The Alberta Securities Commission (ASC) and the U.S. Financial Industry Regulatory Authority (FINRA) announced Thursday that they have entered into a memorandum of understanding (MOU) to promote and support greater co-operation between the two regulators.
Bill Rice, chairman and and CEO of the ASC, and Steve Luparello, FINRA’s vice chairman, signed the MOU, which came into effect July 25.
The agreement establishes a strong framework for enhancing the ability of the ASC and FINRA to oversee the world’s largest securities firms and markets. It will facilitate the exchange of information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and allow further sharing of regulatory techniques.
“We have seen an increasing number of investigatory matters that overlap between Canada and the United States, and in our efforts to protect investors, it is important that we work with one another more closely,” Rice said. “This MOU will confirm our long-standing cooperation and allow for even more interaction.”
“This agreement builds on our long-standing regulatory partnership, and will allow the ASC and FINRA to share information more freely and quickly in support of the oversight of common firms and into investigations of wrongdoing,” Luparello added.
FINRA is the largest non-governmental regulator for all securities firms doing business in the U.S.