The Investment Industry Regulatory Organization of Canada (IIROC) and the Insurance Council of British Columbia (Council) have signed a Memorandum of Understanding (MoU) to allow joint enforcement investigations, enhance consumer protection, and enforce regulation more effectively.
The agreement mandates the two regulators to inform each other when they refuse to register/license an individual who is registered/licensed with the other regulator or when an investigation is launched concerning a jointly registered individual.
The MoU also allows the two parties to carry out joint investigations and share data when probing the same individuals.
IIROC president and CEO Andrew Kriegler said: "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.
"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."
Council executive director Gerry Matier added: "Through its MOU with IIROC, Council continues to enhance its relationship with other financial services regulators and will be better positioned to identify financial services professionals who may pose a risk to consumers in British Columbia."
In March 2016, IIROC struck a similar pact with the Financial Services Commission of Ontario, and in November 2015 with the Chambre de la securite financiere in Quebec. The regulator currently manages about 170 investment dealers and their more than 28,000 employees coast to coast, and trading activity on debt and equity marketplaces in Canada.
Council currently regulates over 34,000 individuals and entities involved in the distribution of insurance products in British Columbia.