Finra and Ontario Securities Commission ink MoU

Source: Financial Industry Regulatory Authority

The Financial Industry Regulatory Authority (Finra) and the Ontario Securities Commission (OSC) today announced they have entered into a Memorandum of Understanding (MOU) that will facilitate the exchange of information with respect to regulated entities that operate across the U.S.-Canadian border.

Richard Ketchum, FINRA's Chairman and CEO, and Howard I. Wetston, Q.C., Chair of the OSC, executed the MOU, which provides a clear mechanism for consultation and cooperation between FINRA and the OSC. The MOU was signed in Toronto on Nov. 10, 2011, and establishes a strong framework to enhance the ability of the OSC and FINRA to oversee securities firms and markets. The arrangement will facilitate the exchange of information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and provide a more complete view of market activity.

Mr. Ketchum said, "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."

Mr. Wetston said, "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."

In Ontario, the MOU is subject to approval by the Ontario Minister of Finance. 

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