have adequate information about borrowers’ abilities to repay the debts, the U.S. Securities and Exchange Commission chair said on Monday.

SEC Chair Mary Jo White also said the top securities regulator is evaluating how and when distributed ledger systems such as blockchain will be “onboarded” in equity markets, as well as the appropriate disclosures automated investment advisory programs should make to clients.

SEC Commissioner Michael Piwowar said the SEC’s regional offices could function as centers where start-ups in financial technology can receive guidance on regulation.

Reporting by Lisa Lambert

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