Jurisdiction - Australia
Ashurst Acts In Launch Of RateSetter, Australia’s First Peer To Peer Lending Platform.

12 November, 2014


Ashurst has advised RateSetter in the launch of Australia’s first  peer to peer lending platform. RateSetter will provide the opportunity for retail investors and retail borrowers to lend and borrow online, connecting lenders with creditworthy borrowers who want a simple, competitive personal loan. 


The first platform of its type in Australia, Ashurst helped RateSetter navigate a range of legal and regulatory issues for which there were no previous models.  The firm was able to assist Ratesetter develop a structure which fits within the existing licensing and managed investment scheme regime. 


Ashurst lead partner in this matter Lisa Simmons said: “It has been exciting to work with the dynamic team at RateSetter Australia to develop a structure which now enables retail investors and retail borrowers in Australia the opportunity to lend and borrow using the RateSetter online platform. 


“Our work required us to assist RateSetter with product structuring, drafting of scheme documentation, reviewing disclosures and on-line platform functionality, and obtaining ASIC relief.  From the inception of this matter, Ashurst worked closely with RateSetter and ASIC to develop an approach to how the platform was to be structured, grappling with laws which were not drafted with peer to peer lending in mind.”


Lisa was assisted by partners Barbara Phair and Phillip Trinca.


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