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FINRA & Canadian Regulator Enter Cooperation Pact
July 26, 2012
[ by Howard Haykin ]
FINRA has added another Memorandum of Understanding, or "MOU" to its mantle, this time with the Alberta Securities Commission. The objective of the MOU is to promote and support greater cooperation between the 2 regulators. ASC Chair and CEO Bill Rice and FINRA Vice Chairman Steve Luparello signed the MOU, which came into effect 7/25/12.
According to FINRA, the MOU establishes a strong framework for enhancing the ability of the ASC and FINRA to oversee the world's largest securities firms and markets. The agreement will facilitate the exchange of information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and allow further sharing of regulatory techniques.
Mr. Luparello explained the importance of the alliance, as follows: "In today's global market, it is essential to work closely with key regulatory partners to protect investors and ensure market integrity. This agreement builds on our long-standing regulatory partnership, and will allow the ASC and FINRA to share information more freely and quickly in support of the oversight of common firms and into investigations of wrongdoing."
Alberta Securities Commission. The ASC is the regulatory agency responsible for administering Alberta's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets. For more information, see www.albertasecurities.com.
The text of the MOU can be accessed, by going to: [FINRA website]. To access the referenced release, go to: [FINRA News Release, 7/26/12].
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