With the European Union's revised product safety rules coming into effect in December 2024, Chinese firms should take notice of major changes to the rules and how they can comply with them.
3M pays fine to settle bribery charges on its China subsidiary; China recognizes data as an asset in financial statements; and China revises company law to increase controlling shareholder responsibility in companies.
National Administration of Financial Regulation permits overseas non-financial institutions to serve as investors in financial asset management companies.
Guidelines are given for informing individuals of automated decision processing of their personal information. Website platforms are responsible for dealing with online enterprise-related infringement information. Banking and financial institutions should report the outcome of their assessment of the prevention and control of criminal case risks annually.
China meets executives of international firms in order to reassure them over data security regulations; CSRC seeks regulatory opinion for the frist time for overseas listing; and Chinese automobile parts included in U.S. import detention over Xinjiang concerns
New draft measures on personal information protection compliance audits have been released for public comment. Jianwei (Jerry) Fang and Chuchen (Julie) Hou of Zhong Lun Law Firm analyze the legislative basis and specific requirements of the new draft, and provide some practical recommendations for PI processors who are planning for an upcoming compliance audit.
Biden's new Executive Order simplifies the proposed "Reverse CFIUS" review process of outbound investment into China; Small hedge funds in China are threatened with a minimum asset requirement; and Shanghai Stock Exchange further scrutinizes medical companies as an anti-corruption campaign intensifies.
Processing of sensitive personal information may require written consent of the individual. Mobile smart terminals, applications and application distribution platforms shall provide information and services suitable for minors. Lenient treatment of environmental contamination may be allowed.