OSC Enters Into Oversight Agreements With Various Foreign Regulators

February 3, 2020

Over the course of the last few months, the Ontario Securities Commission (OSC) has entered into a series of agreements with securities regulators in foreign jurisdictions intended to facilitate cooperation and the exchange of information in regards to the oversight of regulated entities. These include:

1. An amended and restated supervisory Memorandum of Understanding with the United Kingdom’s Financial Conduct Authority in contemplation of the UK leaving the European Union. The MoU, to which Quebec’s Autorité des marches financiers, the Alberta Securities Commission and the British Columbia Securities Commission are also party, is intended to facilitate cooperation and consultation related to the supervision of cross-border alternative investment fund managers. The MoU was approved by Ontario’s Minister of Finance in November 2019. Canadian securities authorities have previously entered into similar MoUs with other EU authorities.

2. A Memorandum of Understanding with the German Bundesanstalt für Finanzdienstleistungsaufsich (also known as BaFin, Germany’s Federal Financial Supervisory Authority), intended to provide a framework for oversight of regulated entities operating in Ontario and Germany. Ontario’s Minister of Finance approved the MoU in December 2019.

3. A Memorandum of Understanding with the Central Bank of Ireland concerning oversight of regulated entities operating in Ontario and Ireland. The Minister of Finance approved the MoU in December 2019.

4. A Co-operation Agreement with the Monetary Authority of Singapore concerning cooperation and information sharing regarding innovative fintech businesses. Quebec’s Autorité des marches financiers, the Alberta Securities Commission, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, New Brunswick’s Financial and Consumer Services Commission and the Nova Scotia Securities Commission are also parties to the agreement. Ontario’s Minister of Finance approved the agreement in December 2019.

5. A Memorandum of Understanding with the Netherland’s Autoriteit Financiële Markten (Netherland’s Authority for Financial Markets) related to the oversight of regulated entities operating in Ontario and the Netherlands. The MoU, executed in November 2019, is awaiting Ministerial approval.

The agreements and memoranda of understanding join the list of international cooperation agreements into which the OSC has entered over the years.

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