The Financial Consumer Agency of Canada, or FCAC, and IIROC have signed a Memorandum of Understanding, or MOU, that they say will strengthen consumer and investor protection.
Under the MOU the two national regulators will assist one another by exchanging information to ensure “effective regulation of those entities and individuals under FCAC’s and IIROC’s jurisdiction,” they say in a joint release. As well, the MOU will help facilitate compliance with — and the enforcement of — laws, rules or requirements of members of each organization.
“As regulators, we can no longer work in isolation,” says Lucie Tedesco, commissioner of the FCAC, in the release.
Andrew Kriegler, president and CEO of IIROC, adds one of the regulators’ goal is to “ensure that those we regulate cannot avoid sanctions and continue working in another area of the financial services industry.”