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Example Citations:

Bungay, A. (Anoop) K. (April 27, 2018). Modern Peer-to-Peer P2P, Private & Crypto: Lending, Investing & Finance in Canada & the World - A Brief History - Anoop Bungay, from www.p2pla.org.


Modern Peer-to-Peer P2P, Private & Crypto: Lending, Investing & Finance in Canada & the World - A Brief History

Online Version: Published April 27, 2018

By Anoop Bungay, Founder, MortgageQuote Canada Corp. MQCC (www.mqcc.org)

Inventor of the blockchain-based system and related technology (principles, processes, nomenclatures, applications of science) for ensuring integrity of digital financial functions, financial processes and financial records[1].

Developer of the World's First Peer-to-Peer (P2P), Private & Cryptolending Network, for regulated and non-regulated transactions, in a system registered to the National and International Quality Management Standards of 119 countries.

Table of Contents

Generally Accepted Definitions & Character        4

Principle of Synonymity        5

North American Industry Classification System Hierarchy        6

What makes Peer-to-Peer Lenders so Special for Borrowers?        7

Priority, Systems Architecture, Reference Architecture, Ontology, Reference Implementation, International Standards Benchmark, Finance Regulator & Regulatory Recognition        8

Priority, Systems Architecture, Reference Architecture, Ontology, Reference Implementation        8

International Standards Benchmark        10

Government, Finance Regulator & Regulatory Recognition (International, National & Regional)        11

Confusion between "Peer-to-Peer, Crowdfunding and Marketplace" Finance        13

Australia Regulator (ASIC)        13

UK Regulator (FCA)        14

USA GAO and Regulator (SEC®)        14

Country Experiences        15

Canada & The World        15

Generally Accepted Definitions & Character

According to some finance regulators, while a legal definition of Peer-to-Peer P2P Lending is not yet in existence[2], the World Intellectual Property Organization (WIPO)[3], the United States Patent and Trademark Office (USPTO)[4] the Canadian Intellectual Property Office (CIPO)[5] and the United States Government Accountability Office (GAO)[6] acknowledge that Peer-to-Peer Lending (synonymous with the term Person-to-Person Lending[7], "Private Lending", "Cryptolending"), also known as P2P Lending [the obverse of Peer-to-Peer Investing, "Private Investing", "Cryptoinvesting"; also known as P2P Investing] is the "practice of lending/investing or borrowing money from one private individual (or person) [in the role of "lender", or "private lender[8]" or "P2P Lender" or "cryptolender"] to another private individual (or person) [in the role of "borrower", or "private borrower" or "P2P borrower" or "cryptoborrower"][9] [10] [11].

While individual or private corporate participants in “Peer-to-Peer P2P, Private & Crypto-” financial activities are not subject to 3rd party disclosure[12]; “Peer-to-Peer P2P, Private & Crypto-” Lending (or the obverse: “Peer-to-Peer P2P, Private & Crypto-” Investing) transactions are classified as either "regulated" or "non-regulated" by government oversight[13].. Regulators acknowledge that “Peer-to-Peer P2P, Private & Crypto-” Lending/“Peer-to-Peer P2P, Private & Crypto-” Investing transactions may be originated (created) either directly through direct advertising by the P2P Lender (Investor)[14]; or, via an intermediary (licensed or unlicensed broker)[15] or, via a technology platform[16].

Principle of Synonymity

In accordance with dictionary and thesaurus definitions, the following terms are synonymous with another:

Prior to 2017, "private" was the primary term used because Peer-to-Peer and it's acronym P2P was "too technical for retail use".  In the case of the term Crypto, it's use in common finance discourse "only" became more "acceptable" in commerce in 2017 when the bitcoin boom started to become non-trivial. When reading the word "private", you may also interpret the word as "crypto".


North American Industry Classification System Hierarchy[21] [22]

Sector

Attribute

 Sub-sector (Activity)

Industry (Service or Product)

Other countries or jurisdictions or economic zones have their own equivalent classes.[23]

What makes Peer-to-Peer Lenders so Special for Borrowers?

