IIROC, FINRA Announce Cooperation Agreement

    TORONTO AND WASHINGTON, DC, July 27 /CNW/ - The Investment Industry
Regulatory Organization of Canada (IIROC) and the Financial Industry
Regulatory Authority (FINRA) today announced a formal cooperation agreement
that will enhance the effectiveness of both organizations through the exchange
of information and other cross-border assistance.
    IIROC and FINRA carry out many of the same regulatory functions and both
organizations also regulate dealer/broker members which are subsidiaries of
IIROC- or FINRA-registered firms. While IIROC and FINRA have worked together
in the past, this new agreement provides for more extensive cooperation
efforts.
    In addition to information sharing on compliance and enforcement related
matters, IIROC and FINRA plan to work together on issues related to firm
oversight and examinations.
    "Coordination with other regulators, both domestic and foreign, will
enhance our regulatory effectiveness in an increasingly global environment,"
said IIROC CEO and President Susan Wolburgh Jenah.
    "Investors in both countries will benefit from better informed and more
effective cross-border regulatory collaboration," said FINRA Chairman and CEO
Richard Ketchum.

    FINRA, the Financial Industry Regulatory Authority, is the largest
independent regulator for all securities firms doing business in the United
States. FINRA is dedicated to investor protection and market integrity through
comprehensive regulation. FINRA touches virtually every aspect of the
securities business - from registering and educating all industry participants
to examining securities firms; writing and enforcing rules and the federal
securities laws; informing and educating the investing public; providing trade
reporting and other industry utilities; and administering the largest dispute
resolution forum for investors and firms.

    IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces in
Canada. Created in 2008 through the consolidation of the Investment Dealers
Association of Canada and Market Regulation Services Inc., IIROC sets high
quality regulatory and investment industry standards, protects investors and
strengthens market integrity while maintaining efficient and competitive
capital markets. IIROC carries out its regulatory responsibilities through
setting and enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through setting and
enforcing market integrity rules regarding trading activity on Canadian equity
marketplaces.

For further information: Connie Craddock, Vice-President, Public
Affairs, [phone] or [e-mail]; Nancy Condon, Vice President,
Media Relations, [phone] or [e-mail]