China has pledged to expedite amendments to data security regulations related to the issuance of companies and the registration of foreign shares. According to an announcement published on Tuesday
The announcement was published by the 168 General Office of the Communist Party of China (CPC) Central Committee along with the General Office of the State Council. It also highlighted improvements in the laws and regulations of cross-border information flow and confidential information management.
It set goals to improve law enforcement and the securities judicial system by 2022 and 2025. The goals include curbing the frequent occurrence of major illicit and criminal cases and making remarkable progress in transparency. Standards and Reliability in Securities Law – Judicial System
It also puts pressure on foreign listed companies to take responsibility for protecting their cybersecurity.
The announcement said China would increase its crackdown on illegal activities in the securities sector to facilitate the high-quality development of capital markets.