For Borrowers: when compared to traditional mortgage solutions, peer-to-peer transactions are appreciated because they normally offer a degree of customization and flexibility than what traditional underwriting standards permit. This benefit is often associated with a premium paid in the overall cost of borrowing.


Priority, Systems Architecture, Reference Architecture, Ontology, Reference Implementation, International Standards Benchmark, Finance Regulator & Regulatory Recognition

Priority, Systems Architecture, Reference Architecture, Ontology, Reference Implementation

The World Intellectual Property Organization (WIPO)[24], the United States Patent and Trademark Office (USPTO)[25]  the Canadian Intellectual Property Office (CIPO)[26] and their international peer intellectual property organizations (in 191 member states)[27] incontestably [the word "incontestable" is legislatively defined, pursuant to Canada's (a WIPO Member State[28]) Federal Trade-marks Act R.S.C., 1985, c. T-13)[29]] recognize (pursuant to international treaties and conventions[30]) that the world's first commercially deployed peer-to-peer P2P finance network (also known as a "private finance network" or "cryptofinance network") trading in both government regulated (regulated) [including the world's first Peer-to-Peer P2P (private or crypto-) regulated mortgage instrument, registered as the trademarked brand: BITMORTGAGE®[31] [32] [33]] and non-government regulated (non-regulated) peer-to-peer P2P (private and crypto-) financial instruments is named PrivateLender.Org: Canada's Private Lending Network®[34] which was registered with the Internet Corporation for Assigned Names and Numbers ICANN.org)[35] and activated for global public use on April 9, 2005[36].

The systems architecture[37], reference architecture[38], ontology (state and dynamic)[39] [40] [41] [42] [43] and reference implementation[44] related to the trade of both regulated and non-regulated peer-to-peer P2P (private and crypto-) financial instruments was first identified in a proprietary dissertation entitled: “Binary Digit Debt: A Peer-to-Peer Electronic Debt System”; a system built on seminal blockchain technology developed by Anoop Bungay in the early 2000's[45] - at least 3 years, 4 months and 10 days prior (from the date that PrivateLender.org: Canada's Private Lending Network was activated)[46] [47] to the date "Satoshi Nakamoto" registered[48] (pursuant to registration with the Internet Corporation for Assigned Names and Numbers ICANN.org)[49]; and at least 3 years, 6 months and 10 days prior to the date "Satoshi Nakamoto" published the white paper "Bitcoin: a Peer-to-Peer Electronic Cash System" in the Metzger, Dowdeswell & Co. LLC [50] “Cryptography Mailing List” on Friday, October 31 at 14:10:00 EDT in 2008[51]; and at least 3 years, 7 months and 30 days prior to the date "Satoshi Nakamoto" published the announcement of the release of the Peer-to-Peer Electronic Cash System computer program named: “Bitcoin v0.1 released” on Thursday January 8 at 14:27:40 EST in 2009[52].

The term "Private Lending Pyramid™" was coined in December 5, 2009 by Anoop Bungay and published during a presentation of peers at Simon Fraser University on December 7, 2009[53].  The Private Lending Pyramid™ functions as a trademark and source identifier in order to distinguish itself [pursuant to United States Patent and Trademark legislation[54]] from the general systems architecture[55] that describes the relationships and hierarchy between Private Lenders (synonymous with "Peer-to-Peer P2P Lenders") and four other capital sources [developed on the basis of Ontology "ontological principles"]: "Banks"; "Trust Companies, other Institutional Lenders"; "General marketplace: brokers, professionals, media"; "Friends, family, co-workers, generic investors", "Private Lenders"[56].

International Standards Benchmark

Continuously from May 9, 2008 until at least May 9, 2018[57], the systems architecture, reference architecture along with the ontology and reference implementation contained in the "Binary Digit Debt: A Peer-to-Peer Electronic Debt System" body of work became the international benchmark for trust and safety in Peer-to-Peer P2P finance (Private Finance and Cryptofinance) transactions through registration to the Geneva based International Organization for Standardization (ISO)[58] ISO 9001:2000, ISO 9001:2008 and ISO 9001:2015; the international standards for Quality Management Systems, and the National Standard for 119 countries[59].

