The CBRC supervises all banks and non-bank financial institutions, including foreign and foreign invested financial institutions and offices, with the aim of safeguarding legitimate and sound functioning of the banking industry in the People’s Republic of China.
The DFSA said the agreement, which was signed by the chairman of the CBRC, Shang Fulin and on behalf of the DFSA by chief executive Paul Koster, “confirms a close and effective relationship between the two authorities”.
Koster said: “It grew from the response to the global financial crisis by the Basel Committee on Banking Supervision, which issued specific guidelines to enhance cross-border co-operation on crisis management.
“As active participants in the work of the Basel Committee, the CBRC and DFSA have entered into this agreement conscious of the need to implement international best practice and the commitment to ensure efficient and effective supervision of banks we both supervise.”
