Letters

Malaysia Data Localization

Summary

SIFMA supports the Trump Administration efforts in deepening trade and investment linkages between the U.S. and Malaysia.  The letter encourages the Administration to address the moratorium on outsourcing systems, applications and processes imposed on foreign banks in 2013 by the Bank Negara Malaysia, and the recent indication that Malaysia will soon revise its outsourcing policy to require the on-shoring of data.  Financial institutions recognize that they must provide data to regulators for them to perform their regulatory and supervisory roles, however, the location of the computing facilities or cloud that houses the data has no bearing on their ability to ensure access to that data.  The US policy adopted on cross-border data flows and prohibition of data localization measures in the financial sector recognizes these important facts.

PDF

Submitted To

President Donald J. Trump

Submitted By

SIFMA

Committee

International Policy Committee

Date

11

September

2017