Guernsey Signs Agreement With Chinese Banking Regulator

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.

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 and Guernsey.

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.