SEC Moves Closer To Canadians To Regulate Financial Firms

Print Email

The Securities and Exchange Commission has announced that its senior staff met last week with counterparts at the Ontario Securities Commission.  The move aims to discuss ways to further strengthen cooperation regarding their supervision of financial firms.

These two agencies discussed a variety of issues: respective approaches to examinations; investor education initiatives; and the status of regulatory reforms in each jurisdiction.

The SEC and OSC staffs also reportedly talked about coordinating the oversight of dually regulated entities and they also reportedly agreed “to meet regularly to discuss issues of mutual significance regarding supervisory coordination and emerging risks in the cross-border market.”

Keep in mind that cross-border efforts for regulation and cooperation are not exactly new.  Don’t look for the regulators in America and Canada to consolidate.  Today’s news is a part of the combined efforts going back to a June 2010 memorandum of understanding that discussed consultation, cooperation, and the information flow as they pertain to supervising entities which are dually regulated in the U.S. and Canada.