PRESS RELEASE 31 May 2006

Statement of Co-operation with the China Banking Regulatory Commission

The Jersey Financial Services Commission (“JFSC”) has recently entered into a Statement of Co-operation (“SoC”) with the China Banking Regulatory Commission (“CBRC”).

The SoC was signed by Mr David Carse, Director General of the JFSC, and Mr Liu Mingkang, Chairman of the CBRC.

The JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey. The CBRC is a statutory body corporate responsible for banking regulation and supervision in the People’s Republic of China.

The stated objectives of the statement include working towards the mutual understanding of both jurisdictions’ regulatory regimes, strengthening co-operation between the two, including the provision of assistance where necessary, and establishing dialogue in this regard. Over time, this should help to facilitate market access into the respective jurisdictions.

Mr. Carse said: “I am delighted to sign this Statement of Co-operation with the China Banking Regulatory Commission. This is in line with the Commission’s commitment to cross-border regulatory co-operation and also recognises that cross-border activity between our two jurisdictions is likely to increase. The SoC should provide a good basis for building a mutually beneficial relationship.”

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For further information contact:

Mark Sumner
Director, Banking
Jersey Financial Services Commission

Telephone: + 44 (0) 1534 822117
Facsimile: + 44 (0) 1534 822002
Email: m.sumner@jerseyfsc.org