Specifically, the ISO 9001:2015 Quality Management Systems Standard serves as the National Standard for over 119 countries[60] including: Australia (AU[61]), Canada (CA), China (CN) United Kingdom (UK), United States of America (USA). Registration to an ISO 9001 standard provides at-a-glance confidence to legislators, regulators, regulatees, customers, prospective customers, stakeholders, interested parties[62] and consumers, "that they can have confidence that their products are safer, reliable and of good quality"[63].

Government, Finance Regulator & Regulatory Recognition (International, National & Regional)

With over 10 years of continuous registration[64] to the International Standard; International, National and Regional finance regulators in at least 119 member countries[65] of the International Organization of Standardization - which rely on International Standards for market efficacy and consumer safety pursuant to in-country legislation, namely:

Recognize that PrivateLender.org: Canada’s Private Lending Network® - as the world's first and only peer-to-peer P2P, Private and Cryptofinance system with over 10 years of continuous National and International standards-based financial operation - serves as the benchmark standard for “better, safer and more efficient methods and products”[69] in the domain of peer-to-peer, private and cryptofinance.

Regulatory Organizations (or their member entities) that are affected by National and International Standards-based peer-to-peer P2P, private or cryptofinance include:

 

Confusion between "Peer-to-Peer, Crowdfunding and Marketplace" Finance

Global regulators including Australia, UK and USA regulators recognize that Peer-to-Peer activities are distinct from what is called "crowdfunding" and "Marketplace lending"; based upon the Distinctiveness/Descriptiveness Continuum (DDC) principles established by the United States Patent and Trademark Office[76] which includes: ingredient, quality, characteristic, function, feature, purpose, or use of the specified goods or services[77].

Australia Regulator (ASIC) 

Applying the principles of DDC, Australian regulators namely, the Australian Securities & Investments Commission (ASIC)[78] recognize that many online platforms that claim to be "peer-to-peer" in quality, characteristic or function are not; viz.: "Although some forms of marketplace lending have often been referred to as 'peer-to-peer lending' or 'P2P', we consider 'marketplace lending' more appropriately describes these lending arrangements, and encourage the use of this term"[79].

UK Regulator (FCA) 

The Financial Conduct Authority of UK (FCA)[80] also acknowledges that when organizations raise funds from the public, in a pooled manner, the appropriate overarching terminology is "crowdfunding"[81]. The FCA refers to online platforms for investing not as "Peer-to-Peer P2P Lending platforms", but rather, "crowdfunding platforms"[82]. Further, FCA expressly states [in its 2014 Policy Paper entitled: "The FCA’s regulatory approach to crowdfunding over the internet, and the promotion of non-readily realisable securities by other media Feedback to CP13/13 and final rules"[83] that the appropriate term for firms who operate or plan to operate "P2P" platforms is "loan-based crowdfunding platforms"[84]. The FCA further refers to the industry as a whole, as the "regulated loan-based crowdfunding sector"[85].

USA GAO and Regulator (SEC®) 

The USA Securities and Exchange Commission (SEC®)[86] defines online lending platforms as "crowdfunding"[87], not Peer-to-Peer P2P Lending, because of the presence of an intermediary, namely the "platform" which issues securities to an investor in exchange for investment capital. The intermediary issues the loan, not the investor; viz: "lenders do not make loans directly to borrowers. Rather, lenders purchase payment-dependent notes that correspond to the selected borrower loans[88]". The US Government Accountability Office (GAO)[89] confirms that there is a greater degree of risk associated with online platforms because "lenders have no direct recourse to the borrowers to obtain loan payments, so their returns depend on the success of the platforms and their collection agents in obtaining repayments from borrowers[90]."  The inference is apparent, namely: If the success of an investment is based upon a third party, then it is not a "peer-to-peer" investment, since the two individuals have no direct relationship with one another.

