FIA along with the Asia Securities Industry & Financial Markets Association submitted comments on the Consultation Draft of the Data Security Law (DSL) to the Legislative Affairs Commission of the Standing Committee of the 13th National People's Congress. FIA and ASIFMA’s letter support the need for jurisdictions to establish reasonable and proportionate mechanisms to safeguard data. The associations also raise concerns about the broad scope and extraterritorial application of the DSL, and its overlap with existing regulation. In addition, the associations voice the need for detailed guidance on how market participants can meet the broad obligations set out in the DSL and request that the regulatory authorities engage with market participants in drafting such guidance. The two association look forward to working with the Commission and to provide any further industry input.
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