The US-China Business Council (“USCBC”) released a report on February 5, 2018. The report identifies three key areas in which the China Cybersecurity Law (the “CCL”), which came into effect in June 2017, has posed significant challenges to companies’ ability to conduct business in China, and sets forth detailed recommendations to the Chinese regulators to address such challenges. We previously discussed the CCL and the international business community’s concerns regarding the law’s expansive scope, prescriptive requirements, and lack of clarity on a range of critical issues. The new USCBC report raising many of these same concerns can be accessed here. Continue Reading US China Business Council Lays Out Recommendations to Improve China’s Cybersecurity Regulations
On October 27, 2017, the Hong Kong Securities and Futures Commission (“SFC”) issued Guidelines for Reducing and Mitigating Hacking Risks Associated with Internet Trading (the “Guidelines”), a set of baseline cybersecurity requirements that all persons licensed or registered with the SFC and engaged in internet trading will be required to implement. The Hong Kong Monetary Authority (“HKMA”) simultaneously issued a circular to CEOs of Registered Institutions requiring them to apply the Guidelines.
The new guidelines should be viewed as requirements for securities and futures dealers and asset managers registered with the SFC and banks supervised by the HKMA (which include a number of foreign banks that operate branches in Hong Kong). For e-commerce firms and other companies that do business in or have connections to Hong Kong, the new guidelines should additionally be viewed as relevant guidance for best practices in cybersecurity.
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