The central bank and six other departments jointly issued the "Guidelines for Promoting and Regulating the Compliance of Cross-Border Data Flow in the Financial Industry"

According to the China Securities Journal, on April 17, the People's Bank of China announced that it, along with six other departments, jointly issued the "Guidelines for Promoting and Regulating the Compliance of Cross-Border Data Flow in the Financial Industry" (hereinafter referred to as the "Guidelines"). The "Guidelines" aim to promote more efficient and standardized cross-border data flow for both domestic and foreign financial institutions, further clarify the specific circumstances under which data can exit the country, as well as the list of data items that can flow across borders, facilitating cross-border data movement. The "Guidelines" require financial institutions to take necessary data security protection management and technical measures to ensure data security. In the next steps, the People's Bank of China will work with relevant departments to continuously optimize and improve based on the implementation and effectiveness of the "Guidelines," and continue to promote high-level financial openness.

The original text is as follows:

The People's Bank of China and six departments jointly issued the "Guidelines for Promoting and Regulating the Compliance of Cross-Border Data Flow in the Financial Industry"

In order to implement the spirit of the 20th National Congress of the Communist Party of China and promote high-level financial openness, the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the National Internet Information Office, and the National Data Bureau recently jointly issued the "Guidelines for Promoting and Regulating the Compliance of Cross-Border Data Flow in the Financial Industry" (hereinafter referred to as the "Guidelines").

The "Guidelines" aim to promote more efficient and standardized cross-border data flow for both domestic and foreign financial institutions, further clarify the specific circumstances under which data can exit the country, as well as the list of data items that can flow across borders, facilitating cross-border data movement. The "Guidelines" require financial institutions to take necessary data security protection management and technical measures to ensure data security.

In the next steps, the People's Bank of China will work with relevant departments to continuously optimize and improve based on the implementation and effectiveness of the "Guidelines," and continue to promote high-level financial openness.

This article is compiled from the People's Bank of China, edited by Chen Wenfang of Zhitong Finance