The Ontario Securities Commission has signed an information-sharing agreement with the U.S. self-regulatory organization, the Financial Industry Regulatory Authority.
The OSC and FINRA announced Friday that they have entered into a memorandum of understanding (MOU) that will facilitate the exchange of information about regulated entities that operate across the U.S.-Canadian border.
The MOU, which was signed in Toronto on Nov. 10 and is subject to approval by Ontario’s finance minister, will help the regulators share information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and provide a more complete view of market activity, they said — thereby enhancing their ability to oversee securities firms and markets.
The agreement was signed by Howard Wetston, chairman of the OSC, and Richard Ketchum, FINRA’s chairman and CEO.
“Cross-jurisdictional regulatory coordination is essential for protecting investors in today’s global marketplace. 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,” said Wetston.
“As regulators, our shared mission is to ensure investor protection and market integrity in today’s global market. 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,” Ketchum added.