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Regulation and Dilemma of Cross-border Transmission of Financial Information
 
Код статьиS278229070031381-5-1
DOI10.18254/S278229070031381-5
Тип публикации Статья
Статус публикации Одобрена к публикации
Авторы
Chen Armstrong Sheng  
Аффилиация: Dentons Shanghai
Адрес: Китай,
Аннотация

  It is important to ensure the order and security of the cross-border transmission of financial information, so it is self-evident that it is necessary to regulate and continuously improve the cross-border transmission of financial information. Compared with developed countries abroad, China still lacks regulations on the cross-border transmission of financial information. There are difficulties and obstacles in the cross-border transmission of financial information, and suggestions are made to improve the status quo.

Ключевые словаfinancial information; Cross-border transmission; legal regulation
Получено24.06.2024
Кол-во символов52204
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Оглавление

1. The Introduction of Financial Information in China
2. Analysis of the Status Quo of the Regulation of Cross-border Transmission of Financial Information
2.1 Regulation of Cross-border Transmission of Financial Information in China
2.2 Regulation of Cross-border Transmission of Financial Information in the EU
3. Difficulties and Obstacles in the Cross-border Transmission of Financial Information
3.1 Conflict between the Obligation of Confidentiality of Financial Information and Cross-border Transmission and Information Sharing
3.2 Discussion of Whether the Provision of "Domestic Storage and Operation" Applied to Financial Tnformation is Reasonable
4. The Improvement of Regulations for the Cross-border Transmission of Financial Information
4.1 Improvment of China's Legal Regulations on the Cross-border Transmission of Financial Information.
4.2 Promoting the Synergy between the Self-regulation of the Financial Industry and Government Regulations
4.3 Coordinated Development at the International Level for the Cross-border Transmission of Financial Information
References
1 Regulation and Dilemma of Cross-border Transmission of Financial Information Author: Armstrong Sheng Chen Position: Senior Partner of Dentons Shanghai Researcher Foreign-related Legal Research Institute of Northwest University of Political Science and Law Tel: +86 13910020938 Email: armstrong.chen@dentons.cn Working address: 9/F, 24/F,25/F Shanghai World Financial Center, 100 Century Avenue, Shanghai
2 Abstract It is important to ensure the order and security of the cross-border transmission of financial information, so it is self-evident that it is necessary to regulate and continuously improve the cross-border transmission of financial information. Compared with developed countries abroad, China still lacks regulations on the cross-border transmission of financial information. There are difficulties and obstacles in the cross-border transmission of financial information, and suggestions are made to improve the status quo. Keywords: financial information; Cross-border transmission; legal regulation
3 Cross-border transmission of financial information in the global financial market has gradually attracted the attention of many countries. Governments in these countries are aware of the need for regulation on the cross-border transmission of financial information. In recent years, various laws and policies have been introduced to regulate. However, in practice, there are dilemmas and obstacles in the cross-border transmission of financial information, such as conflicts between financial information confidentiality obligations and cross-border transmission, information sharing, and whether the provisions of "domestic storage and operation" should apply to financial information. In addition to continuously improving their own laws and regulation in order to promote the synergy of self-regulation of the financial industry and government regulation, they should also coordinate the international levels of development of cross-border financial information transmission on the way of improving legal regulation of the cross-border transmission of financial information.
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1. The Introduction of Financial Information in China

On February 13, 2020, the People's Bank of China (hereinafter referred to as the "PBOC") issued the "Personal Financial Information Protection Technical Specification" (hereinafter referred to as the "Specification").1 The Specification defines personal financial information as personal information obtained, processed and preserved by financial institutions through the provision of financial products and services or other channels, including account information, authentication information, financial transaction information, personal identification information, property information, and loans Information and additional information reflecting certain circumstances of a particular individual. The time for feedback issued by the People's Bank of China on the Implementation Measures for the Protection of Financial Consumers' Rights and Interests (Draft for Comment) (hereinafter referred to as the "2019 Implementation Measures") ends on January 25, 2020.2 Article 27 of the 2019 Implementation Measures first amends the "Personal Financial Information" of the "Implementation Measures for the Protection of Financial Consumer Rights and Interests of the People's Bank of China" (hereinafter referred to as the "Implementation Measures for 2016") implemented on December 14, 2016,3 It is "consumer financial information", which defines financial information as "buy, use" related information of financial products or services, including personal identification information, property information, account information, credit information, financial transaction information and other related information. In the era of data informatization, the free flow of various types of data information has promoted the development of cross-border services and cross-border trade. The cross-border transmission of financial information not only promotes the internationalization of enterprises but also facilitates the rapid development of the global financial industry. If financial transactions, the cross-border transmission of financial information, lacks unified legal supervision but is allowed to expand freely and disorderly, then financial transactions are bound to go chaotic. For individual users in financial transactions, if personal financial information is leaked by financial institutions or used in an improper way, the owner of the information is likely to suffer property losses. At the same time, financial institutions will also be subject to administrative sanctions and other legal sanctions. 		1. The People’s Bank of China, Personal Financial Information Protection Technical Specification (JR/T 0171-2020), China, 13 February 2020，http://www.cfstc.org.cn/bzgk/gk/view/bzxq.jsp?i_id=1856

