Guernsey’s financial services regulator, the Guernsey Financial Services Commission (GFSC), has signed a statement of cooperation with the China Banking Regulatory Commission (CBRC).
The statement of cooperation provides the framework for enhanced cooperation between the two supervisory bodies.
Peter Niven, CEO of Guernsey Finance, said, “I am delighted that the GFSC has signed this statement of cooperation with the CBRC. This 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.”
The statement also highlights that the GFSC and the CBRC are aware of the internationalisation 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.
It was signed by Wang Zhaoxing, vice chairman of CBRC and Nik van Leuven, director general of the GFSC.
