IOU Central: I'd Still Trust Them
Bank Account Transfers Still Working Properly
I just wanted to post that when they announced their limited functionality status, I initiated a transfer of funds to my bank account, and today, the funds arrived in my bank account. So they're not artificially delaying anything.
So they're not in any way doing anything that I would consider unethical at this point. They are certainly sticking to what they said they would do: No new loans/bids but keeping the rest of the website operating normally.
It was also nice to see them send out a global e-mail from the CEO today with details on what is going on.
I certainly hope them luck when they get to respond on March 6th to the regulators. As well, the meeting is open to the public, anyone in Montreal want to attend a write a summary for me? If you're going anyway, I'll kick you a few dollars to do so.
AMF vs. IOU Central
My call to Frédéric Alberro @ AMF's media line wasn't too productive. He just referred me to their consumer information department, saying that he had also forwarded my previous email to them (I BCC'd it anyway). No response yet from the consumer department. I really dislike how emails in this world are automatically given less priority than phone calls, but anyways... I was able to ask him a few questions though to clarify things. Looks like in Quebec the AMF does the investigation, and then the BDRVM is the actual quasi-judicial body that makes the decisions/orders. Whereas in pretty much every other jurisdiction the two bodies aren't separated so much. Not sure if it is a civil law thing to do it that way, or what.
I'm guessing the central issue is: Are they actually trading securities or not? I really don't have too much interest in reading Quebec's Securities Act, the Ontario Corporations Act is more than enough fun for me (and relevant). Prosper seems to be find operating without brokerage licenses etc. They are licensed in some states, but I'm guessing that they're licensed as money-transferrers or some such, not full blown brokers.