Ontario Securities Commission and the Competition Bureau Sign Memorandum of Understanding
For Immediate Release Other
The Ontario Securities Commission (OSC) and the Competition Bureau announced today that they have signed a Memorandum of Understanding (MOU) aimed at developing a framework for cooperation that will assist in the effective delivery of each agency’s mandate.
Both the OSC and the Bureau share a mutual interest in, among other things, protecting Canadians from fraudulent business practices while working to foster fairness, innovation and confidence in the marketplace.
The MOU will promote the benefits of cooperation between the agencies through a number of channels, including:
- Notification of matters that are of mutual interest or concern;
- Assisting in investigations, litigation or other enforcement action;
- Exchanging information and intelligence; and
- Undertaking joint education or advocacy initiatives.
Quotes
“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.”
John Pecman,
Commissioner of Competition
“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.”
Howard Wetston,
CEO and Chair of the Ontario Securities Commission
Related Information
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The OSC is an independent Crown corporation that is responsible for regulating the capital markets in Ontario. The OSC’s statutory mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets. The OSC’s powers are derived from the Securities Act (Ontario), the Commodity Futures Act (Ontario) and certain provisions of the Business Corporations Act.
The Competition Bureau is an independent law enforcement agency that ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labelling Act (except for enforcement as it relates to food), the Textile Labelling Act and the Precious Metals Marking Act.