Country Experiences

Canada & The World

Peer-to-Peer P2P Lending for both real estate-secured and non-real estate-secured transactions by either investors or borrowers, is a mature industry in Canada. Peer-to-Peer P2P lending in real estate-secured transactions is regulated by members of the Mortgage Broker Regulators' Council of Canada (MBRCC)[91].

Starting as early as April 09, 2005 PrivateLender.org: Canada's Private Lending Network® is incontestably [the word "incontestable" is legislatively defined, pursuant to Canada's Federal Trade-marks Act R.S.C., 1985, c. T-13)[92]] recognized by Canadian federal government public record[93] as Canada's first network devoted to peer-to-peer P2P lending in both regulated mortgages (real-estate secured) and non-regulated loans (non-real-estate secured).

Proof of federal recognition, registration and "date of first use as April 09, 2005" is found at the Canadian Intellectual Property Office (CIPO)[94]. Since inception, member individuals and organizations who use the PrivateLender.org: Canada's Private Lending Network® platform are continuously registered with Canadian federal or provincial mortgage securities regulators including (but not limited to) members of the Mortgage Broker Regulators' Council of Canada (MBRCC)[95].

PrivateLender.org: Canada's Private Lending Network® has the further distinction of being the world's first and only peer-to-peer P2P network with continuous registration to ISO 9001:2015[96] since May 9, 2008[97].

ISO 9001:2015 is published by the International Organization for Standardization[98] and is the National Standard for Quality Management Systems in 119 countries[99] and registration thereto provides legislators, regulators, customers, prospective customers and other interested parties with at-a-glance "confidence that their products are safe, reliable and of good quality.[100]"

Canadian Capital Markets Securities Regulators (members of the Canadian Securities Administrators)[101] are recent entrants to Canadian Peer-to-Peer P2P lending and are only issuing interim approvals "...in order to test their products, services and applications throughout the Canadian market on a time limited basis.[102], through "Regulatory Sandbox" programs including the CSA Regulatory Sandbox[103] and the fOntario Securities Commission Sandbox, branded as "OSC Launchpad"[104].

Extracts of a version of this content appears in wikipedia. This is the primary source matter.[105] 


/

© 2001-2018. All intellectual property (including expressions of ideas) contained herein are legally described as “original creation” and are the sole property of Anoop Bungay (the Author), Bungay International Inc. (BII™) and MortgageQuote Canada Corp. (MQCC™). The Author reserves all rights and privileges regarding the use of this information. Any unauthorized use, such as distributing, copying, modifying, or reprinting, is not permitted. This document is not intended for reproduction or distribution outside of the internet domain: www.mqcc.org. You may refer an internet link to this document. To obtain permission to reproduce or distribute this document please contact info@mqcc.org.

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Head Office: 548 Rundleridge Drive NE, Calgary, Alberta T1Y-2K7 Phone: +1-403-590-9336 Fax: +1-403-590-9833  Web: www.bungays.com Email: info@bungays.com.
© 2018. All Rights Reserved. An ISO 9001:2015 Compliant Company.

MortgageQuote Canada Corp. MQCC™

Head Office: 548 Rundleridge Drive NE, Calgary, Alberta T1Y-2K7 Toll Free Phone: +1-866-948-7283 Toll Free Fax: +1-866-948-3291 Canada - Global (FSCO #12279)

Web: www.mqcc.org Email: info@mqcc.org.

© 2018. All Rights Reserved. An ISO 9001:2015 Registered Company.


[1] See “Definition of Inventive Claim Components” in Table of Contents.

[2]http://asic.gov.au/regulatory-resources/financial-services/marketplace-lending/marketplace-lending-peer-to-peer-lending-products/#advertising

[3] http://www.wipo.int/portal/en/

[4] https://www.uspto.gov/

[5] http://www.ic.gc.ca/eic/site/cipointernet-internetopic.nsf/eng/Home

[6] https://www.gao.gov/products/GAO-11-613

[7] ibid.

