The Jersey Financial Services Commission (JFSC) has announced that it recently entered into a Statement of Co-operation (SoC) with the China Banking Regulatory Commission (CBRC).
According to the JFSC, the objectives of the statement include working towards the mutual understanding of both jurisdictions’ regulatory regimes, strengthening co-operation between the two, including the provision of assistance where necessary, and establishing dialogue in this regard.
"Over time, this should help to facilitate market access into the respective jurisdictions," a JFSC statement explained.
The SoC was signed by Mr David Carse, Director General of the JFSC, and Mr Liu Mingkang, Chairman of the CBRC.
Commenting on the agreement, Mr. Carse noted that: "This is in line with the Commission’s commitment to cross-border regulatory co-operation and also recognises that cross-border activity between our two jurisdictions is likely to increase. The SoC should provide a good basis for building a mutually beneficial relationship.”
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