By Mark Schaub King & Wood Mallesons’ M&A Group
The CBRC has issued on 20 January 2015 The Notice on the Promotion Guidelines for banking applications of secure and controllable information technology (2014-2015) (“CBRC Guidelines”). The CBRC Guidelines has immediately set off a panic amongst financial institutions operating in PRC and software/hardware/service vendors. The CBRC Guidelines require banks to use “secure and controllable” IT, but many foreign invested financial institutions and vendors are concerned that the guidelines are a large incremental step in an on-going trend aimed at their exclusion from the Chinese market.
Continue Reading Securing China’s Banking IT – CBRC Makes Life Much Tougher for MNC Vendors