MOU between OSC and FINRA approved by Ontario Minister of Finance

On December 23, 2011, the Ontario Securities Commission (the “OSC”) announced that the Minister of Finance approved the Memorandum of Understanding (the “MOU”) between the OSC and the United States Financial Industry Regulatory Authority, Inc. (“FINRA”) pursuant to section 143.10 of the Securities Act (Ontario). As discussed in a previous post, the MOU is intended to facilitate the exchange of information between the OSC and FINRA on firms and individuals that are under their common supervision, with a focus on enforcement-related matters.

The MOU came into effect in Ontario on December 13, 2011.