China: Adopted Notice of the People's Bank of China on Protecting Personal Financial Information by Banking Financial Institutions

On 28 January 2011, the People's Bank of China adopted the Notice of the People's Bank of China on Protecting Personal Financial Information by Banking Financial Institutions, which will enter into effect on 1 May 2011. The Notice applies to banking financial institutions and their processing activities of personal financial information, which are defined in the Notice. According to the Notice, personal financial information collected in China must be stored in China unless approval to provide it abroad is provided.