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CHINA: New draft proposes more stringent requirements for processing data in the financial services industry

DLA Piper Privacy Matters

Authors: Carolyn Bigg, Amanda Ge and Venus Cheung On July 24, 2023, the People’s Bank of China (“ PBOC ”) released the Measures for the Management of Data Security in the Business Areas Falling into PBOC’s Jurisdiction (Draft for Comment) (“ Draft Measures” ) for public consultation, which closes on August 24, 2023.

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China’s PIPL has finally arrived, and brings helpful clarification (rather than substantial change) to China’s data privacy framework

DLA Piper Privacy Matters

Therefore, a localised (or regional) compliance programme is strongly recommended, and indeed will enable organisations to seize opportunities to do more with their China data (within a compliant framework). This aligns with other recent guidance putting clearer parameters around use of biometric data in China).

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FRANCE: CNIL adopts new single authorization on fraud prevention systems

DLA Piper Privacy Matters

Only certain categories of entities in the banking and financial sector are eligible to self-certify under the AU-054. The AU-054 covers entities from the banking or financial sector which are under the control of the French Autorité de Contrôle Prudentiel et de Résolution in accordance with Article L.511-20-III

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An Approach to Cybersecurity Risk Oversight for Corporate Directors

Data Matters

Recent guidance from the Securities and Exchange Commission (SEC) on disclosure and enforcement actions by the Federal Trade Commission (FTC) make clear that cybersecurity is no longer a niche topic, but a concern significant enough to warrant the oversight of corporate boards of directors. Designing an Enterprise-Level Approach.