The Investment Industry Regulatory Organization of Canada (IIROC) and the Life Insurance Council of Saskatchewan (LICS) have entered into an information sharing agreement designed to provide stronger protection for investors and consumers. The June 2, 2017 agreement, which takes the form of a Memorandum of Understanding (MOU), aims to prevent rulebreakers from moving from IIROC's jurisdiction to LICS' jurisdiction (or vice versa) without close scrutiny and will result in IIROC and LICS sharing certain information about investigations and discipline. Joint investigations will also be enabled when both organizations are investigating the same individual.
The Saskatchewan MOU is similar to those entered into with insurance regulators in Alberta, British Columbia, Ontario and Quebec which are described in a fact sheet recently published by IIROC outlining its information sharing agreements generally.
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