[8] http://www.ic.gc.ca/app/opic-cipo/trdmrks/srch/viewTrademark?id=1391367&lang=eng&tab=reg

[9]   http://tsdr.uspto.gov/documentviewer?caseId=sn77561927&docId=OOA20081215142808#docIndex=1&page=5

[10] ibid.

[11] http://tsdr.uspto.gov/documentviewer?caseId=sn86822173&docId=OOA20160314170242#docIndex=12&page=1

[12] http://www.privatelender.org What is a peer-to-peer P2P,  private or cryptolender?

[13] https://mqcc.org/PrivateLender.org-Global-Private-Lending-Network/

[14] https://www.fsco.gov.on.ca/en/understanding-mortgages/Pages/mortgage-application.html

[15] ibid.

[16] https://www.gao.gov/assets/330/320693.pdf

[17] http://www.dictionary.com/browse/peer-to-peer?s=t

[18] http://www.dictionary.com/browse/private?s=t

[19] http://www.dictionary.com/browse/crypto?s=t

[20] https://www.merriam-webster.com/dictionary/unitary

[21] https://www.census.gov/eos/www/naics/

[22]http://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=307532&CVD=307533&CPV=52&CST=01012017&CLV=1&MLV=5

[23]https://www.ons.gov.uk/methodology/classificationsandstandards/ukstandardindustrialclassificationofeconomicactivities

[24] http://www.wipo.int/portal/en/

[25] https://www.uspto.gov/

[26] http://www.ic.gc.ca/eic/site/cipointernet-internetopic.nsf/eng/Home

[27] http://www.wipo.int/members/en/

[28] http://www.wipo.int/members/en/details.jsp?country_id=29

[29] http://laws-lois.justice.gc.ca/eng/acts/T-13/FullText.html

[30] http://www.wipo.int/export/sites/www/about-ip/en/iprm/pdf/ch5.pdf

[31]https://mqcc.org/BITMORTGAGE-Registered-Trademark-and-Brand-of-Peer-to-Peer-(&-Private)-Real-Estate-Finance-and-Peer-to-Peer-Electronic-Cash-(Cryptocurrency)-Products-and-Services

[32] http://www.ic.gc.ca/app/opic-cipo/trdmrks/srch/viewTrademark?id=1823238&lang=eng&tab=reg

[33]http://tsdr.uspto.gov/documentviewer?caseId=sn87339123&docId=ORC20170827185131#docIndex=0&page=1

[34] http://www.ic.gc.ca/app/opic-cipo/trdmrks/srch/viewTrademark?id=1391367&lang=eng&tab=reg

[35] https://www.icann.org/

[36] https://whois.icann.org/en/lookup?name=PRIVATELENDER.ORG

[37] https://en.wikipedia.org/wiki/Systems_architecture

[38] https://en.wikipedia.org/wiki/Reference_architecture

[39] https://en.wikipedia.org/wiki/Ontology

[40] http://ontology.buffalo.edu/smith/articles/Functions-in-BFO.pdf

[41] http://salmapatel.co.uk/academia/the-research-paradigm-methodology-epistemology-and-ontology-explained-in-simple-language

[42] https://www.researchgate.net/figure/Methods-Map_fig1_312562569

[43] http://www.cs.toronto.edu/pub/eric/asis99.pdf Using Ontologies for Knowledge Management: An Information Systems Perspective Igor Jurisica, John Mylopoulos, Eric Yu, University of Toronto, Toronto, Ontario, Canada

[44] https://en.wikipedia.org/wiki/Reference_implementation

[45] www.bitmortgage.com

[46] https://whois.icann.org/en/lookup?name=PRIVATELENDER.ORG

[47] https://en.wikipedia.org/wiki/Peer-to-peer_lending#cite_note-31

[48] https://whois.icann.org/en/lookup?name=bitcoin.org

[49] https://www.icann.org/

[50] http://www.metzdowd.com/

[51] http://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html

[52] http://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html

[53] https://www.youtube.com/watch?v=olCbcAvm_Aw

[54]https://tmep.uspto.gov/RDMS/TFSR/current#/current/sec-be547ab1-b587-4b44-abc6-3ca12e56141d.html

[55] https://en.wikipedia.org/wiki/Systems_architecture

[56] ibid.

