China’s banking authority, the China Banking Regulatory Commission, and the Guernsey Financial Services Commission have signed a Statement of Cooperation, which provides a framework for broader and closer regulatory cooperation between the two supervisory authorities.
The Statement has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard setters for financial services supervisors. Importantly, the Statement recognises the importance of cross-border cooperation in crisis management situations.
Nik van Leuven, Director General of the Commission said:
“I am honoured to sign the Statement of Cooperation with the China Banking Regulatory Commission. The Statement is an important step in deepening our relationship. I look forward to continuing our constructive dialogue and exchanging views on matters of common interest in the years to come.”