Legislation roundup: Anti-terrorism Law, FX trading and bank accounts
December 30, 2015 | BY
Katherine JoThe PRC Anti-terrorism Law will take effect on January 1, the interbank foreign exchange trading hours have been extended and the PBOC has created three types of bank accounts for individuals
Cybersecurity
PRC Anti-terrorism Law
In the course of relevant government departments' prevention and investigation of terrorist activities, internet enterprises have the obligation to provide technical interface and decryption assistance on investigation.
See the digest for more details.
Further reading
Foreign Exchange
People's Bank of China and State Administration of Foreign Exchange, Announcement [2015] No.40
The Announcement extends the foreign exchange trading hours of the interbank foreign exchange market to 11:30 pm Beijing time starting from January 4 2016.
Further reading
Banking
People's Bank of China, Circular on Improving Bank Account Services to Individuals and Strengthening the Administration of Accounts
Depositors may open Type I, Type II and Type III accounts. The largest differences between Type II and Type I accounts are the inability to deposit and withdraw cash and to make transfers to non pre-specified accounts through the former.
Further reading
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