[57] https://twitter.com/mqccglobal

[58] https://www.iso.org/home.html

[59] https://www.iso.org/members.html

[60] ibid.

[61] https://www.iso.org/iso-3166-country-codes.html

[62] https://www.iso.org/files/live/sites/isoorg/files/archive/pdf/en/casco_guide.pdf

[63] https://www.iso.org/benefits-of-standards.html

[64] https://twitter.com/mqccglobal

[65] https://www.iso.org/members.html

[66] https://www.gpo.gov/fdsys/pkg/PLAW-104publ113/content-detail.html

[67]https://www.canada.ca/en/treasury-board-secretariat/services/federal-regulatory-management/guidelines-tools/cabinet-directive-regulatory-management.html

[68] https://privycouncil.independent.gov.uk/royal-charters/chartered-bodies/

[69] https://www.scc.ca/en/about-scc

[70] https://www.iosco.org/

[71] https://www.world-exchanges.org/home/

[72] https://www.bis.org/about/index.htm

[73] http://www.nasaa.org/

[74] https://www.g20.org/

[75] https://en.wikipedia.org/wiki/Group_of_Seven

[76] https://tmep.uspto.gov/RDMS/TMEP/current#/current/TMEP-1200d1e6980.html

[77] https://tmep.uspto.gov/RDMS/TMEP/current#/result/TMEP-1200d1e7074.html?q=quality%2C%20feature%2C%20function%2C%20or%20characteristic&ccb=on&ncb=off&icb=off&fcb=off&ver=current&syn=adj&results=compact&sort=relevance&cnt=10&index=1

[78] https://en.wikipedia.org/wiki/Peer-to-peer_lending#cite_note-20

[79] http://asic.gov.au/regulatory-resources/financial-services/marketplace-lending/marketplace-lending-peer-to-peer-lending-products/#advertising

[80] https://www.fca.org.uk/

[81] https://www.fca.org.uk/consumers/crowdfunding

[82] https://www.fca.org.uk/publication/policy/ps16-08.pdf

[83] https://www.fca.org.uk/publication/policy/ps14-04.pdf

[84] ibid.

[85] https://www.fca.org.uk/publication/discussion/dp-15-06-innovative-finance-isas.pdf

[86] https://www.sec.gov/

[87] https://www.sec.gov/rules/final/2015/33-9974.pdf

[88] https://www.gao.gov/assets/330/320693.pdf

[89] https://www.gao.gov/index.html

[90] https://www.gao.gov/assets/330/320693.pdf

[91] https://www.mbrcc.ca/en/

[92] http://laws-lois.justice.gc.ca/eng/acts/T-13/FullText.html

[93] http://www.ic.gc.ca/app/opic-cipo/trdmrks/srch/viewTrademark?id=1391367&lang=eng&tab=reg

[94] http://www.ic.gc.ca/app/opic-cipo/trdmrks/srch/viewTrademark?id=1391367&lang=eng&tab=reg

[95] https://www.mbrcc.ca/en/

[96] https://www.iso.org/iso-9001-quality-management.html

[97] https://mqcc.org/PrivateLender.org-Canadas-Private-Lending-Network/

[98] https://www.iso.org/home.html

[99] https://www.iso.org/members.html

[100] https://www.iso.org/benefits-of-standards.html

[101] https://www.securities-administrators.ca/aboutcsa.aspx?id=77

[102] https://www.securities-administrators.ca/industry_resources.aspx?id=1588

[103] https://www.securities-administrators.ca/industry_resources.aspx?id=1588

[104] https://www.osc.gov.on.ca/en/osclaunchpad.htm

[105] https://en.wikipedia.org/wiki/Peer-to-peer_lending