China regulates financial information services

The regulations on financial information services issued by the Cyberspace Administration of China went into effect in February.

The stipulations define the services as those that provide users engaged in financial activities with information or financial data that might affect the financial market.

Providers should not produce, copy, release or spread any information that contains fake financial information, distorts the country's financial and monetary policies or instigates others to partake in financial frauds or economic crimes.

Information that promotes financial products and services forbidden by authorities or contains other content that goes against laws and regulations will also be prohibited.

In recent years, some financial information service agencies have been hyping the risks in the financial market, publishing sensitive market information and distorting the country's policies on financial supervision. Such activities have impacted the economic and financial stability and led to the release of the stipulations.