Legislation roundup: IPR transfer, internet financial risks and personal data protection
April 19, 2018 | BY
Susan Mok &Outbound IPR transfers require a review, only financial institutions may engage in online asset management sales, and non-criminal personal data divulgence may be fined.
Intellectual Property
General Office of the State Council, Measures on Work Relevant to the Outbound Assignment of Intellectual Property Rights (Trial Implementation)
Where a technology export, acquisition of a domestic enterprise by a foreign investor or other such activity involves the transfer to a foreign party of intellectual property such as a patent, the exclusive right to an integrated circuit layout design, copyright in computer software or right in a new plant variety, a review shall be conducted. Such intellectual property rights include the right to apply therefor.
Further reading
Banking and Finance
Office of the Special Rectification Work Steering Committee for Internet Financial Risks, Circular on Intensifying the Rectification of Asset Management Business Conducted Over the Internet and Launching Acceptance Check Work
The essence of engagement in asset management business over the internet is engagement in asset management business. Asset management business, as financial business, is in an industry requiring special permits and, as such, is subject to financial regulation. Entities that are not financial institutions may not offer or sell asset management products, unless otherwise provided by the state.
Further reading
Cybersecurity
Ministry of Public Security, Provisions on Monitoring Inspections of Internet Security by Public Security Authorities (Draft for Comments)
If, in the course of a monitoring inspection of internet security, a public security authority discovers that an internet service provider or an internet user entity has stolen or obtained through other illegal means, illegally sold or illegally provided to a third party personal information, but the same is insufficient to constitute a criminal offense, it shall impose penalties in accordance with the second paragraph of Article 64 of the Cybersecurity Law and that could mean a fine of up to Rmb1 million.
Further reading
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