Two regulators have agreed to keep communications open in a push to protect investors
IIROC and the Alberta Insurance Council (AIC) have entered into a memorandum of understanding (MOU) to bolster consumer protection and regulation in Alberta.
Under the MOU, the two entities will alert each other in case one of two scenarios happens: when they decline a registration or license application from an individual who is registered or licensed with the other regulator, or when an individual who is jointly registered becomes the subject of an investigation.
When appropriate, the two groups will also conduct joint investigations and share pertinent records and files on individuals that they are both investigating.
“[W]e 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,” said IIROC President and CEO Andrew J. Kriegler.
The AIC, in conjunction with three industry-specific insurance councils (the Life, General, and Insurance Adjuster Councils), regulates insurance intermediaries in Alberta. IIROC has national jurisdiction, overseeing around 170 investment dealers coast to coast and monitoring trading activity on Canadian debt and equity marketplaces; in Alberta, it regulates 15 investment firms with 945 business locations and nearly 3,000 people.
“With the evolution of the financial services environment in which agents and advisors can offer a range of products and services, there must be greater cooperation and information-sharing among regulators,” said AIC CEO Joanne Abram.
The MOU is set to take effect on Feb. 1.
Related stories:
Are Canadian firms keeping up with CRM2?
2017 compliance priorities announced
Under the MOU, the two entities will alert each other in case one of two scenarios happens: when they decline a registration or license application from an individual who is registered or licensed with the other regulator, or when an individual who is jointly registered becomes the subject of an investigation.
When appropriate, the two groups will also conduct joint investigations and share pertinent records and files on individuals that they are both investigating.
“[W]e 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,” said IIROC President and CEO Andrew J. Kriegler.
The AIC, in conjunction with three industry-specific insurance councils (the Life, General, and Insurance Adjuster Councils), regulates insurance intermediaries in Alberta. IIROC has national jurisdiction, overseeing around 170 investment dealers coast to coast and monitoring trading activity on Canadian debt and equity marketplaces; in Alberta, it regulates 15 investment firms with 945 business locations and nearly 3,000 people.
“With the evolution of the financial services environment in which agents and advisors can offer a range of products and services, there must be greater cooperation and information-sharing among regulators,” said AIC CEO Joanne Abram.
The MOU is set to take effect on Feb. 1.
Related stories:
Are Canadian firms keeping up with CRM2?
2017 compliance priorities announced
