US-listed Chinese online brokerages Futu Holding and UP Fintech Holding face regulatory risks as China’s new personal data privacy law takes effect on November 1, an analysis on the official People’s Daily website said.
The brokerages, which help individuals on the Chinese mainland invest in stock markets abroad such as in the US, could violate data privacy rules and also run compliance risks, the article said.
Beijing has in recent months cracked down on sectors ranging from technology to cryptocurrency to property. The latest article suggests Chinese online brokers could soon be the regulatory crosshairs.
Full story: The People’s Daily.
- Reuters with additional editing by Jim Pollard.