HONG KONG—China’s proposed cybersecurity rules for financial firms could pose risks to the operations of western companies by making their data vulnerable to hacking, among other things, according to a leading lobby group.
The latest regulatory proposal comes at a time when a string of western investment banks and asset managers are expanding their presence in China, either by setting up wholly-owned units or by taking a bigger share in existing joint ventures.
The China Securities Regulatory Commission (CSRC) released the draft Administrative Measures for the Management of Network Security in the Securities and Futures Industry on April 29, and offered a month-long public consultation on the proposals….