USCBC Comments on CBRC Draft Regulations Affecting Technology Purchases

USCBC and a group of 17 other industry associations submitted a formal set of written comments to the China Banking Regulatory Commission (CBRC) to offer input on technology regulations affecting banks operating in China. These comments were in response to September 2014 CBRC regulations that would have required all banks in China to use “secure and controllable” technology, with criteria to meet that standard that many foreign technology companies either could not or would not comply with such as disclosing source code, restricting the flow of cross border commercial data and using local encryption algorithms. In April 2015, CBRC circulated an announcement to banks stating that the policy was temporarily suspended and under review.