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The Investment Industry Regulatory Organization of Canada (IIROC) and the Insurance Council of British Columbia (Council) have signed a Memorandum of Understanding (MOU) that will enable joint enforcement investigations, strengthen consumer protection and provide more effective regulation.
Under the MOU, IIROC and Council have agreed to inform each other when they refuse to register/license an individual who is registered/licensed with the other regulator or when an investigation is opened concerning an individual who is jointly registered. According to the MOU, IIROC and Council will also, where appropriate, conduct joint investigations and share relevant records and documents when both regulators are investigating the same individuals.
"Investors in British Columbia and across the country will benefit from this early detection and from the protections provided by our increased regulatory collaboration and coordination," said Andrew J. Kriegler, President and CEO of IIROC. "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 a different part of the financial services industry."
IIROC is a national regulator which oversees approximately 170 investment dealers and their more than 28,000 employees coast to coast, as well as trading activity on debt and equity marketplaces in Canada.
"Council continues to strive to improve the level of communication and co-operation with other financial services regulators in British Columbia and across Canada, so as to better meet its mandate of public protection," says Gerry Matier, Council's Executive Director. "Through its MOU with IIROC, Council continues to enhance its relationship with other financial services regulators and will be better positioned to identify financial services professionals who may pose a risk to consumers in British Columbia."
Council is responsible for licensing and regulating over 34,000 individuals and entities who engage in the distribution of insurance products in British Columbia.
Today's agreement follows similar accords announced in March 2016 between IIROC and the Financial Services Commission of Ontario (FSCO) and in November 2015 with the Chambre de la sécurité financière in Quebec. IIROC has more than a dozen agreements with other Canadian and international regulatory organizations and is pursuing other agreements to improve the consistency and effectiveness of the regulatory system that protects Canadian investors.
