Mon, 13/06/2005 - 07:09
The Guernsey Financial Services Commission and Hong Kong's Securities and Futures Commission have signed a Letter of Intent for enhanced cooperation.
Peter Neville, Director General of the Commission said: "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."
Neville added: "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. 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."
The Letter of Intent is the first to be signed by the SFC with a regulatory body outside Asia. It provides a formal basis for strengthening regulatory cooperation, particularly with regard to the supervision of investment products and cross-border trading.
This should facilitate the development of deeper and broader investment markets through the cross-border trading of investment products that are acceptable to both authorities.
Both the Commission and the SFC are members of the International Organization of Securities Commissions (IOSCO). The Letter of Intent is signed in the spirit of mutual cooperation between securities regulators fostered by IOSCO.
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