An increasing number of financial institutions and fintech companies are coming together to create consortia or shared utility service providers that will identify, design, build and provide emerging technologies like blockchain and the possibility of using decentralized, distributed ledger technology that can be accessed and used by market participants to record information. Continue Reading Challenges with the Evolution of Blockchain

On 7 November 2016, the Standing Committee of the National People’s Congress has formally passed China’s first comprehensive privacy and security regulation for cyberspace. Since the new Cyber Security Law (CSL) will come into effect on 1 June 2017, technology companies that are operating in or planning to expand to the Peoples Republic of China (PRC) are well advised to adapt their IT infrastructure and data architecture to the new law. Violations of the law may, at worst, lead to high fines, website shutdowns or license revocations. Some of the most significant changes brought about by the new law are briefly outlined below. Continue Reading China Adopts New Law on Cybersecurity

On 12 August 2016, the Cyberspace Administration of China (“CAC”), the General Administration of Quality Supervision, the Inspection and Quarantine of China (“GAQSIQ”), and the Standardisation Administration of China (“SAC”) jointly released Several Guidelines to Strengthen National Cybersecurity Standardisation (the “Guidelines”). Under the Guidelines, mandatory national standards will be introduced to regulate critical fields such as major information technology infrastructure and classified networks in an effort to harmonise the current divergent local practice. Continue Reading China Releases Guidelines to Strengthen Cybersecurity Standardisation

Efforts to coordinate and enhance cybersecurity across the European Union (“EU”) have taken a step forward with the publication on 19 July 2016 of the new Network and Information Security Directive (2016/1148/EU) (the “Directive”) in the Official Journal of the European Union. Member States will have until 9 May 2018 to transpose the Directive into their national laws. Continue Reading A new EU Framework on Cybersecurity: The Network and Information Security Directive