The Irish Financial Regulator has signed Memoranda of Understanding with the China Banking Regulatory Commission (CBRC) and the China Securities Regulatory Commission (CSRC).
The Memoranda were signed by the Chairmen of the China Banking Regulatory Commission (CBRC) and the China Securities Regulatory Commission (CSRC), and Chairman of the Financial Regulator, Jim Farrell, in the presence of Prime Minister, Mr Brian Cowen, who was leading a trade mission to China.
The Memoranda establish an arrangement for the sharing of supervisory information and the enhancing of cooperation in the area of banking and securities regulation between the Irish and Chinese authorities.
The signing of the memoranda is being viewed as a significant milestone for the Irish financial services industry as it becomes a more important player in the international financial services market. The MoUs also recognise the growing importance of China as an economic power.
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