In a move to step up the fight against fraud and bolster investor confidence, the Ontario Securities Commission (OSC) has signed a deal with the Competition Bureau to facilitate cooperation between the agencies.
The OSC and the Competition Bureau have signed a memorandum of understanding (MOU), which, among other things, facilitates cooperation between the regulators when it comes to investigations, litigation, and other enforcement actions; expedites the exchange of information and intelligence; and, enables them to carry out joint education or advocacy initiatives.
The regulators say that increased cooperation can contribute to improved delivery on their respective mandates. In particular, they stress that they share a mutual interest in protecting Canadians from fraud, and in fostering fairness, innovation, and confidence in the market.
“This arrangement is critically important in allowing us to work collaboratively with the Competition Bureau to address instances of possible fraudulent misconduct in Ontario. It allows us to share information and expertise, and provides the opportunity to partner on joint fraud prevention initiatives,” said Howard Wetston, chair and CEO of the OSC.
“This understanding formalizes our already strong relationship with the OSC, and details a process for increased collaboration that will result in more effective enforcement of our respective laws,” added John Pecman, Commissioner of Competition.