The statement of cooperation outlines the way in which the two authorities recognize the importance of international cooperation for the development and maintenance of an ordered and sound finance industry in both China and Guernsey.
In addition, the statement also highlights that the GFSC and the CBRC are aware of the internationalization in the supply of financial services and therefore the need for mutual cooperation and the sharing of information in the administration and enforcement of laws, regulations and rules concerning banking or other financial services in the two jurisdictions.
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The agreement was signed by Wang Zhaoxing, vice chairman of CBRC and Nik van Leuven, director General of the GFSC.
Peter Niven, chief executive of Guernsey Finance – the promotional agency for the Island’s finance industry, said: "The agreement puts in place a framework which allows enhanced cooperation between the two supervisory bodies. It will be the foundation for a very strong relationship with CBRC and the other regulatory bodies in China going forward.
"Indeed, this agreement in itself could be extremely influential in helping our service providers attract business from China and we are hopeful that a similar agreement will be reached with the China Securities Regulatory Commission (CSRC) in the coming months. This is all very positive for Guernsey in terms of increasing the flows of business from not just our traditional introducer centers of the UK – in particular the City of London – and Europe but also the emerging markets, including China," Niven added.
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