ANNOUNCEMENT 01 May 2011In May 2011, the government of China announced a change in the required local operations to serve domestic customers.
NUMBER OF INTERVENTIONS
On 21 January 2011, the People's Bank of China issued the Notice on Financial Institutions' Protection over Personal Financial Information. (Yin '2011' No.17) This measure is set up to protect the personal information from being infringed and abused for illegal purpose.
In relevant parts,paragraph 6 of this Notice stipulates that personal financial information collected in China shall be stored, processed and analyzed in China. No financial institution is allowed to transfer the personal financial information outside China unless otherwise specified in other laws and regulations.