China increases data security scrutiny on overseas-listed companies

China pledged to speed up revising regulations on data security regarding company’s issuance and listing shares overseas, according to a notice on Tuesday.

The notice, published by the General Office of the Communist Party of China Central Committee along with the General Office of the State Council, also stressed on improvement of laws and regulations of cross-border data flow and management of confidential information.

It specifies the targets in upgrading the securities law-enforcement and judicial systems by 2022 and 2025. The targets include effectively curbing the frequent occurrence of major illegal and criminal cases and making notable advances in the transparency, standardization, and credibility in the securities law-enforcement and judicial system.

In terms of law enforcement cracking down on illegal securities activities, the document calls for improving investigation, inspection, and trial mechanisms.

Source: https://news.cgtn.com/news/2021-07-06/China-increases-data-security-scrutiny-on-overseas-listed-companies-11Gl6Ed05Xi/index.html

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