FPSC, OSC enter into MOU

Earlier this month, the Ontario Minister of Finance approved a memorandum of understanding (MOU) between FPSC and the OSC.

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The MOU supports a framework for co-operation between FPSC and the OSC that will assist in the effective delivery of each organization’s respective mandate. Under the MOU, FPSC and the OSC will cooperate in numerous areas, including:

• notifying each other about matters materially relevant to their respective mandates;
• sharing information regarding registration/certification, compliance and enforcement activities, where appropriate and in the public interest;
• exchanging information related to regulatory and investigatory approaches and best practices that are of mutual interest; and
• undertaking joint education or advocacy activities relating to financial planning or securities issues.

Greater transparency and increased direct co-operation between FPSC and the OSC will allow each organization to act in the most timely and efficient manner, improving oversight and strengthening consumer protection, says a release.

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“The co-operative sharing of information between our two organizations is an important step forward,” says FPSC president and CEO Cary List. “We look forward to working collaboratively with the OSC to provide more effective and efficient oversight to best serve the public interest.”

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