The Guernsey Financial Services Commission (GFSC), Guernsey’s official financial services regulator, has signed a memorandum of understanding (MoU) with the Chinese Securities Regulatory Committee (CSRC).

The announcement was made after a meeting in Beijing yesterday.

Director General of the GFSC, William Mason, and the chairman of the CSRC, Xiao Gang, both signed the agreement. The meeting was on the first day of a week-long delegation of Guernsey finance officials to mainland China, flagged up by Private Banker International.

Among the main goals of the agreement are establishing a framework of mutual assistance and the exchange of information between the authorities to ensure compliance with their respective regulatory requirements.

Mason said: "The MoU provides the basis for a framework of cooperation and exchange of information between the two sets of authorities in relation to securities and future businesses."