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Disintermediation: Peer-to-Peer Lending Versus Traditional Lending


Product Code - LGN239
Speaker(s): Jon Kibbe, Richards Kibbe & Orbe LLP; Bridget Marsh, Loan Syndications and Trading Association; Rick McQuet, Club Hill Capital, LLC; Jahangier Sharifi, Richards Kibbe & Orbe LLP; Ron Suber, Prosper Marketplace, Inc.
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Peer-to-peer (P2P) lending platforms are evolving quickly, and the entrepreneurs behind the platforms recognize that individuals today are more familiar with computers and cloud storage than with loan officers and savings passbooks and that those same individuals are ready, willing and able to borrow and lend online.

P2P lending is an example of current financial innovation that fits within a broad trend of technological disintermediation in the credit and equity markets, including parallel developments in microfinance, affinity lending, social lending and crowdfunding. The P2P value proposition is straightforward: facilitate the flow of capital from knowledgeable lenders to qualified borrowers by creating user-friendly, online platforms. The faculty presenting this program will explore the implications of that value proposition.

Supporting materials discuss the risks involved including borrower defaults, potentially disappointed noteholders, and the risk of failed platforms, among others.

Educational Objectives:

• Understand the current state of the P2P lending industry in the United States and the economic opportunities within that market

• Learn about the legal and regulatory challenges of P2P lending and the outlook for future growth.

• Find out about the increased interest of hedge funds and investment professionals in P2P lending and the rapid evolution of P2P lending from consumer finance to an investor-to-peer model or an investor-to-business model from industry experts.

Who would benefit most from attending this program?

Securities law and ligation practitioners; attorneys who advise their clients about alternative investments; corporate attorneys, and telecommunications and Internet law practitioners.

Program Level: Intermediate
Prerequisite: A general understanding of finance and securities issues.
CPE Delivery Method: Group Internet-Based Live
Field of Study: Specialized Knowledge and Applications
Recommended CPE Credit: 1.5 credits
Anticipated CLE Credit: 1.5 credits (may vary based on from which jurisdiction requested)

For additional information, please see the “CE Credit” tab.

Jon Kibbe, Richards Kibbe & Orbe LLP; Bridget Marsh, Loan Syndications and Trading Association; Rick McQuet, Club Hill Capital, LLC; Jahangier Sharifi, Richards Kibbe & Orbe LLP; Ron Suber, Prosper Marketplace, Inc.

Jon Kibbe, Richards Kibbe & Orbe LLP
Jon Kibbe is a founding partner of Richards Kibbe Orbe. He specializes in special situation investments, derivatives, distressed debt and claims trading, and the evolving regulatory frameworks for new credit products. He is a recognized authority on evolving legal issues in the global secondary loan market, and his transactional practice concentrates on complex credit structures and the allocation of credit risk in the fixed income markets. Mr. Kibbe represents trade associations, industry groups, investment banks, hedge funds, broker dealers and other financial institutions that transact in the bank loan, high-yield debt and credit derivatives markets.

Mr. Kibbe regularly advises clients participating in the market for troubled and non-performing financial assets and claims, providing transactional, compliance and regulatory guidance to clients that originate, restructure and trade commercial and industrial bank loans, distressed bonds, portfolios of real estate loans, claims against defaulted obligors arising from terminated derivative transactions and other related obligations. He has helped clients establish and support trading desks in the secondary loan market, implement strategic trading programs and develop firm-wide compliance and best-practice initiatives.

Mr. Kibbe earned a J.D. from New York University School of Law and an A.B., magna cum laude, from Harvard University. He is admitted to practice in New York.

Bridget Marsh, Loan Syndications and Trading Association
Bridget Marsh is Executive Vice President and Deputy General Counsel of the Loan Syndications and Trading Association (LSTA). Bridget heads the LSTA’s Primary Market Committee and Trade Practices and Forms Committee and leads the legal projects for the development and standardization of the LSTA’s documentation. She is responsible for responding to and addressing secondary loan market trading disruptions and ensuring that the LSTA’s primary market and trading documentation reflects current market practices. Bridget regularly speaks on the loan market at American Bar Association events.

