CCTV News: Recently, the People's Bank of China, the State Administration for Financial Regulation, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the State Cyberspace Administration of China, and the State Data Administration jointly issued the "Guidelines for Promoting and Regulating the Cross-border Movement of Financial Industry Data" (hereinafter referred to as the "Guidelines"), to promote the cross-border flow of data in Chinese and foreign financial institutions to be more efficient and standardized. The People's Bank of China said that in the next step, it will work with relevant departments to continuously optimize and improve the implementation and effects of the "Guidelines" and continue to promote high-level financial opening. The guide rules are clear and the scenario is clear. As the cross-border amount of my country's financial data is increasing, which financial data can exempt the free and orderly cross-border flow of compliance obligations such as data outbound security assessment? The Guidelines have issued clear rules and clear scenarios based on the Data Security Law, Personal Information Protection Law and new cross-border regulations.

The "Guidelines" first address the compliance issues such as inconsistent business scenarios and irregular data lists faced by Chinese and foreign-funded financial institutions when conducting cross-border financial business. It clearly states that data that does not contain personal information and important data can flow freely across the border to meet relevant requirements, and 47 financial business scenarios that are exempt from the compliance obligations for data exit. Foreign financial institutions said that the "Guidelines" have clear rules and clear scenarios, which are very easy to implement.

Zheng Sizhen, President and CEO of DBS Bank (China) Co., Ltd., said that the "Guidelines" solves many of their actual pain points and difficulties, allowing them to provide cross-border financial services faster and better, and basically covers all possible business scenarios in their banks.

Liu Zheng, general manager of the Legal Compliance Department of Lubomai Fund Management (China) Co., Ltd., said that the compliance guide adopts business scenarios, explaining the method of sensitive and non-sensitive data fields to provide implementable and enforceable guidance for the cross-border flow of data in the financial industry. This "scenario-based list management" model provides high policy certainty for foreign financial institutions.

Chinese financial institutions said that the "Guidelines" facilitated the integrated management of cross-border financial industry development and cross-border groups to a certain extent, improved the efficiency of data outbound compliance management, and provided more specific guidance for Chinese financial institutions to expand overseas business. Standardize related behaviors and avoid illegal outbound financial data

As a typical data-intensive industry, under the background of high-level opening up, the demand for cross-border flow of data in the financial industry is growing rapidly, and security risks are also rising. Experts said that the "Guidelines" set up standards for cross-border financial data behavior, emphasizing that financial institutions should take necessary data security protection management and technical measures to effectively prevent data security risks.

The Guidelines clearly state that financial practitioners need to fully evaluate and ensure that relevant business and data processing activities comply with laws, administrative regulations and management requirements of the central financial management department.

Hong Yanqing, professor of the School of Law of Beijing Institute of Technology, introduced that it mainly targets data security risks and issues such as spillover and spread of security risks that may be brought about by cross-border data flows. The "Guidelines" first sort out and propose a list of financial business scenario categories, descriptions and corresponding personal information data items to avoid financial institutions from leaving the country illegally due to excessive discretion, and to manage potential risks and hidden dangers from the source.

Not only that, experts said that by improving cross-border data flow rules, the business environment of my country's financial market is more attractive. It will not only help attract more foreign financial institutions to come to China to expand their businesses, but also help Chinese financial institutions to accelerate their expansion of overseas markets and comprehensively enhance the international competitiveness and influence of my country's financial industry.

Hong Yanqing said that in general, the issuance of the "Guidelines" conforms to the trend of high-level opening and high-quality development of the financial industry, and provides systematic and specific operational guidance for cross-border data compliance. It not only provides a clearer compliance path for Chinese and foreign financial institutions, but will also promote the competitiveness and influence of my country's financial industry in the international market in the long run, injecting new impetus into creating a more friendly and inclusive business environment.