Grand Cayman (Wednesday, 9 January 2019) The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) is pleased to announce that it has recently concluded the signing of a Memorandum of Understanding (“MOU”) with the China Securities Regulatory Commission (“CSRC”), on 5 November 2018.
The MOU is designed to enhance the exchange of supervisory information and cross-border enforcement cooperation with regards to Cayman Islands registered companies, which carry out public securities offerings in China and/or whose securities are trading on China’s stock exchange.
As part of the Authority’s strategic plan, this agreement is an important step in strengthening relations with other international regulatory bodies. It also allows for non-Chinese companies to obtain permission from the CSRC to invest in the Chinese Capital Markets.
CIMA’s Managing Director Mrs. Cindy Scotland stated that, “The newly signed MOU supports our efforts in maintaining Cayman’s position as a leading financial centre.” Other competitor jurisdictions, such as Dubai, Hong Kong, Guernsey and Jersey, have all signed MOUs with the CSRC.
Mrs. Scotland added, “The agreement also provides a formal framework that allows the CSRC and CIMA to coordinate on regulatory matters to ensure safe and fair practices within the securities industry.”
To date, the Authority has entered into 56 bilateral agreements and 6 multilateral agreements with regulatory authorities around the world.