China Securities Regulatory Commission signs a Memorandum of Understanding with the Isle of Man Financial Supervision Commission

A delegation from the China Securities Regulatory Commission (“CSRC”) has visited the Island at the invitation of the Chief Minister to sign a Memorandum of Understanding (“MOU”) with the Financial Supervision Commission (“FSC”). The MOU on regulatory cooperation in respect of securities’ markets was signed on 9 June 2014.

The MOU is designed to facilitate a two way exchange of views and cooperation in the field of securities and futures supervision and it marks a new stage in securities’ regulatory cooperation between the jurisdictions.

In April 2013 a Statement of Cooperation was signed in China between the FSC and the China Banking Regulatory Commission to foster cooperation on banking matters. The FSC is therefore delighted that the CSRC has been able to visit the Island, to sign an MOU on securities’ regulation on 9 June 2014 . The delegation was led by Mr Jiang Yang, Vice Chairman of the CSRC, who signed the MOU with the Chairman of the FSC, Mr Geoff Karran MBE.

The Chief Executive of the Financial Supervision Commission, John Aspden, said:

‘The Financial Supervision Commission is very pleased to sign a Memorandum of Understanding with the China Securities Regulatory Commission. This will undoubtedly facilitate regulatory cooperation in respect of securities and futures and we hope this closer regulatory relationship will lead to increased securities business with China.’