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Business Groups Press Beijing On Banking Regs In Formal Submission

October 2, 2015 at 3:49 PM
A coalition of 18 U.S. and international business groups are pressing the China Banking Regulatory Commission (CBRC) to overhaul a proposed regulation that would require foreign technology companies to incorporate China-developed encryption algorithms and security mechanisms if they supply Chinese financial institutions. In a formal submission to the CBRC dated Sept. 14, groups like the U.S. Chamber of Commerce and the U.S.-China Business Council (USCBC) argue that the commission's proposed approach would fail to achieve its goal of making products...


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