The Financial Industry Regulatory Authority (Finra) and the Ontario Securities Commission (OSC) earlier this month entered into a memorandum of understanding that will help them exchange of information about regulated entities operating across the U.S.-Canadian border, officials announced today.

Finra chairman and CEO Richard Ketchum and OSC chairman Howard I. Wetston, signed the memorandum that will open a dialogue between Finra and the OSC.

Signed in Toronto on November 10, the agreement sets up a framework for Finra, the non-governmental regulator overseeing securities firms doing business in the U.S. and the OSC, the regulatory body responsible for overseeing Ontario's capital markets, to oversee securities firms and markets.

The memorandum is still subject to approval by the Ontario Minister of Finance.

The agreement provides the sharing of information on firms and individuals under common supervision, supports collaboration on investigations and enforcement matters and provides a more complete view of market activity.

"As regulators, our shared mission is to ensure investor protection and market integrity in today's global market,'' Ketchum said. "Finra and OSC have long shared a regulatory partnership, and now under this formalized agreement, we will be able to share information more freely and expeditiously."

"Cross-jurisdictional regulatory coordination is essential for protecting investors in today's global marketplace,'' Wetston said. "This framework acknowledges the interconnectedness of our markets and represents our commitment to working collaboratively with our international regulatory partners to address threats to investors and markets."

--Jim McConville