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On November 3, 2021, the Commerce Department’s Bureau of Industry and Security (“BIS”) issued a final rule adding the following four entities to the Department of Commerce Bureau of Industry and Security Entity List: Candiru (Israel), NSO Group (Israel), Computer Security Initiative Consultancy PTE (Singapore), and Positive Technologies (Russia). The addition of the four entities comes after the October 21, 2021 publication of an interim rule by BIS establishing controls on the export, re-export, and in-country transfers of items that may be used for malicious cyber activities and is part of the ongoing effort by the Biden-Harris Administration to combat the use of digital tools for repression.

On 2 November 2021, the Ministry of Commerce of China officially released the revised Catalogue of Technologies Subject to Import Prohibition and Restriction, effective immediately, which identifies, among others, foreign “data encryption technology employing a key length greater than 256 bits” as a technology that requires import permit when transferred to a Chinese party.

The Communications and Multimedia Content Forum of Malaysia has issued a public consultation paper titled “Revamp of the Malaysian Communications and Multimedia Content Code”, proposing a number of changes to the prohibitions, restrictions and requirements on electronic content, particularly in relation to advertising, as well as broader implications for online service providers and online marketplace operators. The closing date for submission of feedback to the Content Forum is 10 December 2021.

This week’s discussion in the ‘This Week in Government Enforcement’ series will cover the following:
• Deputy Attorney General Lisa Monaco on corporate enforcement priorities under the Biden Administration
• The Consumer Financial Protection Bureau is targeting big tech
o What do they want and why do they want it?
o How should tech firms prepare, whether they receive a request from CFPB or not?

Effective 1 January 2022, cloud service providers in Malaysia will be subjected to licensing requirements under the Malaysian Communications and Multimedia Act 1998. Technical standards are also expected to be implemented in due course to ensure that licensed cloud service providers comply with prescribed requirements as to data security and data protection. Cloud service providers are advised to carefully consider whether the new licensing regime applies to their solutions, and to ensure they are duly licensed when the requirements come into force in the new year.

China has strengthened its commitment to protect personal information by adopting the new Personal Information Protection Law (PIPL 《中华人民共和国个人信息保护法》) which gives data subjects the power to control and determine how, with whom and for what purposes their personal information can be shared, analyzed or handled. Our Firm has previously released a more detailed discussion on the PIPL, which took effect on 1 November 2021.

As a sponsor at the 2021 Hong Kong Fintech Week, Baker McKenzie moderated several panel discussions and hosted a couple of virtual masterclasses, including one on the topic “Future of Work: New Workforce Reality.” This session covers interesting developments from an employment perspective, looking closely at key considerations for financial institutions dealing with the changing environment including critical risks in cybersecurity, data privacy and intellectual property confidentiality, occupational health and safety issues, and fraud risks.

Financial crime remains at the top of the regulatory agenda across the globe. As responses to the pandemic stabilise, and following some high-profile global incidents, regulators face renewed pressure to manage financial crime more effectively through robust supervision and enforcement. In the October 2021 edition of the City Library’s Compliance Officer Bulletin, our business crime, regulatory and cybersecurity lawyers explore the latest developments in anti-money laundering and financial crime in a series of articles

Through Baker McKenzie’s participation in the World Economic Forum project; Unlocking Value of Data Sharing we have learnt that whilst many companies may have a good grasp of unlocking value from their internal data, that the legal risks of data use and sharing are not widely understood or on the radar of decision takers. Moreover, there can be a gap between the business/technology team and the legal function.