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Impact of 2nd Draft of PI Law and Data Law on Multinational Financial Institutions

In April 2021, the Standing Committee of the National People’s Congress announced the release of the 2nd draft of the Personal Information Protection Law (the “PI Law”) and the 2nd draft of the Data Security Law (the “Data Law”) for public consultations. The release of the two drafts indicates a further step toward the establishment of a comprehensive data protection system in China and will have significant impact on multinational financial institutions. Read more…