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Regulation and Dilemma of Cross-border Transmission of Financial Information
 
Код статьиS278229070031783-7-1
DOI10.18254/S278229070031783-7
Тип публикации Статья
Статус публикации Одобрена к публикации
Авторы
Chen Armstrong Sheng  
Аффилиация:
Northwest University of Political Science and Law
Dentons Shanghai
Адрес: China, Shanghai
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 this process. Compared with developed countries, 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
Получено26.07.2024
Кол-во символов42798
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Оглавление

INTRODUCTION
1. THE INTRODUCTION OF FINANCIAL INFORMATION IN CHINA
2. ANALYSIS OF STATUS QUO OF THE REGULATION OF CROSS-BODER 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-BODER 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 information is reasonable
4. THE IMPROVEMENT OF REGULATIONS FOR CROSS-BORDER TRANSMISSION OF FINANCIAL INFORMATION
4.1 Improvement 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 cross-border transmission of financial information.
CONCLUSION
1

INTRODUCTION
2 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 of this process. In recent years, various laws and policies have been introduced to regulate these transmissions. 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 regulations in order to promote the synergy of self-regulation of the financial industry and government regulation, they should also coordinate the international development of cross-border financial information transmission while improving legal regulations in this area.
3

1. THE INTRODUCTION OF FINANCIAL INFORMATION IN CHINA

4 On February 13, 2020, the People's Bank of China 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, 20202. 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, 20163. 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. 1. >>>>

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5 In the era of data informatisation, the free flow of various types of data has promoted the development of cross-border services and cross-border trade. The cross-border transmission of financial information not only promotes the internationalisation of enterprises but also facilitates the rapid development of the global financial industry. If 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 become 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 and other legal sanctions.
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2. ANALYSIS OF STATUS QUO OF THE REGULATION OF CROSS-BODER TRANSMISSION OF FINANCIAL INFORMATION
7 On April 8, 2018, the China Banking and Insurance Regulatory Commission was officially established on Beijing Financial Street. Considering the historical process of China's financial reform, the merger of banking and insurance 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, addressing the risks of shadow banking in an orderly manner, 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 to a focus on high quality through detailed and strict regulatory standards (Meng et al. 2019). 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 regions like the EU, there are still some deficiencies.
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2.1. Regulation of cross-border transmission of financial information in China
9 On January 21, 2011, the People’s Bank of China issued the Notice on Banking Financial Institutions Doing a Good Job in Protecting Personal Financial Information (hereinafter referred to as the 2011 Notice)4. Article 6 stipulates that personal finance collected in China shall be stored, processed, and analyzed within China. Except as otherwise stipulated by laws, regulations, or the People’s Bank of China, banking financial institutions shall not provide domestic personal financial information overseas. 4. >>>> 
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