CALGARY and WASHINGTON — The Alberta Securities Commission (ASC) and the U.S. Financial Industry Regulatory Authority (FINRA) announced today that they have entered into a Memorandum of Understanding (MOU) to promote and support greater cooperation between the two regulators.
Bill Rice, Chair and CEO of the ASC, and FINRA's Vice Chairman Steve Luparello signed the MOU, which came into effect July 25, 2012. 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.
"We have seen an increasing number of investigatory matters that overlap between Canada and the US, and in our efforts to protect investors, it is important that we work with one another more closely," Mr. Rice said. "This MOU will confirm our long-standing cooperation and allow for even more interaction."
Mr. Luparello added, "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."
FINRA is the largest non-governmental regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business - from registering and educating all industry participants to examining securities firms, writing and enforcing rules and the federal securities laws, informing and educating the investing public, providing trade reporting and other industry utilities, and administering the largest dispute resolution forum for investors and registered firms. For more information, see www.finra.org.
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.