Thursday March 31 2016
News Source: Global Exchanges
Focus: Other
Type: General
Country: Canada
Link: http://www.iiroc.ca/Documents/2016/5a43d68b-9b33-41b6-b426-87752566ae2b_en.pdf
On 30th March 2016, the Investment Industry Regulatory Organization of Canada (IIROC) and the Financial Services Commission of Ontario (FSCO) signed an information sharing agreement that will provide more effective regulation and strengthen consumer protection in Ontario.
Under the Memorandum of Understanding (MOU) agreed by IIROC and FSCO, the two regulators will share the decisions and sanctions of their respective disciplinary processes. Disciplinary decisions or actions taken by one regulator will trigger a review of the sanctioned individual’s activities by the other regulator, including consideration of the suitability of the individual for approval, licensing or registration. This may result in an investigation or other appropriate disciplinary action.
According to the MOU, IIROC and FSCO will also, where appropriate, conduct joint investigations and share relevant records and documents when both regulators are investigating the same individuals.
Click on the link above for further details.