The Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC) announced this week that they have signed a Memorandum of Understanding under which they have agreed to exchange conduct information.
Strengthening collaboration between the two regulators will reinforce consumer protection by increasing oversight capacity and facilitating enforcement action against regulated entities and individuals that are not adhering to their market and business conduct obligation, stated the regulators in an announcement.
Better protection for consumers
"As regulators, we can no longer work in isolation,” says Lucie Tedesco, commissioner, FCAC. “Collaborating and sharing information with regulatory partners such as the Investment Industry Regulatory Organization of Canada will help us keep pace with emerging trends and issues so that we can better protect financial consumers."
"Canadian investors will be better protected by our increased regulatory coordination and early detection of wrongdoing,” says Andrew Kriegler, president and chief executive officer, IIROC. “We are pleased to partner with FCAC and other regulators across the country to ensure compliance with our rules and to ensure that those we regulate cannot avoid sanctions and continue working in another area of the financial services industry."