The Investment Industry Regulatory Organization of Canada and the Financial Industry Regulatory Authority Monday announced a formal co-operation agreement that will enhance the effectiveness of both organizations through the exchange of information and other cross-border assistance.

IIROC and FINRA carry out many of the same regulatory functions and both organizations also regulate dealer/broker members which are subsidiaries of IIROC- or FINRA-registered firms. While IIROC and FINRA have worked together in the past, this new agreement provides for more extensive co-operation efforts.

In addition to information sharing on compliance and enforcement related matters, IIROC and FINRA plan to work together on issues related to firm oversight and examinations.

“Coordination with other regulators, both domestic and foreign, will enhance our regulatory effectiveness in an increasingly global environment,” said IIROC CEO and President Susan Wolburgh Jenah.

“Investors in both countries will benefit from better informed and more effective cross-border regulatory collaboration,” said FINRA Chairman and CEO Richard Ketchum.

FINRA is the largest independent regulator for all securities firms doing business in the United States.

IIROC is the national self-regulatory organization that oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

IE