The Guernsey Financial Services Commission (GFSC), Guernsey’s official financial services regulator, has signed a memorandum of understanding (MoU) with the Chinese Securities Regulatory Committee (CSRC).

The announcement was made after a meeting in Beijing yesterday.

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Director General of the GFSC, William Mason, and the chairman of the CSRC, Xiao Gang, both signed the agreement. The meeting was on the first day of a week-long delegation of Guernsey finance officials to mainland China, flagged up by Private Banker International.

Among the main goals of the agreement are establishing a framework of mutual assistance and the exchange of information between the authorities to ensure compliance with their respective regulatory requirements.

Mason said: "The MoU provides the basis for a framework of cooperation and exchange of information between the two sets of authorities in relation to securities and future businesses."

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