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China: CBIRC issues notice on data services of currency brokers

On August 30, 2023, the China Banking and Insurance Regulatory Commission (CBIRC) published a notice on matters related to regulating the data services of currency brokerage companies. In particular, the notice highlights the aim to strengthen data governance and ensure data security of currency brokerage companies processing data and providing data services. Specifically, the notice provides that currency brokerage companies should incorporate data governance into the scope of corporate governance, and establish a data security governance system compatible with business development such that the data security management system is compatible with the full data lifecycle.

In addition, the notice stipulates that currency brokerage companies should adhere to the principle of data minimization, protecting customer privacy, and promoting information sharing. Likewise, in line with standardization, the notice establishes that currency brokerage companies should sign agreements with data users such as financial infrastructure and financial information service providers to clarify the rights and obligations of both parties regarding data security, data processing and use, and redistribution, among other things.

You can read the notice, only available in Chinese, here.