To date, Canada’s provincial regulators have failed to find common ground and form a national committee.
Read: Ghosts of regulators past and 5 reasons for national regulator
The ASC, however, has found a partner south of the border to help strengthen its fight against white-collar crime.
The Alberta regulator and U.S.-based FINRA have pledged they’ll work together to regulate large cross-border firms, having recently entered into a memorandum of understanding. The agreement came into effect yesterday and lets both regulators more effectively oversee the world’s largest securities firms and markets.
During investigations, the groups will exchange information about firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and allow further sharing of regulatory techniques.
Read: Internals auditors get enhanced training
“We have seen an increasing number of investigatory matters that overlap between Canada and the U.S.,” says Bill Rice, chair and CEO of the ASC. “In our efforts to protect investors, it’s important we work together more closely.”
FINRA’s vice chairman Steve Luparello adds, “In today’s global market, it’s essential to work closely with key regulatory partners to protect investors and ensure market integrity.”