The Investment Industry Regulatory Organization of Canada (IIROC) and the Alberta Insurance Council (AIC) have signed a Memorandum of Understanding (MOU) to share advisor conduct information. The MOU takes effect Feb. 1, 2017.
The financial service regulators will immediately inform one another when they refuse to register or license someone who has been registered or licensed by the other. They will also inform each other when an individual, registered by both, is under investigation. If they are investigating the same individual, the two will conduct a joint investigation, sharing records and documents.
Better consumer protection
Andrew J. Kriegler, President and CEO, IIROC, said “Investors in Alberta will be better protected by our increased regulatory collaboration and coordination and early detection of wrongdoings. As a public interest regulator, we believe that investors must be protected from disciplined individuals who seek to avoid sanctions and continue working in another jurisdiction or different part of the financial services industry.”
More stable investment climate
“This is an important step forward to protect consumers in Alberta and it creates a more stable investment climate. I know that those operating in financial services strive to meet the highest established standards and act with integrity and this agreement furthers that goal. Albertans deserve nothing less,” said Joe Ceci, Alberta Finance Minister and President of Treasury Board.
IIROC has similar agreements in place with the Insurance Council of British Columbia, the Financial Services Commission of Ontario and Quebec’s Chambre de la sécurité financière.