Governing Financial Corporate Compliance in the Cross-Border Data Flow Regulation of China
In the context of the digital economy,it has become a trend to carry out necessary regulation on cross-border financial data flows,and financial corporations with this inherent business requirement urgently need to strengthen responsive compliance.Due to the multiple connotations of compliance,the financial corporate compliance on cross-bor-der data flows in China should be constructed as a comprehensive governance system that encompasses the following three dimensions.Legislation is a prerequisite,and the essence of legislation on cross-border financial data flows is the balance of interests between security and freedom.The misalignment between financial corporation and financial data in current legislation leads to an imbalance of interests,which can only be redressed by returning to the central perspective of financial corporate compliance based on financial data standard.Internal compliance is the core,which requires not only imposing mandatory compliance obligations on financial corporation under the concept of preventive regulation to a-chieve the rule of law for autonomy,and then setting up a full-process compliance system with full-cycle protection ob-ligations as a basis;but also improving the triple-loop coupling of regulation,self-regulation and meta-regulation,to promote the positive interaction between the rule of law and autonomy within a framework of principles.Administrative supervision is a guarantee.In order to cope with the dilemma of multi-authority supervision,the challenges caused by FinTech and the insufficiency of compliance motivation,it is necessary for a unified supervisory authority to innovate RegTech and establish multiple compliance incentives.In the face of the absence of a positive law basis and unknown dy-namic risks,the regulatory sandbox can be introduced to provide a fault-tolerant and error-correcting experimental mechanism for the implementation of the above ideas.
cross-border data flowfinancial datafinancial corporationcorporate compliancegovernance sys-tem
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