Legislation roundup: Cybersecurity, FX trade, and housing supply
April 12, 2017 | BY
Katherine Jo &clp articles &The CAC has elaborated on cross-border data transfer reviews, SAFE has required banks to verify FX payments electronically and housing supply has been encouraged in cities with high demand
Cybersecurity
Cyberspace Administration of China, Measures for Security Assessments of Personal Information and Important Data Transferred Overseas (Draft for Comments)
If any of the circumstances set forth below applies to data to be transferred overseas, the network operator shall request that the competent industry authority or regulator arrange for the conduct of a security assessment:
(1) contain or cumulatively contain the personal information of at least 500,000 persons;
(2) the quantity of data exceeds 1,000GB;
(3) contain data on sectors such as nuclear facilities, chemical biology, national defense industry, population health, or data on large project activities, the marine environment or sensitive geological information;
(4) contain cybersecurity information, such as system vulnerabilities in, or security prevention of, critical information infrastructure;
(5) provision to foreign parties of personal information and important data by an operator of critical information infrastructure; or
(6) other data that could affect national security or the public interest and the competent industry authority or regulator deems the conduct of an assessment necessary.
See the digest for more details.
Further reading
Foreign Exchange
State Administration of Foreign Exchange, Circular on the Work Related to Facilitating the Conduct of Reviews of Trade Documents by Banks
When handling a payment of foreign exchange to a foreign party (other than in connection with offshore resale) amounting to more than the equivalent of US$100,000 in connection with the trade in goods, the bank, while reviewing the relevant trade documents in accordance with current provisions, shall, in principle, carry out verification procedures in respect of the relevant electronic import customs declaration information through the system's “customs declaration information verification” module.
See the digest for more details.
Further reading
Real Estate
Ministry of Housing and Urban-rural Development and Ministry of Land and Resources, Circular on the Work Associated with Strengthening Administration and Control of Housing and Land Supply at Present
Cities in which there is a serious discrepancy between supply and demand and the upward pressure on housing prices is great shall establish a rapid administrative examination and approval channel for projects for the construction of commercially developed housing.
Real property enterprises are encouraged to participate in the transformation of industrial plant buildings.
See the digest for more details.
Further reading
Cybersecurity
Cyberspace Administration of China, Measures for Security Assessments of Personal Information and Important Data Transferred Overseas (Draft for Comments)
If any of the circumstances set forth below applies to data to be transferred overseas, the network operator shall request that the competent industry authority or regulator arrange for the conduct of a security assessment:
(1) contain or cumulatively contain the personal information of at least 500,000 persons;
(2) the quantity of data exceeds 1,000GB;
(3) contain data on sectors such as nuclear facilities, chemical biology, national defense industry, population health, or data on large project activities, the marine environment or sensitive geological information;
(4) contain cybersecurity information, such as system vulnerabilities in, or security prevention of, critical information infrastructure;
(5) provision to foreign parties of personal information and important data by an operator of critical information infrastructure; or
(6) other data that could affect national security or the public interest and the competent industry authority or regulator deems the conduct of an assessment necessary.
See the digest for more details.
Further reading
Foreign Exchange
State Administration of Foreign Exchange, Circular on the Work Related to Facilitating the Conduct of Reviews of Trade Documents by Banks
When handling a payment of foreign exchange to a foreign party (other than in connection with offshore resale) amounting to more than the equivalent of US$100,000 in connection with the trade in goods, the bank, while reviewing the relevant trade documents in accordance with current provisions, shall, in principle, carry out verification procedures in respect of the relevant electronic import customs declaration information through the system's “customs declaration information verification” module.
See the digest for more details.
Further reading
Real Estate
Ministry of Housing and Urban-rural Development and Ministry of Land and Resources, Circular on the Work Associated with Strengthening Administration and Control of Housing and Land Supply at Present
Cities in which there is a serious discrepancy between supply and demand and the upward pressure on housing prices is great shall establish a rapid administrative examination and approval channel for projects for the construction of commercially developed housing.
Real property enterprises are encouraged to participate in the transformation of industrial plant buildings.
See the digest for more details.
Further reading
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