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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Hong Kong inks deal with Mainland for supervision of cross-boundary regulated entities

The SFC and CBIRC will cooperate on investor protection amongst other key areas.

The Securities and Futures Commission (SFC) has entered into a memorandum of understanding with the China Banking and Insurance Regulatory Commission (CBIRC) to enhance cooperation and exchange of information with regards to the supervision of cross-boundary regulated entities.

Also read: Hong Kong inks tax pact with Finland

The deal facilitates the CBIRC and the SFC to cooperate in the areas of investor protection and promote the competence and integrity of Cross-Boundary Regulated Entities.

The MOU also aims to foster market and financial integrity as well as reduce systemic risk and maintain overall financial stability.

The SFC also inked a deal with German banking, securities and insurance regulator with the aim of providing consultation, cooperation and exchange of information in connection with the supervision and oversight of cross-border regulated entities between Hong Kong and Germany. 

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