China: Issued CBIRC Administrative Measures for Internal Control of Wealth Management Companies

On 22 August 2022, the China Banking and Insurance Regulatory Commission (CBIRC) issued the Administrative Measures for Internal Control of Wealth Management Companies. The Measures contain regulations on cybersecurity and data security management. Particularly, Wealth Management Companies are required to store information on sales and products on a technology platform recognized by the China Banking and Insurance Regulatory Commission and take practical measures to ensure the privacy, accuracy, and security of data transmission and storage. The Measures came into force on the date of issuance.