Home > News content

People's Catalog: The personal information protection law will affect cross-border Internet brokers?

via:新浪科技     time:2021/10/16 12:00:35     readed:132


Text / Ding Shengming

In recent years, with the continuous growth of China's national wealth, many domestic investors have begun to participate in overseas US stocks and Hong Kong stocks. In this context, cross-border Internet brokers with major market stock trading services have also ushered in rapid development. However, the personal information protection law to be implemented on November 1 will bring significant compliance challenges to the cross-border Internet brokerage industry.

At present, some cross-border Internet brokerage operators are: after the development of customers in the territory, customers have transferred to the account through the overseas bank card through the Internet, transfer, and participate in the trade of the account, re-participation in US stocks and Hong Kong stocks through the overseas bank card purchase . At the time of the investor registration account, you need to provide a large number of personal information, including personal financial information, such as occupational status, company name, business nature, annual income, source, tax information, etc. in the transaction. In the process, cross-border Internet brokers will also master personal information such as bank accounts, transaction data. Since cross-border Internet brokerage needs to meet overseas regulatory requirements during overseas operations, it is possible to provide the above-mentioned personal information to the overseas subject.

For example, US stocks must be subject to regulatory, US stock companies, need to be regulated by the US Securities Regulatory Commission (SEC). The US regulatory agencies have the right to ask them to provide account information. For example, Finra requires that members (ie, the subject) have the responsibility to design appropriate mechanisms to determine the relevant responsible persons of the account, ensuring that these people have appropriate qualifications and registration qualifications, and have the ability to provide such information to Finra or SEC staff. Therefore, the personal information of a large number of domestic investors collected by cross-border Internet brokers may be known by the US financial sector.

According to the provisions of Article 38 of the Upper Implementation Personal Information Protection, "personal information handlers must provide personal information from the People's Republic of China, and should have one of the following conditions: (1) according to the needs of the People's Republic. Article 40 of this Law shall pass the safety assessment of the National Net Sector Organization; (2) Personal information protection certification is performed by the professional institution in accordance with the national Nets Department; (3) according to the standard contracts established in accordance with the national Nets Department The overseas recipients entered into contracts, agreed to the rights and obligations of both parties; (4) Other conditions stipulated by law, administrative regulations or national NetCC departments. "According to this provision, cross-border Internet brokers must not provide the collected personal information to overseas, It must meet certain conditions. Therefore, if cross-border Internet brokerage, if you want to continue business, you need to do a lot of work in compliance.

The Strong Regulatory Age has arrived, and the cross-border Internet brokers involving personal information security, data security and financial security cross-border Internet brokers are facing major challenges. Adapt to national requirements, actively act as a wise choice for the survival and continued development of personal information security and national security.

(The original title "People's Catalog: Personal Information Protection Law will affect cross-border Internet brokers?")

translate engine: Google

China IT News APP

Download China IT News APP

Please rate this news

The average score will be displayed after you score.

Post comment

Do not see clearly? Click for a new code.

User comments