The role of the financial regulatory authority in information security of Russia and China: a comparative legal aspect

• Goryan E.V.

  E. V. Gorian. Vladivostok State University of Economics and Service. Vladivostok. Russia

The object of the study is information security ensuring in the banking and financial sector. The activities of state financial regulators of the Russian Federation and the People's Republic of China in the information security are being characterized. The features of the legal status
of  financial  regulators  that  determine  the  coordinating  role  in  the  institutional  and  legal mechanism  for  ensuring  cybersecurity  are  highlighted  and  compared.  The  key  documents that formulate the regulatory mechanisms for ensuring information security in the banking
and financial sector of Russia and China are studied. In order to obtain the most reliable scientific results, a number of general scientific (systemstructural, formal-logical and hermeneutic methods) and special legal methods of cognition (comparative legal and formal-legal methods) will be used. In Russia, the Central Bank of the Russian Federation (Bank of Russia) is responsible for ensur-
ing the stability of the financial and banking system, and it is authorized to issue binding regulations. In China, the financial regulator is represented by the “one committee, one bank and one commission” system and includes the Financial Stability and Development Committee,
the People’s Bank of China and China Banking and Insurance Regulatory Commission. The committee envisages macroprudential decisions, the bank develops and implements monetary and financial policies, and the commission regulates relations within the framework of the policies and principles developed by the first two entities. The similarity in the status of financial regulators lies in the fact that they are vested with broad legislative powers, including in the field of information security, as well as in the coverage of the key issues regulated: in-
formation system security, personal data, risk management system, outsourcing, audit and monitoring. An advantage of the Russian financial regulator is the presence in its structure of a special unit that promptly responds to computer attacks in the credit and financial sector.
But  in  China,  this  issue  falls  within  the  competence  of  the  Cyberspace  Administration  of China, the central government agency that oversees all issues of state information security. Financial regulators play an important role in ensuring of information security, which is de-
termined by their special legal status and is evident from the results of the exercise of their powers – an array of regulations covering all aspects of the activities of financial institutions.
Keywords:  financial regulatory authority, financial system, cybersecurity, critical information in-
frastructure, Russian Federation, China.