2. The People’s Bank of China, Implementation Measures for the Protection of Financial Consumers' Rights and Interests (Draft for Comment), China, 25 January, 2020, >>>> 53/3689009/3788480/41 21916/2020110615170136365.pdf

3. The People’s Bank of China, Implementation Measures of the People's Bank of China for Protecting Financial Consumers' Rights and Interests, China, 25 December, 2016, >>>> 130733/3881691/index.html
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2. Analysis of the Status Quo of the Regulation of Cross-border Transmission of Financial Information

On April 8, 2018, the China Banking and Insurance Regulatory Commission was officially listed on Beijing Financial Street. Starting from the historical process of China's financial reform, the merger of bancassurance regulatory agencies can be described as a landmark event, which marks that the modern financial regulatory framework is further reshaped. The banking industry emphasizes serving entities, orderly resolving the risks of shadow banking, and promoting the establishment of a long-term mechanism for risk management and control, while the insurance industry pays more attention to the introduction of new policies in equity, products, channels and promotes the return of the insurance industry through detailed and strict regulatory standards guarantee and transform high quality. From laws to departmental regulations, China's regulations on the cross-border transmission of financial information are gradually becoming more complete and detailed. However, compared with other countries and areas abroad like the EU, there are still some deficiencies. 
1. Meng Fanxia, Song yitong, Li haojie, “China's banking and Insurance Regulatory Commission opens to the outside world”, Beijing business daily, No. 2,2019.
2.  Zheng Jun, Gao Dingxin, “The EU GDPR and its Impact on the Financial Industry”, China Finance, Issue 12 2018.
3.  Wu shenkuo, Huo wenxin, “EU GDPR and analysis of data cross-border issues”, China information security, no. 7,2018.
4. Borchert H, It takes Two to Tango: Public-Private Information Management to Advance Critical Infrastructure Protection, European Journal of Risk Regulation, Volume 6, Issue 2, 2015, p. 208.
5.  Wang Rui, “Analysis on the main content and influence of EU general data protection regulation”, Financial accounting, no. 8,2018.
6. Liang Yifang, Wu Dan, “Enlightenment of EU GDPR strong regulation model on data governance of China's financial industry”, Financial technology age, no. 9,2018.
7. Huang Ning, Li Yang, “Evolution and causes of cross-border data flow regulation under ‘three difficult choices’”, Journal of Tsinghua University (Philosophy and Social Sciences Edition), No. 5,2017.
8. World Trade Organization, Communication from the United States Measures Adopted and under Development by China Relating to Its Cybersecurity Law, https://docs.wto.org/dol2fe/Pages/FE_Search/FE_S_S009-DP.aspx?language=E&CatalogueIdList=238967,235083,234683,234548,233628,233629,232625,229594,229263,228945&CurrentCatalogueIdIndex=0&FullTextHash=&HasEnglishRecord=True&HasFrenchRecord=True&HasSpanishRecord=False,  last visited at June 4, 2019.
9.  Fu Peng, A brief introduction to the regulatory framework of data cross-border transmission under the system of "Computer Network Security Law", https://mp.weixin.qq.com/s/M90N82DqwjYs_Btn-CzSyw,  Last visited June 4,2019.

10. Wang Rong, “Cognition and suggestion of data cross-border flow policy: from the perspective of comparison and reflection of American and European policies”, Security and confidentiality of information and communications, no. 3,2018.

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