Research On Legal Issues Of Extra-territorial Financial Information Protection

With the continuous development of information technology and network in the field of global financial industry, the financial information of consumer in financial institutions is also on the rise, and the disclosure risk of financial information is great. This financial information includes customer's personal data, transaction data and other derived information. Although all countries in the world were beginning to pay attention to financial information legislation from the 20th century, the protection of the area of financial information hasn't formed a unified international organization or international treaty. More importantly, in the course of the financial information legislation, the protection of financial information system and information disclosure system engender serious conflict. How to balance the two systems have been problems which the national legislation tried to address. At present, there are two modes in the field of financial information legislation:in one hand the EU is represented a comprehensive legislative model, in another hand the USA is represented a decentralized model. Therefore, this paper draws on the experience of Europe and the United States to explore and analysis the legal protection of financial information.In this paper, the first chapter introduced the establishment and development of Extra-territorial Financial Information Protection System and it is led from the Extra-territorial classical cases. Then the author will analyze the generation of financial information protection system. It has necessity and theoretical basis (including the implied terms theory and tort theory). In the second chapter, the author will construct a new right in the field of financial information protection, namely financial information right. This chapter mainly explains the basic theories of the financial information right, including its concept, nature, content and the relationship with the financial privacy right. The second chapter is the theoretical basis for writing this article. In the third chapter, the author uses the European Union and the United States financial information protection legislation as an example to introduce extra-territorial legislation. The author further analyzes the bilateral cooperation mechanism-the "safe harbor" agreement between the European Union and the United States, profoundly explains the similarities and differences between the EU and the United States legislation. Chapter IV is a key part of the article, mainly explaining the conflict and balance on the financial information protection system and information disclosure system. In the backdrop of the current international financial crisis outbreak, information disclosure system is particularly important. In this paper, the writer will analyze the relationship between financial crisis and information disclosure system. And on this basis, the writer will find out the principles and methods to solve the conflict between the financial information protection system and information disclosure system. Finally, the chapter V will study the status quo and deficiencies of our country about the field of financial information protection. Compared with extra-developed countries, the legislation of our country in the field of financial information protection exists some deficiencies, like indirect protection, scattered legislation, and superficial contents and so on. At last, the author thinks that our country should make a separate financial information protection law on the basis of personal information protection law.The Innovation of this article:First, the article is based on the analysis of financial information protection. It puts forward the concept of the financial information right. In this paper, it explains the connotation and extension of the new right. Further, the writer uses the financial information right to replace the notion of financial privacy. Second, the conflicts and balances between financial information protection and information disclosure system have been the problem that countries are trying to solve. Based on the analysis, this article puts forward some principles and measures to resolve this problem. Third, previous studies on the financial information protection always ignore the imminent enact "Personal Information Protection Law". However, this article will combine the main elements of the law and the defects in our current legislation to present the material measures of the financial information protection system. It can make our financial information protection law to absorb the advanced experiences of foreign countries and conform to specific circumstances of China.