China inks securities deal with Isle of Man

China Securities Regulatory Commission (CSRC) signed a Memorandum of Understanding (MOU) with the Isle of Man Financial Supervision Commission (FSC) on regulatory cooperation in respect of securities markets on June 9, according to a statement from Isle of Man FSC on Thursday.

The MOU was signed during CSRC's visit to Isle of Man, a self-governing British Crown Dependency earlier this month in a bid to facilitate exchanges on views and cooperation within the securities field.

The MOU will facilitate regulatory cooperation in respect of securities and futures in hopes that this closer regulatory relationship will lead to increased securities business with China, said John Aspden, the Chief Executive of the Financial Supervision Commission.

Isle of Man has been making efforts to make itself a gateway to the European market for Chinese investors, said Michael Charlton, International director for the Isle of Man Government's Department of Economic Development during his Shanghai visit in June.

Isle of Man FSC and the China Banking Regulatory Commission signed a Statement of Cooperation to foster cooperation on banking matters in April 2013. The Isle of Man also aims to become an offshore financial hub providing high-quality financial services to Isle-registered entities.

A delegation from Isle of Man visited Beijing, Tianjin and Shanghai in 2014 to promote the Isle as a reputable international center.

The Isle of Man may facilitate Chinese businesses with various solutions to expand into the UK, London and Europe, said Charlton.