CBIRC, SFC to boost supervision of cross-boundary regulated entities

HONG KONG - The China Banking and Insurance Regulatory Commission (CBIRC) and Hong Kong's Securities and Futures Commission (SFC) will cooperate to boost exchange of information in connection with the supervision and oversight of cross-boundary regulated entities.

CBIRC and SFC have entered into a Memorandum of Understanding (MoU) to boost such cooperation, SFC said in a brief statement on Friday.

The MoU facilitates CBIRC and SFC to cooperate in the interest of fulfilling their respective mandates, particularly in investor protection, promoting the competence and integrity of cross-boundary regulated entities, fostering market and financial integrity, reducing systemic risk and maintaining financial stability, according to the statement.