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The Investment Industry Regulatory Organization of Canada (IIROC) announced Monday it has signed a memorandum of understanding (MOU) with the Insurance Council of British Columbia (ICBC) to bolster enforcement, and reduce gaps in consumer protection.

The MOU will enable joint investigations, enhance information sharing, and allow the regulators to alert one another to investigations and licensing decisions that impact reps that are dually licensed (or seeking dual licenses).

“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,” says Andrew Kriegler, president and CEO of IIROC a statement announcing the deal.

“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,” he adds.

IIROC and the Financial Services Commission of Ontario (FSCO) signed a similar deal earlier this year; IIROC signed a deal with the Chambre de la sécurité financière in Quebec last year.

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