FSA and FINRA sign cooperation agreement

20 September 2010

The Financial Services Authority (FSA) and the US Financial Industry Regulatory Authority (FINRA) have entered into a memorandum of understanding 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. 

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

Richard 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.”

Memorandum of Understanding

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