- China's top legislative body passed the Personal Information Protection Law likely to be effective from November 1, the Wall Street Journal reported based on Xinhua News Agency.
- Europe's General Data Protection Regulation inspired China's data protection law, setting stricter rules on companies' user data collection and handling, CNBC reports.
- The U.S. regulators also continue to crack down on the growing influence of the internet tech giants like Facebook Inc FB, Alphabet Inc GOOG GOOGL.
- China's previous draft of the law mandated user consent for data collection and users' liberty to withdraw that consent at any time.
- Companies that process data cannot refuse services to non-consenting users unless that data is necessary to provide that product or service.
- China also imposed strict requirements for transferring Chinese citizens' data beyond the country.
- Companies failing the rules could be penalized up to 50 million yuan ($7.7 million) or 5% of their annual revenue.
- The legislation follows President Xi Jinping's crackdown on the dominant tech giants, including Alibaba Group Holding Ltd BABA, Tencent Holdings Ltd TCEHY, DiDi Global Inc DIDI. The stocks, including Bilibili Inc BILI and Baidu Inc BIDU, dropped recently following China's banned list of actions for the internet companies.
- Price Action: DIDI shares traded lower by 1.57% at $7.09, BILI shares traded lower by 2.07% at $63, BIDU shares traded lower by 0.46% at $136.70 in the premarket session on the last check Friday.
- Photo by Gerd Altmann from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
