OSC, FINRA sign cooperation deal

The Ontario Securities Commission (OSC) has entered into a memorandum of understanding with the Financial Industry Regulatory Authority (FINRA) to facilitate the exchange of information on regulated entities that operate across the U.S.-Canadian border.

“Cross-jurisdictional regulatory coordination is essential for protecting investors in today’s global marketplace,” said Howard Wetston, chair of the OSC. “This framework acknowledges the interconnectedness of our markets and represents our commitment to working collaboratively with our international regulatory partners to address threats to investors and markets.”

The arrangement will facilitate the exchange of information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and provide a more complete view of market activity.

“As regulators, our shared mission is to ensure investor protection and market integrity in today’s global market,” said Richard Ketchum, FINRA’s chairman and CEO. “FINRA and OSC have long shared a regulatory partnership and under this formalized agreement, we will be able to share information more freely and expeditiously.”

The agreement, which must still be approved by the Ontario Minister of Finance, was signed in Toronto on November 10, 2011.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.