FSA and FINRA Sign Cooperation Agreement

LONDON & WASHINGTON--()--The Financial Services Authority (FSA) and the US Financial Industry Regulatory Authority (FINRA) have entered into a Memorandum of Understanding (MOU) to support more robust cooperation between the two regulators.

The MOU establishes a strong framework for enhancing the ability of the FSA and FINRA to oversee the world’s largest securities firms and markets. The agreement will facilitate the exchange of information on firms and individuals under common supervision, support collaboration on investigations and enforcement matters, and allow further sharing of regulatory techniques, including approaches to risk-based supervision of firms.

The agreement was signed by Jon Pain, FSA’s Managing Director of Supervision and FINRA’s Chairman and CEO Richard Ketchum.

"Given the linkages between our markets, it is vital that both regulators cooperate closely with each other," Jon Pain said. "This MOU will enhance the supervision of firms and financial markets in both the UK and the U.S.”

Mr. Ketchum added, "To ensure consumer protection and market integrity in today’s global market, regulators must work together with key regulatory partners. Under this agreement, the FSA and FINRA will be able to share information more freely and expeditiously in support of the oversight of common firms and investigations into wrongdoing.”

Notes to Editors

  1. The text of the Memorandum of Understanding can be found here http://www.fsa.gov.uk/Pages/Library/Corporate/Memorandums/international/index.shtml.
  2. FINRA is the largest non-governmental regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. 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 registered firms. For more information, see www.finra.org.
  3. The FSA regulates the financial services industry and has five objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.

Contacts

FINRA in Washington
Nancy Condon, 202-728-8379
or
FSA in London
Joseph Eyre, +44 20 7066 3252

Sharing

Contacts

FINRA in Washington
Nancy Condon, 202-728-8379
or
FSA in London
Joseph Eyre, +44 20 7066 3252