The FCA has published a co-operation agreement that it has entered into with the People’s Bank of China (PBOC). The purpose of the co-operation agreement is to provide a framework for co-operation between the FCA and the PBOC with respect to promoting innovation in financial services.
In the agreement, the FCA and the PBOC undertake to share information about innovation in financial services in their respective markets including but not limited to:
- emerging market trends and developments;
- regulatory issues pertaining to innovation in financial services; and
- information on organisations or bodies which lead efforts to promote innovation in financial services.
The co-operation agreement is a statement of intent and does not create any enforceable rights, and is not legally binding.
View FCA and PBOC enter into co-operation agreement to promote innovation, 11 November 2016