PRC Law on the Regulation of the Banking Industry (Revised Draft for Comments)

中华人民共和国银行业监督管理法 (修订草案征求意见稿)

December 02, 2022 | BY

Susan Mok

Banks may not transfer business data overseas without authorization.

Issued: November 11, 2022

Main contents: The Draft includes the major shareholders and de facto controllers of banking financial institutions within the scope of regulation, for example, review of the establishment of institutions, and of changes in institutions with legal personality.

Without the consent of the State Council's banking regulator, a foreign (meaning outside of mainland China) banking regulator may not conduct activities such as investigations or gathering of evidence in the mainland of the People's Republic of China.

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