Overview
The China Banking Regulatory Commission
("CBRC") jointly with three other
government departments promulgated the CBRC Guidance Opinions on
the Use of Secure and Controllable Technology to Strengthen the
Internet Security and Information Construction of Banking Industry
(YINJIANFA (2014) No. 39, the "CBRC
Opinion") on 3 September 2014. The Guidelines on
Promoting the Use of Secure and Controllable Technology in Banking
Industry (2014-2015) (YINJIANBANFA (2014) No. 317, the
"CBRC Guidelines") were later issued on
26 December 2014, as the detailed implementing rules of the CBRC
Opinion. Targeting to improve the information security in the
banking sector and in a larger sense, the financial security of
China, the CBRC Opinion and the CBRC Guidelines (collectively, the
"New Rules") require that banks, within
a specific timeframe, achieve a series of fixed targets in relation
to applying "secure and controllable" IT products. This
may have a significant impact
