Guersey FSC To Increase Cooperation With Hong Kong SFC

by Jason Gorringe, for LawAndTax-News.com, London

06 June 2005

It emerged last Friday that the Guernsey Financial Services Commission and Hong Kong's securities and futures markets regulator, the Securities and Futures Commission, have signed a Letter of Intent in Hong Kong, which provides a framework for enhanced cooperation between the two regulatory authorities.

The Letter of Intent is the first to be signed by the SFC with a regulatory body outside Asia, and provides a formal basis for strengthening regulatory cooperation, particularly with regard to the supervision of investment products and cross-border trading.

According to the FSC, this is intended to facilitate the development of deeper and broader investment markets through the cross-border trading of investment products that are acceptable to both authorities.

Peter Neville, Director General of the Financial Services Commission observed that:

"I am delighted to have the opportunity to sign this Letter of Intent with the Hong Kong SFC. The Guernsey Commission and the SFC have developed a very close working relationship over the years. For example, 3 Guernsey umbrella funds with 33 classes have been authorised by the SFC for marketing to the public in Hong Kong. The Letter of Intent is an important further step in deepening that relationship."

He added:

"We look forward to exchanging information and working together, in order not only to protect the international financial system but also to provide greater commercial opportunities for financial services firms in both jurisdictions."

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