UPDATE 2-Chinese online brokers Futu and UP Fintech face regulatory risks, People's Daily website says

UPDATE 2-Chinese online brokers Futu and UP Fintech face regulatory risks, People's Daily website says

SHANGHAI, Oct 14 (Reuters) - U.S.-listed Chinese online brokerages Futu Holding (FUTU.O) and UP Fintech Holding face regulatory risks as China's new personal data privacy law takes effect on Nov. 1, the official People's Daily said in an analysis on its website. Such brokerages, which help mainland Chinese individuals invest in overseas stock markets such as in the United States and Hong Kong, could violate data privacy rules and also run compliance risks, the article said. China has launched a flurry of crackdowns targeting sectors ranging from technology to cryptocurrency to property. The People's Daily's article could put Chinese online brokers next in the regulatory crosshairs. "Since our founding Futu has insisted that the protection of personal information and data is of top priority," Futu said in a statement in …
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