In a deal aimed at improving the development and cooperation between their respective banking sectors, the Mainland of China and Taiwan have signed a memorandum of understanding (MOU) on financial regulation and supervision.
It was signed by the chairman of Taiwan's Financial Supervisory Commission, Sean Chen, and chairman of the China Banking Regulatory Commission, Liu Mingkang. Copies of the MOU are only available in Chinese, and it is expected to be effective within the next two months.
The MOU contains provisions for cooperation on the cross-border regulation and supervision of banking, securities and insurance services in both countries. It was agreed that both parties would cooperate in the exchange and sharing of financial information and establishment of financial institutions, as well as a mechanism to deal with any possible future financial crises.
Taiwanese and Chinese banks will be able to open branches or subsidiaries in each other's territory after the MOU is effective, but they will only be able to invest in each other after the signing of the proposed Taiwan-China economic cooperation framework agreement, for which negotiations are expected to be completed early in 2010.
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