ASIC has released guidance for providers of marketplace lending products (also known as 'peer-to-peer'), including information about their legal obligations. ASIC Commissioner John Price said they wanted to "help innovative start-ups understand the regulatory framework they are operating under."  'Marketplace lending is a new product and this information sheet is an example of how ASIC's innovation hub is helping innovative businesses understand their regulatory obligations to support them to grow and develop in Australia,' he said.  The ASIC information sheet makes the observation that marketplace lending arrangements commonly involve the use of an online platform, such as a website, on which loan requests are made, and matched against offers to invest.  This leads to ASIC's view that 'marketplace lending' is a more appropriate way to describe these lending arrangements than 'peer-to-peer lending' (or 'P2P'). However, "[as] neither 'marketplace lending' or 'peer-to-peer lending' is a defined legal term...if the product is referred to in a way that is misleading or deceptive, we may take action," ASIC said. "Adopting some of these good practices can help investors understand the product and risks and build community trust and confidence in marketplace lending more generally," Price said. For further information: Information Sheet 213 - Providers of Marketplace Lending Products