China’s draft cybersecurity rules pose risks for financial firms, lobby group warns

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Reuters UK

By Selena Li HONG KONG (Reuters) – China’s proposed cybersecurity rules for financial firms could pose risks to operations of western companies by making their data vulnerable to hacking, among other things, a leading lobby group has said in a letter seen by Reuters. The latest regulatory proposal comes at a time when a string of western investment banks and asset managers are expanding their presence in China, either by setting up wholly-owned units or by taking a bigger share in existing joint ventures. The China Securities Regulatory Commission (CSRC) released the draft Administrative Measu…

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