A trio of Canadian securities commissions have signed a pair of deals pledging to co-operate and share information with British authorities to facilitate oversight of firms that operate in both countries.
According to Thursday’s OSC Bulletin, the securities commissions of Ontario, Alberta and B.C. have signed memorandums of understanding with both the Bank of England and the Financial Conduct Authority (FCA) that aim to ensure regulatory co-operation in the supervision and oversight of firms that operate in both Canada and the United Kingdom.
The agreements are designed to provide “a comprehensive framework for consultation, co-operation and information-sharing related to the day-to-day supervision and oversight of cross-border regulated entities and enhances the OSC’s ability to supervise these entities,” reports the Ontario Securities Commission (OSC) in its notice announcing the agreements, which are subject to the approval on the minister of Finance in Ontario.
They set out the terms of co-operation and information sharing, including procedures for requesting assistance, permitted uses of information, and confidentiality provisions, among other things.
“In view of the growing globalization of the world’s financial markets and the increase in cross-border operations and activities of regulated entities, the [authorities] have reached this memorandum of understanding regarding mutual assistance in the supervision and oversight of regulated entities,” the MOU notes, adding that through these agreements, the authorities are expressing “their willingness to cooperate in the interest of fulfilling their respective regulatory objectives particularly in the areas of investor protection and market confidence.”