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On May 9, it was announced that, in order to strengthen the rule of law in the financial sector and improve the legal and regulatory system of the central bank, the Peoples Bank of China plans to formulate the "Business Processing Measures for the National Unified Centralized Account Management System" and is now soliciting public opinions.On May 9th, according to Spanish national television, European Central Bank President Christine Lagarde stated that the ECB is carefully weighing its response to the war with Iran and its impact on inflation to ensure it doesnt act too soon or too late. In an interview, Lagarde said policymakers face "enormous uncertainty" and need "more data" to understand the impact of the conflict. She declined to comment on whether the ECB would raise interest rates next month as many expect. She said, "We have been torn between the risks of acting too quickly and acting too late, and we must find the right path to guide our economy toward our 2% medium-term inflation target – that is our goal."On May 9th, the Peoples Bank of China announced that, in order to strengthen the rule of law in the financial sector and improve the legal and regulatory system of the central bank, it has revised four normative documents, including the "Measures for Handling Bank Draft Business of Urban Commercial Banks Relying on the Large-Value Payment System" (issued as Yinbanfa [2004] No. 206), resulting in draft documents for public comment. The deadline for feedback is June 9th, 2026.On May 9th, the State Administration for Market Regulation issued the "Implementation Plan for the Special Action to Raise the Threshold for Certification Bodies," deciding to organize a nationwide special action to raise the threshold for certification bodies from now until December. According to the plan, the special action deploys 15 specific measures in four aspects: strictly controlling institutional access, standardizing certification activities, improving certification capabilities, and strengthening supervision. These measures include: strictly controlling access and licensing in accordance with the law through measures such as improving the certification body qualification licensing review system, strictly reviewing certification body qualifications, strengthening expert technical review support, and implementing on-site verification of qualification compliance; standardizing certification activities through measures such as improving certification management methods, improving nationally unified certification rules, strengthening the filing and review of certification rules, and reinforcing the main responsibilities of institutions and personnel; promoting certification capabilities through measures such as increasing efforts to cultivate brand certification bodies, strengthening special supervision of accreditation, and enhancing the innovation capabilities of certification bodies; and strengthening supervision to promote the healthy and orderly development of the certification service industry through measures such as strengthening risk monitoring and early warning of certification activities, strengthening "random inspections and public disclosure," improving the effectiveness of intelligent supervision, and improving the institutional exit mechanism.On May 9th, the Ministry of Industry and Information Technology issued a notice to officially launch the Pilot Program for Ethical Review and Services of Artificial Intelligence Technology. Based in the provinces where the National Artificial Intelligence Industry Innovation and Application Pilot Zones are located, the program will explore the implementation path of ethical review and services for artificial intelligence technology, improve the multi-party participation and efficient governance mechanism, and support responsible innovation and high-quality development of the artificial intelligence industry.

Microsoft Will Implement A "Data Barrier" For EU Customers on January 1st

Aria Thomas

Dec 16, 2022 10:37

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Microsoft Corp (NASDAQ:MSFT) said on Thursday that as of January 1, cloud clients in the European Union would be allowed to process and store portions of their data in the area.


The progressive implementation of its "EU data border" will encompass all of its main cloud services, including Azure, Microsoft 365, Dynamics 365, and the Power BI platform.


Since the EU enacted the General Data Protection Regulation (GDPR) in 2018, which safeguards user privacy, many corporations have grown increasingly concerned about the worldwide movement of client data.


The European Commission, the bloc's executive arm, is drafting recommendations to protect the privacy of European customers whose data is transmitted to the United States.


Microsoft's Chief Privacy Officer, Julie Brill, told Reuters, "As we dove more into this initiative, we realized that we needed to take a more staged approach."


"The initial phase will focus on client data. In the subsequent phases, we will incorporate logging data, service data, and other types of data into the border "She stated, She stated that the second phase would be completed by the end of 2023 and the third phase will be completed in 2024.


Microsoft maintains over a dozen datacenters in Europe, including France, Germany, Spain, and Switzerland.


For major corporations, data storage has become so extensive and dispersed across so many countries that it is impossible to determine where their data lives and if it conforms with regulations like GDPR.


"We are developing this solution to make our customers feel more secure and to enable them to have transparent talks with their regulators about where their data is handled and kept," Brill explained.


Microsoft has stated in the past that it would contest government demands for user data and would pay any customer whose data was given in violation of GDPR.

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