IIROC and CSF to share informationpar Andrew Rickard | November 24 2015 09:25AM
Marie Elaine Farley, CSF President and CEO and Andrew Kriegler, IIROC President and CEO.
The Investment Industry Regulatory Organization of Canada (IIROC) and Quebec’s Chambre de la sécurité financière (CSF), have agreed to share information relating to disciplinary decisions and to coordinate some of their regulatory activities.
Under the memorandum of understanding which was signed on Nov. 18, if one regulator makes a disciplinary decision against a financial advisor or firm, it will automatically trigger a review of the sanctioned individual's activities by the corresponding regulatory organization. This new agreement takes effect immediately.
"Through our collaborative efforts we are improving protection for Quebec investors by sharing comprehensive information and making appropriate decisions so that those working for IIROC-regulated firms meet the highest professional and ethical standards," comments IIROC's president and CEO Andrew Kriegler. "We intend to pursue similar agreements with other organizations to build on this important initiative which enables greater efficiency and consistency of the supervisory system in the public interest."