SEC to Coordinate Efforts With Canadian Authorities
June 14, 2010
The Securities and Exchange Commission said it established relationships with regulatory bodies in Quebec and Ontario, to make it easier to regulate firms which operate on both sides of border between the United States and Canada.
The SEC said the "comprehensive arrangement" with the Quebec Autorité des marchés financiers and Ontario Securities Commission will provide "a clear mechanism for consultation, cooperation, and exchange of information'' about broker-dealers and investment advisers between the three bodies.
A memo of understanding about the consulting arrangement was signed in Montreal on June 10, 2010, after the close of the 35th Annual Conference of the International Organization of Securities Commissions.
The move follows the IOSCO Task Force on Supervisory Cooperation Report, published May 25, that encourages more inter-country coordination of supervision of securities markets.
This the first comprehensive supervisory memo to be signed by the SEC since the start of the financial crisis.
The SEC, though, does have supervisory memos of understanding with the securities regulators in the United Kingdom, Germany and Australia.
