Personal data security in PRC: vectors of improving legal regulation in the financial and banking sector

Abstract

The object of this research is the legal relations in the sphere of regulation of personal data security in the financial and banking sector of the People's Republic of China. The characteristics is given to the current legislation of China (Civil Code, Personal Information Protection Law, and Cybersecurity Law), existing or draft bylaws in the field of personal data security. Attention is given the second revision of the draft law on personal information protection, as well as determination of the institutional mechanism for ensuring personal data security. The article examines the peculiarities of regulation of relations in the sphere of ensuring personal data security in the financial and banking sector, as well as characterizes  the role of the financial regulator in this mechanism. The development of the mechanism for personal data protection is at completion stage; besides the adoption of the Civil Code of the People's Republic of China, which establishes the framework for regulation, two of the three special laws – Personal Information Protection Law and Cybersecurity Law – have already been adopted. The flagship law on Personal Information Protections is expected to be adopted by 2021. The aforementioned laws encompass all spheres of information security and ensure strong data protection regime: outline the scope of regulation, objects and subject composition, responsibility, and institutional control mechanism. The legal regime covers such aspects of relations as personal data of deceased persons, persons with reduced capabilities (due to age and health), as well as transnational data transfer. At this point, the financial and banking sector features a number of bylaws that set strict standards for ensuring personal information protection. The leading role in this mechanism is played by the financial regulator – the People's Bank of China. The standards adopted by the People’s Bank of China require further examination, which would allow formulating recommendations for the improvement of the Russian legal system.