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Jersey and China financial regulators sign MoU

Thu, 10/04/2014 - 06:40

Jersey’s appeal as a centre for facilitating investment into and out of China has been boosted with the signing of memorandum of understanding (MoU) between the Jersey Financial Services Commission (JFSC) and the China Securities Regulatory Commission (CSRC).

The MoU was signed by John Harris, director general of the JFSC, and the vice chairman of the CSRC, Liu Xinhua on 9 April at the CSRC’s office in Beijing.
Providing the basis for a framework of cooperation and exchange of information, significantly the MoU paves the way for allowing Jersey domiciled funds to participate in the Qualified Foreign Institutional Investor and Qualified Domestic Institutional Investor programmes. As such, it will be beneficial to Chinese investors looking to internationalise their investments and add to Jersey’s appeal as a jurisdiction that can act as a gateway for investing into and out of China.
The signing formed part of a senior Jersey delegation visit to Beijing and Shanghai, led by Jersey’s Chief Minister, Senator Ian Gorst and included representatives from the States of Jersey, the JFSC and Jersey Finance.
During the visit, Jersey Finance was also represented at SuperReturn China, a Chinese Private Equity and Venture Capital event in Beijing. Jersey Finance was sponsor of the opening day cocktail reception and a co-sponsor of the two-day event, which was attended by more than 300 attendees and 100 international and local Limited Partners.
A number of meetings with government representatives and leading business introducers, in Beijing and Shanghai, were also held during the visit to highlight areas where Jersey sees particular scope for supporting Chinese investors. As well as providing fund and corporate vehicles for outbound Chinese investments, these include listing opportunities for equity and dim sum bonds and structuring offshore RMB using Jersey vehicles.
Richard Corrigan, deputy CEO, Jersey Finance, says: “The MoU builds on Jersey’s long established relationship with the PRC. It is a real statement of intent from both sides, to communicate and cooperate more closely in the future. Jersey is now extremely well placed to realise the growing number of inward and outward investment opportunities being made available by the continued liberalisation of the Chinese economy.”

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