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China's cross-border data sharing requirements: Compliance challenges for global institutions
Journal of Financial Compliance,
6
(3),
198-212
(2023)
Abstract
To protect public and societal interest, ensure network security and safeguard national security, China has passed a series of data security and data protection laws in the past few years which, due to the cross-border data transfer or sharing restrictions under these laws, pose particular challenges for global institutions, especially financial institutions, which need information from their subsidiaries or counterparts in China. This paper summarises the three principal laws that govern the collection, storage, transfer and use of data within China and what global institutions with connections to China need to know.
Keywords: data security; data privacy; data transfer; personal information; Cyberspace Administration of China (CAC); China Securities and Regulatory Commission (CSRC)
The full article is available to subscribers to the journal.
Author's Biography
Eugenie Shen is Managing Director and Head of ASIFMA's Asset Management Group (AAMG), which was set up as a separate division of ASIFMA in 2014 to represent asset managers in Asia, ex-Japan and ex-Australia. Like the rest of ASIFMA, AAMG focuses on the development of and access to capital markets in the Asia region. Eugenie is a US lawyer with decades of private practice and in-house legal experience across a wide range of institutions, industries and jurisdictions spanning Asia, the USA, Europe, and Latin America. Prior to joining ASIFMA, Eugenie was Regional Counsel of PineBridge Investments (the former AIG Investments) in Asia with responsibility for a number of asset management entities across the region. Her other former positions include Global General Counsel for the Sino-French joint venture television company TTE Corporation, Asia Counsel for private investment firm Morningside Technologies, Assistant Director and Head of China Listing at the Hong Kong Stock Exchange and Vice President and Senior Associate Counsel at Chase Manhattan Bank. Eugenie started her career as an associate at Shearman & Sterling, working in its New York and Hong Kong offices. She is a member of the New York Bar and has a BA from Cornell University and a JD from Georgetown University Law Centre.
Alex Roberts is Counsel at Linklaters' Shanghai office. He advises on a wide range of tech and data-related projects including cross-border tech acquisitions, investments into, and establishments of, online platforms, commercial contracts and operational compliance. With a growing web of data protection and cybersecurity regimes across the Asia region, Alex's work increasingly involves advising on regional data breaches, ransomware attacks and data compliance projects. He is currently advising numerous multinationals on implementation of mainland China's Personal Information Protection Law and Data Security Law. Alex frequently shares his insights on data protection, cybersecurity and broader TMT topics at leading media outlets such as Thomson Reuters, South China Morning Post, Global Data Review and Forbes. He is also a popular speaker at seminars and webinars on tech and data topics in China and Asia. Alex is qualified as a solicitor in England and Wales and holds a BA from Cambridge University. He attended the Legal Practice Course (English Law) at BPP Law School, London and holds a Graduate Diploma in Law from Nottingham Law School. Alex has also completed an executive MBA at China Europe International Business School in Shanghai, a course currently ranked fifth in the Financial Times rankings. Alex is also a member of the Executive Committee and is Advocacy Lead of the British Chamber of Commerce in Shanghai, acting as a channel for foreign business investigating entering and expanding in the mainland China market. Alex was recognised as a ‘rising star’ in the corporate and M&A, Fintech and TMT practices in China by Legal 500 in 2021 and 2022.
