An agreement to improve information sharing between the Ontario Securities Commission and the U.S. self-regulatory organization, the Financial Industry Regulatory Authority, Inc., has received final approval.
The OSC announced Friday that Ontario finance minister Dwight Duncan has approved a memorandum of understanding between the commission and FINRA, which is intended to facilitate the exchange of information about firms that operate across the border, particularly concerning enforcement-related matters.
The agreement is intended to bolster market oversight by helping the regulators share information on firms and individuals, enable collaboration on investigations and enforcement cases, and provide a more complete view of market activity.
The agreement, which was signed by the regulators’ chiefs, Howard Wetston, chair of the OSC, and Richard Ketchum, FINRA’s chairman and CEO, back in November came into effect in Ontario on December 13.