The statement of cooperation provides the framework for enhanced
cooperation between the two supervisory bodies.
It outlines that way in which the two authorities recognise the
importance of international cooperation for the development and
maintenance of an ordered and sound finance industry in both China
In addition, 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.
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, 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."
Guernsey Finance established a representative office in Shanghai
at the end of 2007.
In November 2010, on behalf of the Guernsey Government, Chief
Minister Lyndon Trott signed a signed a Memorandum of Understanding
(MoU) for exchange and cooperation with the Shanghai Municipal
Financial Services Office and a Tax Information Exchange Agreement
(TIEA) with the Chinese central government tax authorities.
Mr Niven added: "This statement of cooperation is a further
demonstration of the huge strides we have made building
relationships and raising awareness of the Guernsey brand in China
during the last few years. It is a significant endorsement of the
high regard in which the Island is held internationally and further
adds to our position as a well regulated, cooperative and
transparent international finance centre.
"In addition, it also puts another building block in place
in terms of providing the right conditions for Guernsey firms to do
business in China. We have already seen a Guernsey-based legal
practice establish an office in Shanghai, a local fund
administrator has launched a joint venture with a firm in that same
city and I believe that this agreement will provide the final piece
in the jigsaw which will see one of the Island's fiduciaries
set up in Shanghai as well.
"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 centres of the UK – in particular the City of
London – and Europe but also the emerging markets,
The agreement with the CBRC means that the GFSC has now signed
MoUs with regulatory/supervisory bodies in the following other
jurisdictions: Australia, Belgium, China, Cyprus, Dubai, France,
Germany, Gibraltar, Iceland, Italy, Isle of Man, Jersey, Malta,
Mauritius, Netherlands, South Africa, UK, USA.
In addition, the GFSC has signed a Multilateral Memorandum of
Understanding (MMoU) with both the International Association of
Insurance Supervisors (IAIS) and the International Organisation of
Securities Commissions (IOSCO).
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