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Nearly six months after the Cyberspace Administration of China (CAC) was first introduced for public consultation, with its draft regulations proposing to ease outbound data transfers from China (Draft Regulations) (see our article "China Releases Draft Regulation to Significantly Ease Cross-border Data Transfers," Privacy World), the much-awaited final rules on Regulating and Facilitating Cross-border Data Flows were published and came into effect on March 22, 2024 (New Regulations). The New Regulations largely repeat the Draft Regulations, but now have further relaxed personal data exports from China.
Meanwhile, on the same day, the CAC also released the Guide to the Application for Security Assessment of Data Exports (Second Edition) and the Guide to the Filing of the Standard Contract for Personal Data Exports (Second Edition) (collectively, the Second Edition Guides) which make corresponding adjustments pursuant to the New Regulations.
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The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
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