Page 43 - 期货和衍生品行业监管动态（2022年6月）

期货和衍生品行业监管动态

safeguarding the stability and integrity of the global financial system, upholding
confidentiality of customers’ data, and protecting personal information and privacy

globally.

More specifically, the expanding use of data and information technology for the

provision of financial services offers a range of benefits, including greater consumer

choice, enhanced risk management capabilities, and increased efficiency. However,

these developments can also pose new and complex risks for markets and challenges

for policymakers and regulators.

Cross border data connectivity in financial services may support economic

growth and the development of innovative financial services, and may benefit risk

management and compliance programs. Conversely, data localisation requirements

may increase cybersecurity risks and other operational risks, hinder risk management
and compliance, and inhibit financial regulatory and supervisory access to data.

Based on this shared understanding, SIF and MAS intend to explore policies and

rules that facilitate the following goals with respect to financial institutions:

I. Enable data flows (including personal information) within financial groups or

with business partners, across borders by electronic means provided this activity is for

the conduct of the business within the scope of their license, authorisation, or

registration;

II. Support the free choice of location for the storage and processing of data as

long as financial regulators or supervisors have appropriate access to data necessary to

fulfill their regulatory or supervisory mandate. If such access cannot be granted to

financial regulators or supervisors, alternative means should be explored to remediate

such lack of access before financial institutions are required to use or locate
computing facilities locally; and

III. Protect confidentiality of customers’ data and privacy.

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