Prior to joining the LSTA, Bridget practiced as a corporate finance attorney at Milbank, New York and as a lawyer in the corporate/M&A department of Simmons & Simmons, London. In 2013, she was elected as a Fellow of the American College of Commercial Finance Lawyers and named to the Irish Legal 100.

Ms. Marsh graduated magna cum laude from Georgetown University and earned a law degree, with first class honors, from Sydney Law School, University of Sydney, where she served on the editorial board of The Sydney Law Review. She also earned a Masters in Political Science from the University of New South Wales and served as judicial clerk to The Honorable Justice Beaumont of the Federal Court of Australia. Ms. March is admitted to practice in New York, England, Wales, and Australia.

Rick McQuet, Club Hill Capital, LLC
Rick McQuet is the founder and managing partner at Club Hill Capital, which provides institutional investors with exposure to small balance consumer and small business loans and private debt securities. He earned an M.B.A. from Stanford University Graduate School of Business as well as a B.A. in Economics from Stanford.

Jahangier Sharifi, Richards Kibbe & Orbe LLP
Jahan Sharifi is a partner with his firm, where he specializes in investment and financing transactions including mergers and acquisitions, private equity, venture capital, lending, and fund formation. He regularly assists hedge funds and private equity funds in investing in companies in a broad range of industries in the U.S. and other countries. Mr. Sharifi works with clients throughout the life cycle of their investments in companies: advising them on their rights and duties as investors, including with respect to board appointees; negotiating follow-on investments; evaluating proposed investments by new investors; effecting divestitures through private sales or the public markets; and providing guidance on restructuring or recapitalization of companies. He also regularly advises clients on issues relating to the receipt of confidential information and market standards for non-disclosure agreements.

Mr. Sharifi earned a J.D., with honors, from the University of Chicago Law School; an M.G.A. from the Fels Center of Government at the University of Pennsylvania; and a B.A. from the University of Chicago. He is admitted to practice in New York.

Ron Suber, Prosper Marketplace, Inc.
Ron Suber is Head of Global Institutional Sales with Prosper Marketplace. He is responsible for devising and executing the business development strategy to attract both institutional and retail investors to the Prosper platform. He brings more than 20 years of experience in sales, marketing and business development across the hedge fund, broker dealer and registered investment advisor industries.

Before joining Prosper, Mr. Suber was Managing Director at Wells Fargo Securities. Prior to that, he served as the Head of Global Sales and Marketing and Senior Partner for Merlin Securities. He also served as President of Spectrum Global Fund Administration and spent 14 years at Bear Stearns, where he was Senior Managing Director and Manager of Global Clearing Sales. Mr. Suber earned a B.A. in Economics from the University of California, Berkeley.

This program’s CLE-credit eligibility varies by state. Bloomberg BNA is an accredited provider in the states of New York*, California, Pennsylvania, Texas and Virginia, and most other jurisdictions grant CLE credit on a per-program basis. At this time, Bloomberg BNA does not apply directly to the states of Florida, Rhode Island, Montana and Hawaii although credit is usually available for attorneys who wish to apply individually. Additionally, the following states currently do not grant credit for Bloomberg BNA OnDemand programming: Arkansas, Ohio, Nebraska, and Delaware. All requests are subject to approval once the live webinar has taken place or the customer has viewed the OnDemand version. Please contact the Bloomberg BNA accreditations desk if you have specific questions that have not been addressed.

*Bloomberg BNA is an accredited provider in New York for experienced attorneys only.

Hardship Policy
For information regarding Bloomberg BNA’s Hardship Policy, please visit the Continuing Education Information page.

Questions
Individual programs, subjects, and formats may not receive credit in some states and there may be specific rules regarding who may earn credit or the maximum number of credit hours that may be earned with specific formats. For specific questions, contact your state MCLE regulatory entity for specific questions about your MCLE rules or visit the American Bar Association’s website for general information on accreditation.

If you have further questions regarding a specific state or how to file for CE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditation Coordinator or send an email to accreditations@bna.com.