A Data Compliance Reference Manual from the Supervisory Authority

August 09, 2023 | BY

Susan Mok

A new set of Measures have been published by the People's Bank of China. In this article, Zhou Yang of Jingtian & Gongcheng examines the provisions and reveal how they will impact and assist data handlers in the financial sector

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Summary

  • Data processing in the financial sector has always been regulated robustly
  • The new Measures published by the People's Bank of China continue this trend, setting out a number of detailed provisions and consolidating the data security management obligations of data handlers in the sector
  • The Measures can be regarded as the "Data Compliance Reference Manual" for data compliance management
  • The new Measures provide for management and technical protection measures for data security based on data categorization and classification, focusing on the collection, storage, transmission and deletion of data
  • The Measures also set out a number of annual compliance obligations which will assist data handlers in improving their overall data security level, but will also increase their annual compliance budget