Companies that collect a large amount of personal information are required to conduct a compliance audit of its protection of personal information annually. Facial recognition may not be carried out if other non-biometric identification technology solutions are available.
Banks and insurance institutions are required to establish a basic system for the management of operational risks. Criteria are set forth for the recognition of critical railway information infrastructure. Shenzhen allows land payments made in installments.
China's securities watchdog instruct lawyers to tone down China-related risk disclosures in prospectuses; new rules restrict export of drones and related technologies; and bubble tea companies seek foreign listings amidst growing regulatory scrutiny
President Joe Biden's much-anticipated "Reverse CFIUS" executive order, which will require the screening of U.S. investments into China, will not apply retroactively, at least initially; The PBOC drafts rules on data security for its own business areas; and China aims to inject private captial into national infrastructure projects.
People's Bank of China issues rules restricting cross-border transfer of its business data. The National Administration of Financial Regulation permits overseas non-financial institutions to serve as investors in financial asset management companies. The financial requirements for establishing auto finance companies are substantially increased.
U.S. senators propose amendment to defense bill requiring the tracking of U.S. investments in China; Foreign firms are accelerating their push to decouple their data in China from the rest of the world; and China's commerce minister pledges to open up more opportunities to foreign pharmaceutical firms in a roundtable meeting
AI service providers are required to protect users' personal information. More requirements are specified for agreements on international human genetic resources cooperation. CAC prohibits violent online information.
The CSRC targets screenshots of texts in Chinese social media containing speculative news affecting share prices; Management fees of mutual funds are decreased to encourage investment activity; and Delistings are reaching record levels as Chinese listing rules tighten.
State Council applies more favorable oversight on venture capital funds. SAT clarifies activities that are not R&D. CAC revises cybersecurity products catalogue.
No Chinese companies have successfully listed overseas due to tight scrutiny from domestic regulators; A Beijing company succeeds in making a SCC filing for the cross-border transfer of data; and China announces measures to open up free trade zones in order to lure back foreign investors.
