The Ontario Securities Commission recently entered into an enhanced multilateral memorandum of understanding (EMMoU) with the International Organization of Securities Commissions. The EMMoU covers mutual assistance and the exchange of information among signatories for the purpose of enforcing securities laws in amongst signatory jurisdictions.

In the case of suspected violations of securities laws, for example, signatories agree to assist each other by, among other things, obtaining and providing information sufficient to reconstruct securities orders and transactions, compelling a person’s testimony under oath, and freezing or sequestering funds located in the requested authority’s jurisdiction. According to the OSC, the EMMoU will “foster greater cross-border enforcement cooperation and mutual assistance among securities regulators”.

The OSC joins the British Columbia Securities Commission as the only other Canadian signatory to the EMMoU.