The China Banking Regulatory Commission (CBRC) and the Central Bank of Cyprus, expressing their mutual interest and willingness in promoting further the bilateral ties in the domain of supervision of credit institutions, concluded on 15 July 2011 a Memorandum of Understanding (MoU).
The MoU has been signed on behalf of the CBRC by its Chairman Mr LIU Mingkang, who visited Cyprus for this purpose and, on behalf of the Central Bank of Cyprus, by its Governor, Mr Athanasios Orphanides.
The MoU follows the basic principles of cooperation between supervisory authorities, as formulated by the Basel Committee on Banking Supervision. The MoU outlines the general framework of mutual cooperation and exchange of information between the two supervisory authorities, for the purpose of facilitating the performance of their supervisory function as well as for the effective supervision and regulation of credit institutions with a cross border presence, in accordance with the respective national laws and regulations.
Theodorou Law Firm is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.